Global Wind Power Market by Application (Non-Utility, Utility), by Location (Offshore, Onshore) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global wind power market demand reached 58.9GW in 2019. It is projected to rise at a compound annual rate (CAGR of 5.2%) between 2020 and 2027. The market will continue to grow due to the increasing demand to replace traditional sources of energy with renewable energy. Unlike new-built coal and gas plants, solar and wind power generation are more affordable than they were 20 years ago. In the future, it will be more economical to build and operate new solar power plants than existing gas or coal plants.

Market growth will be driven by the demand for reliable, clean and affordable power in the future. Market growth is expected to be driven by favorable policies and regulatory frameworks in various countries that promote renewable power generation. The industry is still affected by the COVID-19 pandemic in many regions, including Asia Pacific, Europe and North America. The project's execution has been damaged, as well as the supply chain. It is likely that delays will occur in future and ongoing wind power installations.

China is still the largest region's onshore and offshore wind power market, accounting for over 84.40% of all new installed capacity in 2019. China and the United States witnessed the largest onshore installations in 2019, accounting for 60.0 percent each. Another factor driving China's market is the presence of major OEM and EPC companies in China.

Offshore wind farms are becoming a popular option for wind energy producers. Offshore wind power projects will allow for the possibility of enjoying projects at deep-water locations where the high speed creates an ideal environment for operations. This will drive the market for offshore locations. The region's governments have supported the use of renewable energy sources such as solar, wind, biomass and other renewable sources.

Authorities in the region are working to reduce the dependence on traditional sources of energy and to reduce carbon footprint. This is encouraging the use of renewable energy like wind and solar to generate power. It is expected that wind power and solar energy will lead to the transformation of the global electricity industry.

Location Insights

In 2019, the largest volume share was held by the onshore segment, which accounted for 94.8% of all segments. Because of its lower cost than offshore wind power, the onshore segment has been the most popular renewable source of energy in all regions. Segment growth is also driven by the ease of installation and lower greenhouse gas emissions (GHG). The offshore wind power generation is slowly gaining in importance to drive world's wind installations. It has an installed capacity of 4,680.0MW in 2019.

In 2019, the cumulative onshore installed capacity saw an increase of 10.0% compared to 2018. The global cost of installing offshore and onshore wind power projects has fallen and is expected to continue to fall in 2019. This will further drive market growth. The Levelized Cost of Electricity for onshore wind projects is already low compared to fossil fuel sources of generation. This will further reduce the cost of installation and improve wind power plant performance in the future.

China will continue to be the dominant market for offshore wind power, followed closely by North America. Although Australia, India, Vietnam and Brazil are potential markets for offshore wind power installations, there is a possibility that Australia will be less supportive of these countries' political policies.

Application Insights

The industry's largest market share is held by the utility sector, which accounted for over 85.0 % in 2019. The non-utility sector encompasses both residential and commercial wind power installations. Because of land constraints, non-utility applications have a lower market share than utility. The high cost of installing wind turbines in non-utility projects is another factor that can affect their use.

Large, multi-turbine wind turbines are often used for utility-scale applications. They are usually installed in large, multiturbine wind farms that are connected to the nation’s transmission system. Large-scale utility-wind power projects require multiple permits and construction. It also requires careful management of relationships between different stakeholders. The market will grow if there are fewer barriers to the installation of utility-scale projects.

Regional Insights

Asia Pacific accounted for more than 44.0 percent of the industry's total volume in 2019. It is expected to maintain its dominance in the future. China was the country with the greatest installed capacity due to government investments and ongoing initiatives to boost industry growth. China's onshore wind energy industry is expected to grow steadily over the next few years, as the government encourages the expansion of renewable infrastructure. This is in response to the reduction of thermal power and pollution in China's power generation. This will likely determine the pace of wind power projects in China, which in turn is expected to drive the market for the region over the forecast period.

North America and Europe are considered mature and competitive markets. IKEA Systems B.V. increased its direct ownership of wind energy assets in North America to nearly 0.4GW in 2017. An offshore wind power plant with a levelized cost of electricity (LCOE), is economically viable in Europe. The Netherlands and Germany, for example, have no-subsidy wind energy projects and lower auction prices. Offshore wind farms will be more competitive in other markets in the region over the next years due to lower fossil fuel costs such as coal and gas.

Market Share Insights & Key Companies

GE Renewable, Siemens Gamesa, and ENERCON GmbH were the key players in the global market for 2019. To gain competitive advantage, companies are focusing on Research and Development (R&D). Siemens Gamesa, for example, has taken steps to maintain a high level activity in the wind turbine manufacturing, installation, and service provision business segment. The company has a strong supply chain that supports wind power and is working hard to ensure continuity as well as to reduce risk.

Companies' service- and installation teams manage the international logistics. They also monitor all borders and maintain travel restrictions to ensure safe travel. The following are some of the most prominent players in the market for wind power:

• GE Renewable

• Siemens Gamesa

• ENERCON GmbH

• Vestas

• Suzlon Group

• Goldwind

• Nordex SE

• Sinovel

• Dongfang Electric Corporation

Up Market Research published a new report titled “Wind Power Market research report which is segmented by Application (Non-Utility, Utility), by Location (Offshore, Onshore), By Players/Companies Sinovel, Nordex SE, Siemens Gamesa, Suzlon Group, GE Renewable, Dongfang Electric Corporation, Vestas, ENERCON GmbH, Goldwind”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Wind Power Market Report Segments:

The market is segmented by Application (Non-Utility, Utility), by Location (Offshore, Onshore).

Wind Power Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Wind Power Market

Overview of the regional outlook of the Wind Power Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Wind Power Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Wind Power Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Non-Utility

                2. Utility

                1. Offshore

                2. Onshore

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Wind Power Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Wind Power Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.