Wind Power Market
Segments - by Location (Onshore and Offshore), Applications (Residential, Commercial, and Industrial), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
The global wind power market size is projected to expand at a substantial CAGR of 7.7% during the forecast period, 2021–2028. The generation of electrical energy from winds is called wind power. This conversion of wind power into electrical energy is achieved by using wind turbines. These wind turbines are used to convert the kinetic energy of winds into electricity. Wind power is a renewable energy resource like solar power. Traditionally, windmills were used to produce wind power, this wind power was then used to perform tasks like grinding grains, pumping water, and other activities. The commercial wind turbines of modern times generate electricity by using rotational energy. The turbines are made up of a blade and an enclosure called a nacelle.
There are three main factors that influence wind power: speed of the wind, air density, and radius of the blade. Wind turbines need to be put up in areas that receive lots of wind on a regular basis so that an optimal amount of energy can be generated using them. Generally, these wind turbines are put up on huge wind farms. One of the important key elements about the selected land for wind farming is the characteristics of the local terrain.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for green and clean power source and reduced cost of wind energy is anticipated to drive market demand in the coming years.
- Growing environmental concerns, rising pollution levels, and green house gases are major factors pushing the market expansion during the forecast period.
- High cost of installation and maintenance of wind farms is expected to hinder the market growth during the forecast period.
- Lack of investments and halting of various wind power projects worldwide due to covid-19 pandemic is projected to restrain the market expansion in the coming years.
- Introduction of various favorable policies and regulatory framework by governments of various countries worldwide and advancements in wind power technology is expected to create significant opportunities for the market players.
Scope of the Report
The report on the global wind power market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes |
Details |
|
Report Title |
Wind Power Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2020 |
|
Historic Data |
2018–2019 |
|
Forecast Period |
2021–2028 |
|
Segmentation |
Location (Onshore and Offshore), Applications (Residential, Commercial, and Industrial) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
Duke Energy Corporation, Siemens Gamesa, General Electric, Wind World, Senvion SA, Goldwind, Vestas, Bergey Wind Power |
Market Segment Insights
Onshore segment is projected to account for major market share
Based on location, the wind power market is bifurcated into onshore and offshore. The onshore segment is projected to constitute for major market during the forecast period. Onshore wind farms are relatively cheaper which allows for mass fields of wind turbines, shorter distance between the windmill and the consumers allows for less voltage drop off, and ease of installation and maintenance are the factors expected to drive the market growth during the forecast period. Onshore segment accounted for a market share of more than 90% in 2019.
On the other hand, the offshore segment is anticipated to grow at a substantial CAGR during the forecast period. Offshore wind energy facilities are installed in open water usually in the ocean and seas. Offshore wind energy facilities are constructed in the oceans where higher wind speeds are available.
Offshore wind farms have a relatively negative impact on the environment, they can be built larger and taller than their onshore counterparts which allows for more energy collection, and no barriers or physical restrictions which could block the wind flow making them more efficient. The offshore segment witnessed a significant increase of more than 25% in cumulative installed capacity compared to the previous year.
Residential segment is expected to register a robust growth rate
Based on applications, the wind power market is segmented into residential, commercial, and industrial. The residential segment is expected to register a robust growth rate during the forecast period due to increasing demand for clean renewable power source and growing environmental concerns worldwide. Decreasing costs of wind energy and implementation of various favorable policies by governments of different countries across the world are projected to drive market growth in the coming years.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the wind power market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to dominate the market during the forecast period. Asia Pacific accounted for largest market share with more than 40% in 2019 and is projected to grow at a significant CAGR in the coming years. The large market share is attributed to rapid development of renewable power energy sector in the region. Countries such as India and China are promoting the adoption of wind power technology at a significant pace in order to reduce the stake of thermal power and lower the pollution levels caused by power generation.
