LONDON--(BUSINESS WIRE)--The global Wind power market is expected to grow at a CAGR of almost 4% during 2020-2024, according to the latest market research report by Technavio. The report provides a detailed analysis on the impact and new opportunities created by the COVID-19 pandemic. The report also helps clients keep up with new product launches in direct & indirect COVID-19 related markets.
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The depletion of conventional energy sources and rising GHG emissions are fueling the adoption of renewable energy sources across the world. Wind is one of the most abundant and efficient sources of power generation. In 2018, China added a wind capacity of 23,000 MW. Countries such as Denmark, Spain, Germany, and the UK produce more than 10% of their power from wind energy. The growing use of wind energy is increasing the demand for wind turbine generators, which is driving the growth of the global wind power market.
Wind Power Market: COVID-19 Impact Analysis on Related Markets
Global Wind Turbine Brakes Market 2020-2024
Global Wind Turbine Bearing Market 2020-2024
Global Wind Turbine Gearbox Market 2020-2024
Wind Power Market: COVID-19 Impact Analysis on Parent Market
The global renewable electricity market is the parent market of the wind power market. Within its scope, the renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. Our report on the wind power market offers a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as analysis on several large and small vendors active in the market including GENERAL ELECTRIC, Nexans, Prysmian Group, SIEMENS GAMESA RENEWABLE ENERGY, Vestas, and Xinjiang Goldwind Science & Technology.
Technavio’s research report on the wind power market identifies the key drivers, trends, challenges, and the market scenario over the forecast period. The report also analyzes the impact of these factors on the overall renewable electricity market.
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Wind Power Market: Segmentation Analysis
The global wind power market has been analyzed across various segments to identify market dynamics, developments, and key growth areas during the forecast period. The report also offers insights on high growth regions and opportunities for vendors operating in each sub-segment of the wind power market. The market is segmented as follows:
Source
- Solar PV power
- Concentrating solar power (CSP)
- Concentrating photovoltaic (CPV)
- Hydropower
- Wind power
- Biopower
- Ocean/marine power
- Energy storage
- Batteries
End-user
- Residential
- Commercial
- Industrial
- Utilities and grid
- Consumer electronics
Geography
- North America (NA)
- South America (SA)
- Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
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Vendor Landscape
Technavio’s industry coverage utilizes various sources and tools to gather information about multiple stakeholders and their offerings toward the wind power market. Sources such as company websites, annual reports, whitepapers, subscription & in-house databases, industry journals, publications, and magazines are used in addition to other relevant sources. The vendor landscape provides a framework to estimate the renewable electricity market, while also categorizing the vendors into pure-play, category-focused, or diversified based on their offerings. All market reports provide the key and contributing players across the value chain based on in-house influence index, developed using multiple industry and market parameters.
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