Wind Power Market Overview

Wind power is often converted into mechanical energy by heavy and powerful turbines. The energy is drawn and used by a generator. This can be done both offshore and onshore. Wind turbines are often more efficient with the onshore winds rather than the offshore ones. Being a renewable energy source, they can be used for multiple powerful purposes like water pumping and running mills.

The Wind Power Market stood at a global market value of $77.77 billion in 2021. With healthy and substantial growth predicted for the market in its forecast period, the market has a significant growth rate of 9.4% of CAGR. The forecast period of the market is announced from 2021 to 2030. With substantial driving factors supporting the market dynamics, the market is again expected to showcase a healthy market rate of $174.75 billion by the end of its forecast period. There has been an increase in urbanization, as a result of which a strict implementation of environmental rules is also considered. This showed a huge improvement in the market from the traditional technology and also influenced the prospects obtained.

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The Wind Power Market was majorly driven by the need of the retailers and the producers to create a strong industrial influence on the commercial as well as the industrial infrastructure. Due to the market's reliability in the renewable energy source, significant growth and rise are predicted for the market dynamics. The offshore turbine also eliminates the need to use any constraint force on the sea bed, and factors like such have majorly driven the market growth and development.

However, the global economy of the market was majorly affected by the Covid-19 pandemic. The revenues of the Wind Power Market fell down, and there was a massive shutdown. There was a massive shortage of skilled laborers and workforce who could potentially handle the wind farms. Despite all these factors restraining the market, steady economic growth was seen. The forecast period is expected to bring about healthy growth and development in the market.

Market Segmentation

The Wind Power Market is segmented into its application, its installation and its turbine capacity.

By application, it is divided into the commercial, industrial and residential sectors. By installation, it is divided into onshore and offshore. By turbine capacity, it is again divided into 100kw to 500kw and 1mw to 3mw.

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Regional Analysis

The Wind Power Market is majorly spread over parts of Asia-Pacific like China, Indonesia, India and Japan. A highly competitive landscape is seen for the market with its increasing global market shares. This covers the economic market in Brazil and South Africa along with UK and Germany. China has been one of the major leading powers in the global market in terms of wind power generation and consumption.

Recent Developments

Several key players in the market have been a part of major collaborations and product launches. This adds up to the global economy of the Wind Power Market. Given below are a few recent developments in the market:

April 2018: India installed its first offshore wind energy project in the Gulf Of Khambhat that targeted to set long and effective results in terms of power generation in the entire state of Gujarat.

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Key Players

  • Vestas (Denmark)
  • General Electric (US)
  • Senvion SA (Germany)
  • Wind World Limited (India)
  • Orient Green Power Company (India)
  • Indowind (India)
  • DNV GL (Norway)
  • Siemens Gamesa Renewable Energy SA (Spain)
  • Goldwind (China)
  • Bergey Wind Power (US)

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