Market overview

The Wind Power Market is expected to reach USD 221.56 billion by 2028 with a CAGR of 12%, increasing in the forecast period. According to research in 2021, renewable power generation contributes 9% of the world's electricity and will push the market forward. It is a type of renewable energy used to generate electric energy from kinetic energy. The government of each region is promoting sustainable energy sources through which the carbon mission will decrease the environment. The wind turbine converts the wind power into mechanical energy, and the mechanical energy is again converted into electrical energy through the generator. The significant growth in renewable power sources contributes to the boost of the market. The continuous lifestyle change, increasing demand for clean energy, assures for the high level of pollution is driving the market.

Government policies regarding tax rebates and other incentives by government are improving the Wind Power Market. the continuous lessening costs in the installation will create growth opportunities for the market. The floating wind technology developers are also propelling the market and forming ways for the new market players. With the market drivers, certain restraining factors affect market growth. The installation cost of the wind farms is high, which hinders the market. Another drawback for the market is the weather's uncertainty or unpredictability, which impacts the market growth. In addition to these restraining factors, the pandemic has also affected the overall growth and impacted the market value. In COVID, the industry is facing additional challenges due to the delay in projects, unavailability of skilled manpower, and less awareness among people about technology is a challenge is facing due to the pandemic.

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Market segmentation

The Wind Power Market is classified by application, installation and turbine capacity. The market is divided into commercial, residential, and industrial based on the application. The installation segment is classified into onshore and offshore. The turbine capacity subsegments are <100 KW,100 KW to 500 KW,500 KW to 1 MW,1MW to 3 MW and > 3 MW. The market players of several regions dominate the market and invest in the market for further growth.

Regional analysis

The Wind Power Market is studied in the Asia Pacific, Europe, North America and the rest of the world. The Asia Pacific dominates the market as the region has leading wind power markets like Australia, China and India. The increasing economy, especially in China, is contributing to the market's growth. North America is also increasing at a high pace as it is a competitive region. Due to lucrative domestic system production in the region is expected to grow in the forecast period. The offshore wind turbine market is growing in the UK, China and Germany. China is the major hub for power generation and consumption which o[ens up new doors for the market and pushes the market towards growth.

Industry news

China plans to build 450 Gigawatt of solar and wind power generation capacity on GOBi and other desert regions to boost the renewable power use to meet the climatic change.

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