Global Wind Power Market Demand and Upcoming Trends
Overview
The global wind power market is projected to gain steady growth in the upcoming five years. Acknowledging the environmental red alerts in almost every continent, the demand for renewable energy resources is rising everywhere. Wind pumps, wind electricity generators, and wind battery chargers define the visible market of wind power. In the past decades, wind power was way too expensive to become a market-viable alternative for non-renewable resources. But based on wind power market trends, installing a wind power generator is almost cost-competitive to setting up a new coal or gas plant.
Globally the demand for wind power energy was 58.9 GW in 2019. In the 2019 - 2026 forecast period, the wind power market share was supposed to reach USD 184.67 billion by the end of 2026 with a 10.37% CAGR. The projections also said the global demand for wind power could cross 100GW by the end of the forecast period. Expert reports stated 9% of worldwide electricity production came from wind power generation in 2019. All those projections claimed a steady rise in the wind power market in upcoming years.
There are multiple parameters where we can expect optimistic results in the overall market stats of wind power energy. However, the emergence of the COVID-19 pandemic has impacted the progress of this industry. Multiple lockdowns in almost every nation have slowed down ongoing installations of wind power generators. The striking shortage of skilled working staff, interrupted supply chain, unavailability of raw materials are glaring reasons why the industry is suffering. At this point, many are expecting a lowered growth rate for the 2020-2027 period in the global wind power industry.
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Market Segmentation
The market for wind power can be segmented on Application and Installation parameters. The Application segment is divided into Utility and Non-Utility wind power generators. At the same time, the Installation segment denotes Offshore Wind Power and Onshore Wind Power mills. The global market stares at the Offshore market mostly for its vast and promising growth over the years. Major players in the wind power industry are North America, China, UK, etc. Huge investments are made to set up offshore wind power generators to fully utilize the natural resource of wind. Maximum offshore setups take place where the water depth is within 30 meters. Basing on turbine capacity, offshore installations that produce 3MW – 9MW are the major stakeholders in the overall wind power market size.
Regional Overview
The wind power market trends show a diverse picture of regional participation in the industry. Globally the biggest chunk of wind power market share is held by the North American countries of Canada, the US, and Mexico. Fast developing countries like China, India, Brazil are setting firm feet on global trends also. China shares the largest market in the Asia-Pacific market. China’s prediction shows the potential of the country to become a major competitor to the North American countries by 2027.
The wind power market size is rising upon the shoulders of major key players from several countries. Companies such as Vestas (Denmark), Wind World Limited (India), Senvion SA (Germany), Goldwind (China), General Electric (US) are the top players who assure wind power market growth.
Industry News
There were promising developments in several parts of the world about innovations in the industry. Environmental laws, decarbonization measures by several Governments, and tax rebates encourage the wind power market growth. The projections are still optimistic towards the growing wind power market. The COVID-19 Pandemic is a huge obstacle before Governments of numerous countries. Although, the wind power market trends set positive predictions for Asia Pacific markets of the wind power industry.
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