Segments
Segments Covered in the Report
Location
- Onshore
- Offshore
Applications
- Residential
- Commercial
- Industrial
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Duke Energy Corporation
- Siemens Gamesa
- General Electric
- Wind World
- Senvion SA
- Goldwind
- Vestas
- Bergey Wind Power
Competitive Landscape
Key players competing in the wind power market include Duke Energy Corporation, Siemens Gamesa, General Electric, Wind World, Senvion SA, Goldwind, Vestas, and Bergey Wind Power.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Wind Power Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Wind Power Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Wind Power Market - Supply Chain
4.5. Global Wind Power Market Forecast
4.5.1. Wind Power Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Wind Power Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Wind Power Market Absolute $ Opportunity
5. Global Wind Power Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Wind Power Market Size and Volume Forecast by Applications
5.3.1. Residential
5.3.2. Commercial
5.3.3. Industrial
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Wind Power Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Wind Power Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Wind Power Demand Share Forecast, 2019-2026
7. North America Wind Power Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Wind Power Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Wind Power Market Size and Volume Forecast by Applications
7.4.1. Residential
7.4.2. Commercial
7.4.3. Industrial
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Wind Power Demand Share Forecast, 2019-2026
8. Latin America Wind Power Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Wind Power Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Wind Power Market Size and Volume Forecast by Applications
8.4.1. Residential
8.4.2. Commercial
8.4.3. Industrial
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Wind Power Demand Share Forecast, 2019-2026
9. Europe Wind Power Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Wind Power Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Wind Power Market Size and Volume Forecast by Applications
9.4.1. Residential
9.4.2. Commercial
9.4.3. Industrial
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Wind Power Demand Share Forecast, 2019-2026
10. Asia Pacific Wind Power Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Wind Power Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Wind Power Market Size and Volume Forecast by Applications
10.4.1. Residential
10.4.2. Commercial
10.4.3. Industrial
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Wind Power Demand Share Forecast, 2019-2026
11. Middle East & Africa Wind Power Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Wind Power Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Wind Power Market Size and Volume Forecast by Applications
11.4.1. Residential
11.4.2. Commercial
11.4.3. Industrial
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Wind Power Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Wind Power Market: Market Share Analysis
12.2. Wind Power Distributors and Customers
12.3. Wind Power Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Duke Energy Corporation
12.4.2. Siemens Gamesa
12.4.3. General Electric
12.4.4. Wind World
12.4.5. Senvion SA
12.4.6. Goldwind
12.4.7. Vestas
12.4.8. Bergey Wind Power&a
2. Assumptions and Acronyms Used
3. Research Methodology
4. Wind Power Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Wind Power Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Wind Power Market - Supply Chain
4.5. Global Wind Power Market Forecast
4.5.1. Wind Power Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Wind Power Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Wind Power Market Absolute $ Opportunity
5. Global Wind Power Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Wind Power Market Size and Volume Forecast by Applications
5.3.1. Residential
5.3.2. Commercial
5.3.3. Industrial
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Wind Power Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Wind Power Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Wind Power Demand Share Forecast, 2019-2026
7. North America Wind Power Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Wind Power Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Wind Power Market Size and Volume Forecast by Applications
7.4.1. Residential
7.4.2. Commercial
7.4.3. Industrial
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Wind Power Demand Share Forecast, 2019-2026
8. Latin America Wind Power Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Wind Power Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Wind Power Market Size and Volume Forecast by Applications
8.4.1. Residential
8.4.2. Commercial
8.4.3. Industrial
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Wind Power Demand Share Forecast, 2019-2026
9. Europe Wind Power Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Wind Power Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Wind Power Market Size and Volume Forecast by Applications
9.4.1. Residential
9.4.2. Commercial
9.4.3. Industrial
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Wind Power Demand Share Forecast, 2019-2026
10. Asia Pacific Wind Power Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Wind Power Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Wind Power Market Size and Volume Forecast by Applications
10.4.1. Residential
10.4.2. Commercial
10.4.3. Industrial
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Wind Power Demand Share Forecast, 2019-2026
11. Middle East & Africa Wind Power Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Wind Power Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Wind Power Market Size and Volume Forecast by Applications
11.4.1. Residential
11.4.2. Commercial
11.4.3. Industrial
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Wind Power Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Wind Power Market: Market Share Analysis
12.2. Wind Power Distributors and Customers
12.3. Wind Power Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Duke Energy Corporation
12.4.2. Siemens Gamesa
12.4.3. General Electric
12.4.4. Wind World
12.4.5. Senvion SA
12.4.6. Goldwind
12.4.7. Vestas
12.4.8. Bergey Wind Power&a
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