Wind Energy Market Projected to Exceed $160 Billion by 2026, Says Global Market Insights Inc.
Increasing energy demand, coupled with growing concerns toward climate change on account of rising GHG emissions, will encourage technology deployment in the forthcoming years.
SELBYVILLE, Del., September 29, 2020 (Newswire.com) - Based on Global Market Insights Inc.'s report, the global Wind Energy Market was estimated at $93 billion in 2019 and is slated to surpass $160 billion by 2026, registering a CAGR of 8.4% from 2020 to 2026. The report provides an in-depth analysis of the key investment avenues, drivers and opportunities, key winning strategies, wavering industry trends, competitive scenarios, and market estimations as well as size.
Wind energy installations across offshore locations are anticipated to grow on account of increasing investments in offshore infrastructure coupled with growing energy demand in the coastal areas. In addition, favorable regulatory policies for sustainable energy, a steady supply of wind and high CUF are some of the prominent factors augmenting the wind energy market growth across offshore locations.
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Ongoing technological advancements, coupled with R&D activities for turbine technologies, will stimulate the market growth of wind turbines. For instance, Enercon, a wind turbine manufacturer and solution provider, introduced new prototype E-138 EP3 for the E2 wind turbines in March 2020, which enhances the nominal power from 3.5MW to 4.2MW. Moreover, decreasing operational and maintenance costs pertaining to reducing raw material & component prices will positively propel the wind turbine deployment across the globe.
Increasing investment in commercial infrastructure in compliance with rising efforts to develop green buildings will propel the wind energy market. Furthermore, regulatory efforts to reduce reliance on fossil fuels in order to reduce the GHG emissions and improve energy efficiency will complement the adoption of a renewable source of energy.
The rapid commercialization and industrialization on account of substantial economic transformation will positively drive the wind energy market in the Asia-Pacific. As per the United Nations, Department of Economic and Social Affairs, over 50% of the Asian population in 2019 was residing in urban areas, which was more than the combined population of the U.S. and Europe.
Some major findings in the wind energy market report include:
- Stringent governmental regulations pertaining to increasing carbon footprint across developed countries will drive business growth.
- Growing energy demand across the developing nations will boost wind energy technology deployment.
- Decreasing component prices on account of technological advancement and reduced operating and maintenance costs will favor the technology adoption over other available alternatives.
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The internal migration of the rural population to enhance living standards will positively favor technology penetration. Moreover, several supportive measures favoring energy-efficient systems along with the transition from fossil to clean energy sources will positively influence the industry statistics.
Key players operating in the wind energy market include MHI Vestas, Goldwind, General Electric, Envision Energy Limited, Senvion Gmbh, Hitachi, Ltd. amongst other major players. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights, Inc.