Wind Energy Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast (2020-2027)

Market Size – USD 99.80 billion in 2019, Market Growth - CAGR of 7.1%, Market Trends – Increasing investments in the research & development for the technological advancement of the wind energy projects

The research report on the Global Wind Energy Market is formulated with insightful data that will help the established companies and new entrants to analyze the business trends and capitalize on investment strategies. The Wind Energy market is analyzed with an aim to provide assistance to the readers to gain maximum returns on the investment and to enable an informed decision-making process. The report is furnished with the latest updates about the current market scenario with regards to the COVID-19 pandemic. The report considers COVID-19 as a key contributor to the dynamically altered market scenario. The report also covers changing trends and market dynamics due to the pandemic and provides an accurate impact analysis of the crisis on the overall market.

The emergence of technologically advanced platforms, powered by Artificial Intelligence and machine learning, helps users control their energy and reduce the risks by giving prior information about system failures. The increasing investments in the research & development for the production of technologically advanced solar and wind power generation resulted in the cost-effectiveness of the systems. Technological advancements in the wind turbines have resulted in the increased capacity of the wind turbines, reduced the weight of the wind turbine parts, and made the blades stronger and more durable, which has increased the demand for the wind energy system.

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Key Highlights From The Report

In February 2019, Vestas entered into a partnership with a local manufacturing service provider, Marand Precision Engineering, for Wind Turbine Assembly Facility in Geelong. The partnership will help Vestas to expand its wind turbine assembly in the Victorian renewable energy sector.

Onshore wind farms held the largest market share of 60.5% in the year 2019. The advantages of the onshore wind farms, such as low maintenance costs, cheaper integration and foundation, and easier access and operations, have resulted in the increased demand for the onshore wind farms.

The industrial segment is forecasted to grow with the fastest CAGR of 7.1% over the forecast period due to increasing preferences of the industries towards cleaner sources of energy in order to reduce their dependency on fossil fuel-based power generation.

The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the growing initiatives and funding of the government to adopt renewable sources of energy in order to generate electricity.

Key participants include Nordex SE, Acciona, Goldwind, General Electric, Vestas, Siemens Gamesa Renewable Energy, S.A., Sinovel Wind Group, Suzlon Energy Limited, ENERCON GmbH, and Dongfang Electric Corporation, among others.

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The research provides answers to the following key questions:

What is the expected market size of the Wind Energy market for the forecast period 2020 - 2027? What will be the growth rate of the industry during the estimated period?

What are the major driving forces shaping the future of the Wind Energy industry worldwide?

Who are the major vendors in the industry and what are their strategies to reap more profits and reduce costs?

What are the trends from the past and future that are likely to favor the progress of the Wind Energy industry worldwide?

What are the major threats and challenges that hinder the development of the industry?

What are the opportunities in store for the business owners operating in the market?  

Global Wind Energy Market Segmentation:

Location Outlook (Revenue, USD Billion; 2017-2027)

1. Offshore
2. Onshore

Application Outlook (Revenue, USD Billion; 2017-2027)

1. Commercial
2. Industrial
3. Residential

To identify the key trends in the industry and read full summary click on the link: https://www.emergenresearch.com/industry-report/wind-energy-market

Regional Analysis Covers:

1. North America (U.S., Canada)
2. Europe (U.K., Italy, Germany, France, Rest of EU)
3. Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
4. Latin America (Chile, Brazil, Argentina, Rest of Latin America)
5. Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)