Wind Energy Market to Exceed $160 Billion by 2026

Wind energy market is expected to surpass USD 160 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Global wind energy market has witnessed a significant turnaround in the past decade primarily on account of rising energy demand along with growing concerns toward increasing carbon footprint from fossil fuel fired power stations. Rising population coupled with ongoing urbanization and industrialization across developing countries have boosted the demand for efficient and clean energy.

 

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In addition, the respective governments of leading countries are introducing favorable schemes and reforms for the adoption of renewable energy over the conventional sources, which in turn will propel the market growth of wind energy technologies.
 

Growing concerns toward carbon emission from conventional power stations will proliferate market statistics for wind energy parks of >12 MW capacity

The global market is anticipated to witness a significant growth from >12 MW capacity on behalf of the governmental efforts to curb the power generation activities from conventional fuels. Moreover, the growing utility sector generates a need for cleaner energy, which in turn will proliferate the wind energy market share of wind energy technology.
 

Several policy makers are emphasizing on reducing the fuel import dependency and achieve a sustainable and circular economic development. This has given a rise to the share of renewable sources in the energy mix utilized for several industries including power generation, transmission & distribution, sewage management amongst others, therefore augmenting the market growth.
 

Ease of availability of components coupled with low operational cost will stimulate onshore wind energy market growth.

The energy produced by onshore wind farms are comparatively cheaper than the offshore wind energy on account of easy availability of grid structures. This will enhance the wind energy market statistics of onshore wind farms during the forecast period. Moreover, easy availability of raw materials and components coupled with lower maintenance cost are few of the prominent factors complementing the technology adoption.
 

However, the onshore wind energy technology will witness a small setback in the forecast timeframe on account of non-uniform flow of wind across the onshore platforms along with the lesser availability of the land areas for construction of wind farms.
 

Browse key industry insights spread across 1040 pages with 1887 market data tables & 82 figures & charts from the report, “Wind Energy Market 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, 2020 – 2026in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/wind-energy-market
 

Growing technological advancement and innovations for support structure components will positively impact the industry growth

Ongoing technological advancements & innovations by key component manufacturers will create a favorable growth scenario for the wind energy market in the forthcoming years. For instance, Enercon developed and installed a new wind energy converter prototype in April 2020 in Finland, which is built over a modular steel tower with hub height of 132 meters. The new prototype will effectively convert the wind energy into electrical energy, reducing the conversion loss, thus boosting the efficiency of the system.
 

Moreover, easy availability of raw materials and components for the support structure including, substructure steel, foundation unit amongst others will further augment the market growth.
 

Strict emission regulations coupled with increasing infrastructural investment will stimulate the industry growth across North America region

The stringent government regulations pertaining to greenhouse gas emissions and climate changes will drive the wind energy market in the North America over the forecast timeline. The North American countries including the U.S., Canada, and Mexico annually emitted over 5,000 MtCO2, accounting for over 17% of the global emissions in 2019.
 

In addition, surging investments for the development of new infrastructure and manufacturing facilities have further raised concerns regarding greenhouse gas emissions and climate changes. Therefore, a demand for clean energy source is expected to increase on behalf of increased energy requirement from the new infrastructures, which in turn escalates the market statistics across North America.
 

Key players operational in the wind energy industry include EOLINK, Sinovel Wind Group Co., Ltd., Hitachi, Ltd, Vestas, Nexans, IMPSA, Southwire Company, LLC, Siemens Gamesa, RTS Wind AG amongst others. These market players are continuously investing in R&D activities and focusing on mergers & acquisitions to increase their market share globally and provide innovative products and solutions to their end users.
 

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