Wind Energy Market Size By Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW), By Component (Turbine, Support Structure, Electrical Infrastructure, Others), By Installation (Onshore {By Rating [≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW], By Component [Turbine (Tower, Rotor Blades, Others), Support Structure (Substructure Steel, Foundation, Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others]}, Offshore {By Rating [≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW], By Component [Turbine (Tower, Rotor Blades, Others), Support Structure (Substructure Steel, Foundation, Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others]}), By Application (Utility, Industrial, Commercial, Residential), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021– 2027

Published Date: Apr 2021  |  Report ID: GMI2387  |  Authors: Ankit Gupta, Nikhil Paranjape

Report Format: PDF   |   Pages: 1160   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Wind energy market size was valued at over USD 125 billion in 2020 and its annual installation is anticipated to exceed 120 GW by 2027. Rising investments toward expansion of renewable energy capacity coupled with efforts to minimize carbon footprint will boost the market demand for wind energy technology.
 

Wind energy market

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Various governments across the globe have issued stringent regulations and policy measures pertaining to the rise in CO2 emissions from the utility sector. In addition, the regulators have also introduced favorable policies and schemes to promote the adoption of clean energy technologies including wind energy. In addition, rapid industrialization across the developing countries will positively propel the energy demand, thereby complimenting the wind energy market outlook.
 

However, since late 2019, the global economy has been severely impacted by the onset COVID-19 pandemic. However, the wind energy industry witnessed a minimal impact in the overall installation rate. The impact of coronavirus related lockdown and restrictions in the first half of 2020 resulted into the cancellation and postponement of auctions and ongoing projects. However, the industry bounced back in the second half of FY 2020 on account of fast tracking of projects by various developers.
 

The study features a detailed analysis of industry trends across the globe segmented on a regional & country basis across rating, installation, component and application. Moreover, the market forecasts & estimates are in line with the data represented by authorities including the International Energy Agency (IEA), Energy Information Administration (EIA), ASHRAE, government regulatory bodies, and company press releases.
 

Wind Energy Market Report Coverage
Report Coverage Details
Base Year:2020
Market Size in 2020:125 Billion (USD)
Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:4.60%
2027 Value Projection:180 Billion (USD)
Historical Data for:2017 to 2020
No. of Pages:1,160
Tables, Charts & Figures:1,968
Segments covered:Rating, Installation, Component, Application
Growth Drivers:
  • North America & Europe
    • Stringent emission norms
    • Growing deployment of renewable energy
  • Asia Pacific
    • Rapid urbanization and industrialization
    • Declining component prices
    • Increasing electricity demand
  • Middle East & Africa/ Latin America
    • Rising investments across clean energy sector
    • Growing adoption of off grid & distributed energy system
Pitfalls & Challenges:
  • High capital cost
  • Geographical constraint

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Increasing electricity demand will proliferate the market outlook for >12 MW wind farms

Wind Energy Market

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> 12 MW systems segment of the wind energy market is anticipated to register over 1% CAGR through 2027. These units are primarily utilized to fulfil the electricity demand from large scale industries and utility sector. Introduction of renewable energy certificates and carbon credit schemes are some of the key factors which will positively impact the >12 MW wind energy industry trends. Moreover, the governments across the globe are extensively investing in replacement of the traditional power plants with clean energy sources, which in turn will boost the market size of these units in the coming years.
 

Favorable policy support toward renewable capacity addition will fuel the onshore wind energy market forecasts

Wind Energy Market

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The onshore wind energy market share is set to witness a substantial growth in the coming years on account of technological advancements toward higher capacity & availability factors coupled with the electricity generation capability in low-wind-speed sites. The onshore wind energy installed capacity has noted a gradual rise by 25% since 2000 owing to the favorable policies for renewable energy sources coupled with increasing energy demand across the globe. Moreover, quick installation, easy availability of resources, simpler connectivity to the grid are few of the prominent features offered by onshore wind energy technology which will complement the wind energy industry landscape in the forecast timeframe.
 

Lower noise pollution and operational cost will proliferate the wind turbine technology

Wind turbines are the major component integrated in the windmill which is propelled by the wind and thus generates electricity. Turbines accounted for over 60% of the total market share in 2020. Easier availability of raw materials, ongoing advancements in the turbine technology, reduction in operational costs are few of the noteworthy factors boosting the product deployment over the last few years. In addition, turbine manufacturers are increasingly investing in R&D activities to increase the efficiency of the turbines and reduce the noise pollution generated by the product, which will drive the wind energy market statistics.
 

Growing concerns toward increasing carbon footprint will enhance the wind energy application in utility sector

The utility segment occupied a market share over 95% across the global wind energy market in 2020. Over the years, growing population across developing nations and increasing investment toward industrial infrastructural development has surged the electricity requirement. Furthermore, the governments across the globe are introducing favorable incentives including feed in tariff for wind energy in their respective countries, which complements the rising market demand of clean energy technologies.
 

Growing efforts toward increasing share of renewable in the energy mix will enhance Europe wind energy market demand

Wind Energy Market

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Europe wind energy market is set to witness over 5% CAGR through 2027 on account of growing penetration of onshore wind farms. Various nations across the region are engaged in developing sustainable technologies in order to curb the use of fossil fuels for power generation. The rapid advances in wind industry is anticipated across Russia and Turkey as the regulatory bodies are constantly focusing on the execution of auctions and tenders. Netherlands offshore wind projects are accelerating at a rapid pace to achieve the targets set by the regulators in the Dutch Energy Agreement (DEA). The DEA states that an additional 3.5 GW of installed capacity should be realized via the tender system by 2023 across Netherlands, which in turn will increase the market share of wind technology across the region.
 

Forward and Backward integration acting as a focal point of key wind energy industry players

The major players operating in the market are engaged in collaboration and acquisition of raw material and component manufacturers to reduce the overall cost of the project. Moreover, the manufacturers are investing in R&D activities to increase the efficiency of their technologies to gain a competitive edge over the other manufacturers and achieve a bigger market share over the forecast timeline.
 

The prominent industry players profiled in the wind energy market report includes Suzlon Energy Limited, Prysmian Group, Sinovel Wind Energy Group Co. Ltd., Doosan Heavy Industries & Construction, Siemens and MHI Vestas amongst other players.
 

Wind Energy market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” and ‘USD” from 2017 to 2027, for the following segments:

By Rating

  • ≤ 2 MW
  • >2≤ 5 MW
  • >5≤ 8 MW
  • >8≤10 MW
  • >10≤ 12 MW
  • > 12 MW

By Installation

  • Onshore
    • Rating
      • ≤ 2 MW
      • >2≤ 5 MW
      • >5≤ 8 MW
      • >8≤10 MW
      • >10≤ 12 MW
      • > 12 MW
    • Component
      • Turbine
        • Tower
        • Rotor Blades
        • Others
      • Support Structure
        • Substructure Steel
        • Foundation
        • Others
      • Electrical Infrastructure
        • Wires & Cables
        • Substation
        • Others
    • Others
  • Offshore
    • Rating
      • ≤ 2 MW
      • >2≤ 5 MW
      • >5≤ 8 MW
      • >8≤10 MW
      • >10≤ 12 MW
      • > 12 MW
    • Component
      • Turbine
        • Tower
        • rotary Blades
        • Others
      • Support Structure
        • Substructure Steel
        • Foundation
        • Others
      • Electrical Infrastructure
        • Wires & Cables
        • Substation
        • Others
    • Others

By Component

  • Turbine
  • Support Structure
  • Electrical Infrastructure
  • Others

By Application

  • Utility
  • Industrial
  • Commercial
  • Residential

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Spain
    • UK
    • France
    • Italy
    • Sweden
    • Poland
    • Portugal
    • Denmark
    • Turkey
    • Netherlands
    • Ireland
    • Austria
    • Belgium
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Pakistan
    • Thailand
    • Australia
  • Middle East & Africa
    • South Africa
    • Morocco
    • Egypt
    • Ethiopia
    • Jordan
  • Latin America
    • Brazil
    • Chile
    • Uruguay
    • Argentina
    • Costa Rica

 

Frequently Asked Questions (FAQ) :

The market for wind energy had reached USD 125 billion in 2020 and will annual installations of over 120 GW by 2027 globally.
The >12 MW wind energy industry share will expand through 2027 owing to demand from utilities and large-scale industries.
Turbine segment held more than 60% of total wind energy industry size during 2020 and will expand further as more investments are made into research and development to improve efficiency.
Europe wind energy industry share is anticipated to register around 5% CAGR over 2021-2027 with robust development of onshore as well as offshore wind farms.
Driven by robust investments towards increasing renewable energy generation capacity, the wind enegy market size is projected to reach USD 180 billion by 2027.

Premium Report Details

  • Published Date: Apr 2021
  • Pages: 1160
  • Tables: 1887
  • Charts / Figures: 81
  • Companies covered: 57
  • Countries covered: 35

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