Wind Energy Market Size By Axis (Horizontal Axis, Vertical Axis), By Connectivity (On-Grid, Off-Grid), By Installation (Onshore (Turbine (Grounded (Tower, Rotor Blade, Others))), Support Structure (Substructure-Steel, Foundation (Monopile, Jacket), Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others), Offshore (Turbine (Floating (Tower, Rotor Blade, Others), Grounded (Tower, Rotor Blade, Others)), Support Structure (Substructure-Steel, Foundation (Monopile, Jacket), Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others), By Application (Utility, Industrial (Food, Paper/Pulp, Chemical, Others), Commercial (College/University, Office, Government/Military, Others) Residential), By Capacity (<30 kW, 30 kW < 500 kW, 500 kW < 2 MW, ≥2 MW) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 – 2024

Published Date: Jul 2019  |  Report ID: GMI2387  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 1150   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Wind Energy Market size in 2016 valued over USD 70 billion and is anticipated to grow over an annual installation of 90 GW by 2024.

Wind Energy Market

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Rising peak load demand across the globe, has been levying concerns related to security of supply & grid stability. Rising investments to establish a renewable electrical network along with favourable government reforms toward the integration of sustainable systems will augment the global wind energy market. EU Commission, in 2018 proposed to invest amount worth USD 1 billion for the development of a renewable energy network.

Declining project expansion cost owing to reduction in component prices positively influenced by regulatory incentives will drive the industry dynamics. Furthermore, utility scale deployment tends to endure lower operational costs in comparison to auxiliary generation technologies. Ongoing technological advancements along with the adoption of smart sensing and monitoring units across turbines have decreased the overall system losses. Economical cost structure in line with improved efficiencies will positively sway the business landscape.

Wind Energy Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 70 Billion (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Forecast Period 2017 to 2024 CAGR: 12.2% 2024 Value Projection: 160 Billion (USD)
Pages: 1150 Tables, Charts & Figures: 1206
Geographies covered (33): U.S., Canada, Mexico, Germany, UK, France, Sweden, Turkey, Poland, Netherlands, Austria, Portugal, Denmark, Italy, Spain, China, India, Australia, Japan, South Korea, Vietnam, Thailand, Indonesia, Malaysia, Philippines, Taiwan, South Africa, Egypt, Morocco, Ethiopia, Brazil, Chile, Peru
Segments covered: Axis, Connectivity, Installation, Application, Capacity and Region
Companies covered (26): Geronimo Energy, Tradewind Energy, Inc, EDF Renewable Energy, ReGen Powertech, Vensys Energy, EDP Renewables, Envision Energy, Leitwind, MHI Vestas, Invenergy LLC, Vestas, A2SEA, Vattenfall AB, ABB Limited, General Electric, Senvion S.A., Doosan Heavy Industries & Construction, Goldwind, Siemens Gamesa Renewable Energy, Enercon, Nordex SE, Suzlon Energy Limited, ABO Wind, NextEra Energy Inc., Northland Power Inc., DONG Energy
Growth Drivers:
  • Growth drivers
    • North America and Europe
      • Stringent emission norms
      • Growing deployment of renewable energy
    • Asia-Pacific
      • Rapid Industrialization & Urbanization
      • Declining component cost
      • Growing demand for electricity
    • Latin America and Middle East and Africa
      • Rising investments across clean energy sector
      • Growing adoption of distributed energy systems
Pitfalls & Challenges:
  • Industry pitfalls & challenges
  • High Capital Cost
  • Geographical constraint

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Wind Energy Market, By Axis

Horizontal axis wind energy market is anticipated to grow over USD 160 billion by 2024. Cost effectiveness, ability to self-start and high efficiency are some indispensable parameters which will complement the industry potential. Furthermore, improved operational performance in comparison to its competitive counterparts validate the product adoption.

