Wind Energy Market: Onshore Segment Expected to Dominate During Forecast Periods
Significant surge in demand for renewable
power sources is expected to drive the wind energy market growth.
According to TechSci Research report, “Global
Wind Energy Market - By Region, Competition, Forecast & Opportunities, 2028”, The Global Wind Energy Market
is expected to register CAGR of 10.67%. Most of the equipment and
components, such as roller bearings that connect to gearboxes and eventually
allow the wind turbines to keep spinning, were falling short in market demand
as the shipping industry was disrupted during the COVID-19 outbreak. This, in
turn, has led to the restrained growth of the market due to project delays and
lack of investments during the pandemic. However, factors such as favorable
government policies, the increasing investment in upcoming wind power projects,
and the reduced cost of wind energy, which has led to increased adoption of
wind energy, are expected to drive the market during the forecast period. The
increasing adoption of alternative energy sources such as gas-based power and
solar power is likely to hinder the market growth.
As of 2020, onshore wind power emerged as
one of the most valued renewable energy sources worldwide. However, the
offshore wind sector has been gaining momentum in the wind power market, and it
is expected to witness significant growth in the near future.
The emerging markets in Africa and Most
of the equipment and components, such as roller bearings that connect to
gearboxes and eventually allow the wind turbines to keep spinning, were falling
short in market demand as the shipping industry was disrupted during the
COVID-19 outbreak. This, in turn, has led to the restrained growth of the
market due to project delays and lack of investments during the pandemic.
However, factors such as favorable government policies, the increasing
investment in upcoming wind power projects, and the reduced cost of wind
energy, which has led to increased adoption of wind energy, are expected to
drive the market during the forecast period. The increasing adoption of
alternative energy sources such as gas-based power and solar power is likely to
hinder the market growth.
Browse over xx market data Figures spread
through 180 Pages and an in-depth TOC on " Global Wind Energy Market.”
On basis of region Asia pacific is
dominations, as Other leading countries in the region include India, which, by
the end of 2020, had an installed wind capacity of around 38.62 GW, and it
added around 1.11 GW in the same year. The Indian government has set a target
of 60 GW by 2022. To achieve the target, the number of projects during the next
two years is expected to increase drastically, thus driving the demand for wind
power in the country. Therefore, large-scale wind power installations and
upcoming projects and plans to expand the offshore wind power segment are
expected to help Asia-Pacific dominate the market during the forecast period.
As a result, offshore wind power is
expected to grow at a faster pace in the coming years. In 2020, the United
States Bureau of Ocean Energy Management (BOEM) was in the planning stages for
leasing areas off the coast of New York, South Carolina, California, and
Hawaii, and it expects to hold lease auctions for new California and New York
Bight lease areas. Countries like the United States have plans to build seven
major offshore wind projects, which are likely to power 10 million homes by
2030. Further, India has a target to achieve 30 GW of offshore wind power by
2030.
Hence, with such a scenario, the offshore
wind power market is expected to witness significant growth during the forecast
period.
Key market players in the Global Wind
Energy Market include:
- Siemens Energy
- Vestas Wind Systems
- Siemens Gamesa Renewable Energy
- General Electric (GE) Renewable Energy
- Goldwind
- Envision Energy
- Nordex SE
- Suzlon Energy
- Orsted
- NextEra Energy Resources
- China Guodian Corporation (China
Energy)
- Hitachi Hi-Rel
Power Electronics Private Limited
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“As of 2020, onshore wind power emerged
as one of the most valued renewable energy sources worldwide. However, the
offshore wind sector has been gaining momentum in the wind power market, and it
is expected to witness significant growth in the near future.
The emerging markets in Africa and South
America offer a robust business opportunity for the wind power project
operators and equipment suppliers as countries, including Brazil, South Africa,
Chile, etc., are on the cusp of development. There is also an increased demand
for electricity, which is expected to provide market opportunities for wind
power development in the near future. The massive wind power potential and a
decline in the cost of the same are likely to provide widespread business
opportunities to the market in the coming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“ Wind Energy Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Offshore and Onshore),
By End-User (Industrial, Commercial, and Residential), By Region, Competition 2018-2028 “ has evaluated the future growth potential of Global Wind Energy Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Wind
Energy Market.
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