Adroit Market Research launched a study titled, “Global Wind Energy Market Size 2017 By Installation Type (Onshore Installations, Offshore Installations), By Turbine Size (Small Wind, Large Wind), By Turbine Type (Horizontal Axis, Vertical Axis), By Region and Forecast 2018 to 2025”. The study covers the global wind energy market value and volume for a period ranging between 2012 to 2025, where 2012 to 2017 imply the actual annual revenue with forecast between 2018 and 2025. The global wind energy market report also includes qualitative insights of the market such as drivers, restrains, value chain, regulatory framework and trade statistics. The value chain has been analyzed in detail covering key stages of the global wind energy market.
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The global wind energy market size is estimated to reach up to USD 320.61 billion by 2025 driven by the declining cost of electricity generation, thereby facilitating a high rate of wind capacity installation globally. The presence of a large base of experienced and internationally active project developers is another prime factor accelerating the development of wind technologies.
Wind farms installed with several wind turbines generate electric energy by converting the kinetic energy in the wind. Utility scale turbines ranging from 100 kilowatts to as large as several megawatts are grouped together in the wind farms. These turbines provide bulk power to the electrical grid. The amount of power that can be harvested depends upon the blade size and the blade lengths. Commercially available wind turbines have reached a capacity of 8 MW. This increase in wind turbine capacity is mainly driven by the declining costs of production of the blades and rotors. Along with the turbine capacity expansion, the ease of grid integration is also driving wind energy market share in generation of power from renewable energy.
The wind energy market growth is primarily accelerated by the rising number of wind farm installation both offshore and onshore. The global wind energy market analysis indicates the dominance of onshore capacity installation and also estimates the sustained dominance during the forecast period. Global onshore wind energy installations stood at over 90% in 2017, as the cost reduction for every doubling of cumulative capacity is estimated to be around 21%. This cost advantage has prompted heavy investment into the onshore wind installation projects. However, during the forecast period, the offshore wind installation are expected to maintain a higher CAGR owing to the policy support, technology advances and a rapidly maturing supply chain. This is turning offshore wind an increasingly viable option for harnessing the more consistent and higher wind speeds available offshore.
The wind energy market size on the basis of geography, is headed by the Asia Pacific, recording the highest number of wind capacity installations in 2017. With approximately 80%, China had the highest share of wind capacity installations in 2017. The high growth rate of installations in India making it the fourth largest country globally is also a primary driver of the dominance of this region. However, Middle East and Africa are expected maintain the fastest growth on account of support of wind remarkable wind resources and efficiency across value chain, resulting in gradual reduction in the levelized cost of energy (LCOE) of wind power across the region.
The global wind energy market is fragmented in nature with the presence of a large number of global and regional players. Acciona, Enel Green Power, ENGIE, Vattenfall, Ørsted A/S, and NRG Energy, Inc. are some of the major players in the global wind energy market. These players own large wind farms and invest heavily in setting up new wind farms or acquiring a stake in local wind farms with a view to increasing their power generation capacity. For instance, in February 2018, Enel, acting through its Spanish subsidiary Endesa’s local renewable energies company Enel Green Power España (EGPE), has signed an agreement for the acquisition of 100% of Parques Eolicos Gestinver, S.L., a company owning five wind farms totaling around 132 MW of capacity, from Spanish companies Elawan Energy and Genera Avante for a total consideration of 178 million euros. Following the acquisition, EGPE’s installed capacity in Spain increased to more than 1,806 MW of which 1,749 MW from wind power, equivalent to almost 8% of total installed wind capacity in Spain, 43 MW from small hydro, and 14 MW from other renewable sources.
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Key segments of the global wind energy market
Installation Type Overview, 2015-2025 (GW) (USD million)
- Onshore Installation
- Offshore Installation
Turbine Size Overview, 2015-2025 (GW) (USD million)
- Small Wind
- Large Wind
Turbine Type Overview, 2015-2025 (GW) (USD million)
- Horizontal Axis
- Vertical Axis
Regional Overview, 2015-2025 (GW) (USD million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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