The global wind energy market is growing at a CAGR of 8.9% during the forecast period. The major factors that are augmenting the growth of the wind energy market include environmental concerns, unstable crude prices, and the need for alternative energy sources. Increased carbon emission due to fossil fuel is a key factor behind the growth of the renewable energy market. Due to this, the governments of various nations are offering subsidies and encouragement to wind energy projects.
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However, certain factors are affecting the growth of the market. The high cost of materials used for the production of rotor blades, logistic technical hitches, wind structures, and wind turbines are some of the major restraining factors for the market growth. However, modern utility-scale rotor blades and wind turbines are grown in size to reduce the Levelized cost of electricity (LCOE) and increase energy capture. As per the International Renewable Energy Agency (IRENA), between the period of 2010 and 2019, the cost of onshore wind has decreased by 23% and 10% for offshore wind.
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Wind Energy Market Segmentation
By Equipment
- Turbine Blade
- Electricity Generator
- Windmill Tower
- Control Equipment
- Others
By Project Type
- Offshore Project
- Onshore Project
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Aegis Renewable Energy, Inc.
- A-Power Energy
- CSIC Haizhuang Wind power Equipment Co.,Ltd.
- Mingyang Smart Energy Group Co., Ltd.
- Eaton Corporation plc
- Enercon GmbH
- Iberdrola, S.A.
- Innovative Wind Energy Inc.
- Inox Wind Ltd.
- Leitwind AG
- Nordex SE
- Shanghai Electric Group ADR
- Sinovel Wind Group Co., Ltd
- Superwind GmbH
- Suzlon Energy Ltd.
- Zhejiang Windey Co Ltd.
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