A research report released by Emergen Research found that the global wind energy market will be worth $167.15 billion by 2027.
According to the report, the growth of this market can be attributed to rapid urbanisation coupled with the rising demand for electricity in developing economies. Rising initiatives of the government to increase the adoption of sustainable sources of power generation such as solar energy and wind energy to reduce emission levels and enhance air quality is anticipated to drive the growth of the segment, says Emergen Research.
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The report goes on to explain that the increasing prices of oil and natural gases have previously resulted in the rising adoption of wind energy systems. As such, it is predicted that solar and wind power plants will become more cost-efficient in comparison to coal or gas plants and therefore become more popular.
Onshore wind farms held the largest market share of 60.5% in the year 2019, says Emergen Research. The advantages of 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 says the report.
According to the report, 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 study offers both quantitative and qualitative analysis of the global wind energy delving into the key growth driving and restraining factors of the wind energy sector, the key opportunities and growth prospects of the wind energy industry over the forecast period and the regions expected to show significant growth in the coming years.
Access the report here.
Lastly, the report states that growing investments of governments and key market players in wind power projects are expected to fuel wind energy demand. According to the report, these key players are 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.