Wind Energy Market Size

Wind Energy Market Size

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.

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.