Global Wind Energy Market : Trends and Analysis(2020-2027)
According to a new report published by Allied
Market Research, titled, Global Wind Energy Market by Type and End-User:
Opportunity Analysis and Industry Forecast, 2020–2027”, the global wind energy
market size was valued at $62.1 billion in 2019, and is projected to reach
$127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027.
Wind energy, a type of renewable energy, is used to
generate electric energy from kinetic energy source. Wind turbine converts the
wind energy into mechanical energy, which is further converted into electrical
energy through generator. Wind energy can be generated at offshore and onshore.
Onshore wind energy is associated with onshore turbines that are located on
land, whereas offshore wind turbines are found in ocean or sea.
For Sample @ https://www.alliedmarketresearch.com/request-sample/10901
Growing concern from government across the globe
regarding renewable power source is anticipated to boost the wind energy market
growth. However, the offshore wind turbine is more efficient than onshore
turbines. As the offshore floating structure can harness wind resources even at
deep water level, it is more effective in narrow continental shelf region with
sea water depth more than 200 meter. In addition, such wind turbine can
decrease the cost of energy production more than that of conventional energy
sources in case of long-term business. For instance, the present levelized cost
of energy (LCOE) for wind turbine in Europe is around $220-$245, which is
expected to reach $50-$73 by 2030.
Based on type, offshore wind energy emerged as the
market leader. This is attributed to higher capacity factor than that of
onshore wind turbines. Offshore wind turbine has high-capacity factor, due to
consistent wind flow at sea shore.
Based on end-user, the industrial segment garnered
highest revenue share, owing to increase in demand for renewable power sources.
Growing prominence of renewable and sustainable power sources across the globe
will positively impact the market growth. Moreover, wind energy has significant
demand in rural and isolated areas where grid power is not available.
For Enquiry @ https://www.alliedmarketresearch.com/purchase-enquiry/10901
Europe accounted for the highest market growth
during 2020-2027. This is attributed to rise in investments in countries such
as France, the UK, and Norway. Moreover, presence of major manufacturers in
countries such as France, Germany, and Norway will further propel the growth of
the wind energy market in projected timeframe.
Major players have adopted acquisition, agreements, and partnership to sustain
the intense market competition. Some of the key players profiled in the wind
energy market report include Siemens General Electric, Enercon GmbH, Vestas
Wind Systems A/S, Exelon Corporation (EXC), NextEra Energy, Inc., American
Electric Power Company, Inc., Xcel Energy Inc., Avangrid, Inc., and Ameren
Corporation.
COVID-19 scenario analysis
- Nation wise lockdown has severely impacted the
wind turbine manufacturing in countries such as China and Germany. Large
number of manufacturing plants across these countries were operating with
limited production capacity for past few months, which negatively impacted
the market growth.
- Additionally, reduced manpower for planned
maintenance became a major issue for wind energy industry players. As
social distancing norms were imposed during the pandemic, it largely
reduced active manpower in manufacturing sites
- Furthermore, disruption in supply chain led to
various project delays and cancellation of orders, which further affected
the key markets for both blade production and wind turbine installations.
- However, implementation of digitization may
aid in remote monitoring for project execution; thus, limiting the labor
force as much as possible.
For detailed impact
of COVID-19 on Wind Energy Market @ https://www.alliedmarketresearch.com/request-for-customization/10901?reqfor=covid
Key findings of the study
·
The offshore wind energy is projected to grow at the highest CAGR of
approximately 13.9%, in terms of revenue, during the forecast period.
·
By end-user, the industrial segment held more than 50% market share with
a CAGR of 10.1%, in terms of revenue, during the forecast period.
·
The Asia-pacific region dominated the wind energy market with around 62%
revenue share in 2019.
About us:
Allied Market Research (AMR) is a full-service market
research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
medium and small businesses with unmatched quality of "Market Research
Reports" and "Business Intelligence Solutions." AMR has a
targeted view to provide business insights and consulting to assist its clients
to make strategic business decisions and achieve sustainable growth in their
respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps us generate
accurate research data tables and confirms utmost accuracy in our market
forecasting. Each and every data presented in the reports published by us is
extracted through primary interviews with top officials from leading companies
of domain concerned. Our secondary data procurement methodology includes deep
online and offline research and discussion with knowledgeable professionals and
analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1?855?550-5975
help@alliedmarketresearch.com
Comments
Post a Comment