Portland, OR, April 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global wind energy market garnered $62.1 billion in 2019, and is projected to reach $127.2 billion by 2027, manifesting a CAGR of 9.3% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Rise in renewable power sources demand, better efficiency in comparison to fossil energy sources, eco-friendly nature, and lowered carbon emissions fuel the growth of the global wind energy market. However, high costs of installation and maintenance of offshore wind plants restrain the market growth. Contrarily, advancements in wind turbine structure present new opportunities in the next few years.
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Covid-19 Scenario:
- The lockdown in many countries resulted in close down of many wind energy plants and affected the market growth. Many investors postponed their investments plans for new projects. In addition, many orders for the installation were canceled or postponed.
- Wind turbine production organizations from countries such as China and Germany restrained their manufacturing activities during the lockdown. Lack of availability of enough workforce and raw material shortage posed challenges for daily operations.
- The operations would resume during the post-lockdown and the demand is expected to rise steadily. The projects will also be launched.
The report offers detailed segmentation of the global wind energy market based on type, end user, and region.
By type, the onshore segment accounted for the highest share in 2019, contributing to nearly 94% of the total market share, and is expected to maintain its leadership status during the forecast period. However, the offshore segment is projected to register the highest CAGR of 13.9% from 2020 to 2027.
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By end user, the industrial segment accounted for the largest market share in 2019, holding more than half of the global wind energy market, and will maintain its lead position during the forecast period. Moreover, this segment is expected to witness the largest CAGR of 10.1% from 2020 to 2027. The report offers a detailed analysis of segments such as residential and commercial.
By region, Europe, followed by North America, is projected to portray the largest CAGR of 10.4% during the forecast period. However, Asia-Pacific contributed to the highest share in terms of revenue in 2019, accounting for more than three-fifths of the total market share, and will maintain its dominant share by 2027.
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Leading players of the global wind energy market analyzed in the research include Siemens General Electric, Vestas Wind Systems A/S, Enercon GmbH, Avangrid, Inc., NextEra Energy, Inc., Exelon Corporation (EXC), Xcel Energy Inc., American Electric Power Company, Inc., and Ameren Corporation.
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