Covid-19 Impact on Wind Turbine Market to See Strong Expansion Through 2026
July 29,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Wind Turbine Market.
Wind Turbine Market is likely to witness an impressive CAGR of 7.2% during the forecast period. Rising demand for replacing conventional source of energy with clean and renewable source of energy to reduce global warming caused by pollution is likely to create enormous demand for the wind turbine market over the next five years.
Wind turbine is the mechanical device used to convert kinetic energy generated from the wind to electric energy. Thus, offering renewable source of power generation.
Wind turbine can be installed at onshore and offshore locations. Due to high speed of wind at offshore location, it is reliable and efficient source for wind turbine installation. However, higher cost of installation reduces the number of installations compared to onshore application.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the installation type, the market is segmented as onshore and offshore. The onshore wind turbine installation segment is to remain the dominant installation type in the market, whereas offshore installation is likely to grow at a faster rate over the next five years with the growing importance of offshore wind turbine installation, owing to its various benefits over onshore installation.
Based on the application type, the wind turbine market is segmented as utility, industrial, commercial, and residential. The industrial segment is projected to remain the largest application of the market during the forecast period, owing to growing usage of renewable energy in industrial production and power generation.
In terms of regions, Asia-Pacific is estimated to be the largest market and is also expected to witness the highest growth in the market fueled by high demand in China, India and Japan. The dominance of the region is attributed to the presence of large number of wind turbine installers across the region. Out of the top fifteen wind turbine manufacturers in the world, eight are from China.
Key Players:
- Enercon GmbH
- Vestas Wind Systems A/S
- GE Renewable Energy
- Nordex SE
- Siemens Gamesa Renewable Energy, S.A.
- Dongfang Electric Corporation
- Goldwind Science & Technology Co., Ltd.
- Ming Yang Wind Power Group Limited
- Windey Co., Ltd.
- Envision Group.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Wind Turbine Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors