Power & Energy

Global Wind Energy Market

January 20, 2022
ID: SR/MM-06
Format:Pdf
Pages:220

Global Wind Energy Market, By Component (Turbines, Electrical Infrastructure, Substructure), By Location (Shallow Water, Transitional Water, Deep Water), By Region (North America, Europe, Asia Pacific, The Middle East & Africa, South America)--Global Forecast to 2027.

Description

The global Wind Energy market was valued at USD 31.8 billion in 2020 and is expected to reach USD 56.8billion in 2027 at a CAGR of 12.3% during the forecast period. This type of renewable energy induces electric energy from kinetic energy. A wind turbine transforms the wind power into mechanical energy, and this mechanical energy is also transformed into electrical energy through the generator. It can induce wind can generate Wind energy offshore and onshore. Onshore wind energy is associated with onshore turbines located on land, whereas offshore wind turbines are located in the ocean or sea. Regardless, offshore wind turbines are better efficient than onshore wind turbines due to constant wind outpour.

What is Wind Energy?

Wind Energy catches the natural wind in our environment and transforms the air’s motion into mechanical energy. Distinctions in atmospheric force cause the wind. Wind speeds change based on geography, topography and season. Consequently, some areas are better served for wind energy generation than others. Wind speeds are generally higher around the coast and offshore since fewer objects like vegetation, mountains, and buildings slow them down.

The mechanism used to transform air motion into electricity is a turbine. A turbine is a large network with several spinning blades. These blades are attached to an electromagnetic generator that causes electricity when the wind causes the blades to spin. This energy was utilized for milling grain and pumping water, but it is most generally used today to construct electricity. Wind energy is evolving into an increasingly important part of the global electricity supply mix. A main advantage of wind is a clean and renewable form of energy. Its electricity production has no direct carbon emissions or air impurities and consumes water. Wind also has rather lower operations and keeping costs after initial building.

Growth Drivers

Rising global investments in renewable energy can move the offshore Wind market.

There has been a major shift in the energy sector toward renewable and green energy due to the necessity to reduce carbon emissions, shortage of fossil fuels, climatic change, etc. Various government guidelines are in place to sustain the ambition toward greener energy. Many international companies are taking initiatives to reduce their carbon footprint to contribute to a greener planet and sustainability. For example, Equinor (Norway) aims to cut its carbon emissions by half by 2050. An amount of the plan is to expand its renewable energy businesses, particularly offshore wind, which may reach 6,000 megawatts in six years and 16,000 megawatts in 15 years.

Another example is the giant energy Total, which has settled with SSE Renewables to develop a 51% stake of its Seagreen 1 offshore wind farm project. Total is predicted to invest Euro 70 million for this task.

Opportunities

Endeavors by governments and companies to decrease carbon emissions

The renewable energy market will continue to increase, owing to the falling technology prices, growing need to reduce CO2 emissions and increasing energy consumption in producing and unstructured countries. According to the International Renewable Energy Agency (IRENA), the percentage of renewables in worldwide energy generation must rise from the current 25% to 86% by 2050 to fulfill the Paris Agreement’s targets. The world must finance USD 110 trillion in the sector by 2050, up from the USD 95 trillion expected to be invested by 2030. This difference will indicate a visible indication from fossil fuels to renewable energy sources. Between 2019 and 2050, Bloomberg BNEF casts that USD 13.3 trillion would be expended in new power production assets, with 15,145 GW of carbon-free plants likely to be created. According to the BNEF, Wind and solar would account for 50% of the global electricity generation by 2050.

Restraints

Increased capital cost and logistics matters

Offshore wind is one of the numerous promising and eco-friendly energy-producing technologies. Though it has a high-capacity element with connected technologies, such as solar and onshore wind, its massive cost prevents performance. Offshore wind turbines are susceptible to erosion, as they perform for decades in powerful marine environments. Occasionally, even the favorable characteristics of high wind speeds become a negative factor for offshore wind turbines. For example, the turbines tend to close down when the wind speed exceeds 25 m/s. As the size of offshore wind ranches has improved over time, challenges connected to construction, transportation, installation, and operation have also improved. Challenges associated with logistics, in general, are a tremendous task in offshore wind farms. Wind farms are usually discovered extremely far from the shore and are difficult to access, especially in poor weather conditions. Hence, correcting the shortest technical issue could be problematic and costly. Other difficult factors in offshore wind power deployment relate to resource description, grid interconnection and function, and transmission infrastructure growth, which are much easier in other technologies, such as solar and onshore wind. Thus, the increased capital costs and issues associated with the operations, maintenance, transportation, and logistics control the global offshore wind market.

Pre-Covid-19 impact on the global Wind Energy market

Before the covid-19 outbreak, through technology inventions and economies of scale, the global wind power market had nearly quadrupled in action over the past decade and demonstrated itself as one of the most cost-competitive and resilient power sources across the world. In 2020, record growth was measured by a surge of facilities in China and the US – the world’s two largest wind power markets – who together installed nearly 75 percent of the new installations in 2019 and account for over half of the world’s total wind power capacity.

Covid-19 impact on the global Wind Energy market

The COVID-19 outbreak has reduced overall energy consumption, disrupted the supply chains, and delayed economic development worldwide. It has also secured the market’s growth due to project delays and lack of investments during the pandemic as countries were forced to implement lockdowns during the first half of 2020. Governments and local authorities issued strict guidelines, halted all non-essential operations. It adversely affected the offshore wind market due to less focus on developing it.

In addition, it also witnessed production and supply chain during the second quarter, which posed a challenge to the offshore wind market.

Post covid-19 impact on the Wind Energy market

After the covid-19 explosion, Factors such as promising government guidelines, the increasing investment in forthcoming wind power projects, and the reduced price of wind energy which includes directed to increased adoption of wind energy, are anticipated to push the market examined during the forecast period. The increasing acceptance of alternate energy authorities, such as gas-based energy and solar power, will probably delay the market growth. Onshore wind power appeared as one of the most valued renewable energy authorities worldwide. Yet, the offshore wind sector has been gaining momentum in the global wind power market, and it is expected to witness considerable growth soon.

By Component Segmental Analysis

By component segment analysis, the turbine will be the largest supporter in the offshore wind market in 2020. The turbine segment accounted for the largest share of the offshore wind market, by component, in 2020. The turbine segment of the offshore wind market is further categorized into – nacelle, rotors and blades, and tower. Turbines are positioned on the tower and are specifically accountable for harnessing wind energy to provide power.

By Location Segmental Analysis

By location, the shallow water segment will be the largest supporter of the offshore wind market in 2020. The shallow water segment is expected for the largest share of the offshore wind market, by location, in 2020. The prevalence of tasks is launched in this segment. The comparatively small hard temperature and comfort of supervision make this segment the suggested choice for the development of offshore wind farms. Also, installing electrical infrastructure is comparatively easier in shallow water while setting up a wind turbine. Due to comparatively less wind speed available in shallow water, more nominal MW capacity turbines are established in this region.

By Region Segmental Analysis

Europe accounted for the largest offshore wind market share amongst all regions in 2020. The European market is further segmented into the UK, Germany, Denmark, Belgium, Netherlands, Sweden, Finland, Ireland, and the Rest of Europe. The European region is home to several major offshore wind companies such as Siemens, Nordex SE, Vestas, ABB, etc. The European region has been a pioneer in offshore wind technology and farm development. The European Wind Initiative (EWI) supports offshore wind energy development, a wind energy R&D program developed to take the wind industry to the subsequent level in Europe. The countries in the EU are mainly concentrating on elevating their aging electrical infrastructure, and governments of these countries are encouraging power generation through renewable energy sources and are building networks, from generation to end-users, to qualify for efficient power and energy trading.

Competitor Analysis

Companies include GE Renewable Energy, Siemens Gamesa, MHI Vestas, Goldwind, General Electric, Shanghai Electric Wind Power Equipment Co. ABB, Doosan Heavy Industries and Construction, Hitachi, Nordex SE, Sinovel, Hyundai Motor Group and other prominent players.

Key Stakeholders

Regulatory bodies
Market research and consulting firms
Local governments
Suppliers
Retailers

Recent Developments

In May 2021, GE Renewable Energy declared that it had concluded the Turbine Supply and Service and Guarantee contracts for the third and final phases of the Dogger Bank offshore wind farm.
In May 2021, Siemens Gamesa was a choice supplier for 1,044 MW Hai Long offshore (in Taiwan) wind schemes.
In May 2020, Siemens Gamesa established an SG 14-222 DD offshore wind turbine with a nameplate capability of 14 MW which can reach 15 MW with Power Boost. Its 222-meter rotor diameter operates enormous 108-meter long B108 blades.
In October 2020, MHI Vestas Offshore Wind was chosen as the best wind turbine supplier for the EolMed floating project and contracted to provide three V164-10.0 MW turbines.
In October 2020, Goldwind established the GW1S turbine, which is positively efficient reached earlier models.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 3.3 Billion
The revenue forecast in 2027	USD 6.26 Billion
Growth Rate	CAGR of 12.3 % from 2020 to 2027.
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	GE Renewable Energy, Siemens Gamesa, MHI Vestas, Goldwind, General Electric, Shanghai Electric Wind Power Equipment Co. ABB, Doosan Heavy Industries and Construction, Hitachi, Nordex SE, Sinovel, Hyundai Motor Group.

Market Modelling

By Component

Turbines
Electrical Infrastructure
Substructure

By Location

Shallow Water
Transitional Water
Deep Water

By Region

North America
Europe
Asia Pacific
The Middle East & Africa
South America

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is wind energy?

Wind Energy catches the natural wind in our environment and transforms the air’s motion into mechanical energy.

What is the growth rate of the wind energy market?

The global wind energy market is growing with a CAGR of 12.3% during the forecast period 2020-2027.

What are the driving factors for the global wind energy market?

Rising global investment by government and private companies boosts global wind energy market growth.

Which region is expected to have the largest share in the global wind energy market?

Europe is expected to have the largest share in the global wind energy market.

Who are the major players in the global wind energy market?

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Global Wind Energy Market