Wind Energy Market Analysis

Wind Energy Market Analysis

> 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.
 

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.
 

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.
 

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.
 

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.