Ability to produce electricity in harsh conditions along with ease of operation and low maintenance cost are the key factors streamlining the vertical wind energy. These units are apt for low rated capacity & residential applications followed by favourable outlook towards distributed wind energy installations will drive the business dynamics.

Wind Energy Market, By Connectivity

Off-grid units are predicted to increase on account of efficient economic viability across isolated areas in comparison to the grid connected infrastructure. Government initiatives toward rural electrification along with rising integration of microgrid infrastructure will further strengthen the industry potential.

Germany Wind Energy Market By Connectivity

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Low installation costs coupled with regulatory schemes including feed in tariff and net metering will stimulate the on-grid industry share. Ongoing development of utility-based electricity infrastructure to cater increasing electricity demand across residential areas will further escalate the business growth.

Wind Energy Market, By Installation

Onshore wind energy installation, in 2016 observed an annual installation of over 50 GW owing to its cost effectiveness and low GHG emission in comparison to its available substitutes. Denmark, in 2016 consumed approx. 40% of its energy from wind turbines where over 70% of the generation is from onshore units.

Declining offshore project cost, comparatively less visual pollution along with high energy efficiency are the key factors positively swaying the offshore deployments. As per the reports by leading agencies, in 2017, prices of offshore wind across UK observed a decrease of 31% in the past decade.

Wind Energy Market, By Application

Commercial & residential applications in the recent years, have observed a substantial upsurge on account of growing energy demand & ongoing development across the globe. The installation of these units across these peripherals typically lower the electricity bill by 50% to 90%.

Industrial wind energy market, in 2016 valued over USD 10 billion. Rising measures pertaining to the development of renewable energy mix across large scale industries favoured by enhancing the distributed generation technologies will complement the product penetration. Rapid industrialization in line with ongoing development of inland manufacturing facilities across the emerging nations will energize the industry dynamics.

Wind Energy Market, By Capacity

Rapid installation of systems across commercial & residential applications will thrust the 30 kW < 500 kW turbine demand over the forecast timeline. Development across emerging countries in line with suburban migration across metropolitan regions will enhance the business outlook. Growing demand for small-scale sustainable technologies across commercial establishments along with rising need for clean energy environment will further escalate the industry growth.

Wind Energy industry, By Region

The U.S. market is anticipated to surpass annual deployment of over 17 GW by 2024. Diminishing cost of components, rising domestic turbine manufacture coupled with determined schemes toward capacity addition from sustainable development will foster the business potential. As per the U.S. Department of Energy (DoE), wind energy deployments, in 2016 grew by 11%, including over 20% of the new generation capacity addition across the region.

Europe Wind Energy Market By Region

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Europe is anticipated to witness growth of over 10% on account of favourable regulations, decarbonization reforms and energy security initiatives. The EU Renewable Energy Directive states the plan for the promotion & production of sustainable energy sources across the nation. This directive has levied targets to attain 20% renewable adoption in the overall energy mix with wind resulting for over 200 GW installed capacity.

Competitive Market Share

Eminent participants across the wind energy market includes GE, Vestas, Goldwind, Enercon, Senvion, Alstom, Mingyand, Nordex, NextEra Energy, ABO-Wind, Invenergy, Gamesa, Envision, EDF, EDP Renewables, Vattenfall, ABB, A2 Sea, Tradewind Energy, Geronimo and ReGen.

Leading industry participants have extensively integrated M&A as a primitive strategy to expand & sustain their industry presence. Siemens, in April 2017 entered the merger of its business with Gamesa to form unrivalled global presence & position in the industry.

Wind Energy Industry Background

Offshore wind power includes generation of carbon-free renewable energy by connecting the power of sea winds through developed farms on the water bodies. These power generating turbines are usually deployed at the potential oceanic sites or on the continental shelf.

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Premium Report Details

  • Published Date: Jul 2019
  • Pages: 1150
  • Tables: 1194
  • Charts / Figures: 12
  • Companies covered: 26
  • Countries covered: 33

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