Global Wind Power Systems Market Research Report, Size, Growth, Trends, Opportunity Analysis, Industry Forecast - 2022-2026

The global wind power systems market is projected to grow by USD 49.52 billion with a CAGR of 6.57% during the forecast period 2021 to 2026.

This global wind power systems market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the global wind power systems market segmentation by technology (wind turbine, T&D, and others) and geography (APAC, North America, Europe, the Middle East and Africa, and South America). The global wind power systems market report also offers information on several market vendors, including Able UK Ltd, Aerodyn Energiesysteme Gmbh, Belden Inc., Bora Energy, BRUGG GROUP AG, Clipper Windpower LLC, Doosan Heavy Industries and Construction Co. Ltd., Emergya Wind Technologies BV, ENERCON GmbH, Fujikura Ltd., General Electric Co, Inox Wind Ltd., JDR Cable Systems Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., LS Cable and System Ltd., Molded Fiber Glass Co., Nexans SA, NKT AS, Nordex SE, Prysmian Spa, ReGen Powertech Pvt Ltd., Samsung Heavy Industries Co. Ltd., Senvion Wind Technology Pvt. Ltd., and The Okonite Co. among others.

What will the Global Wind Power Systems Market Size be During the Forecast Period?

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Global Wind Power Systems Market: Key Drivers, Trends, and Challenges

The increasing investments in renewable energy are notably driving the global wind power systems market growth, although factors such as competition from fossil fuels may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the global wind power systems market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Wind Power Systems Market Driver

Increasing investments in renewable energy is one of the key factors driving the growth of the global wind power systems market. The total cost of generating electricity from renewable energy sources is more than the cost of generating electricity from conventional sources. However, the technology that is used to generate electricity from renewable energy sources is evolving rapidly, making it competitive with newly built fossil fuel power plants. Low carbon emissions from renewable sources and the competitive cost of generating electricity have led to continuous investments in renewable energy across the world. The increasing investments have increased the generation of electricity from renewable sources of energy. Of all technologies for generating renewable energy, solar and wind power hold the highest share of renewable capacity addition, and their share has increased continuously. This has increased the demand for wind power systems. The above factors will increase the global wind power systems market's growth during the forecast period.

Key Wind Power Systems Market Trend

The global energy transition will fuel the global wind power systems market's growth. The power sector is undergoing a major transition as power generation using fossil fuels is slowly being replaced with renewable sources globally. The need to reduce the carbon footprint has resulted in several countries implementing renewable energy-specific targets and policies. In addition to policies, the rapidly declining cost of renewable technologies, especially solar and wind energy, has led to a continuous increase in the production of energy from renewable sources. Moreover, governments across the world have realized the long-term benefits and potential of wind energy. Wind energy can be installed on a large scale, offer reliable electricity, and meet the needs of bulk power systems. Most wind power installations are onshore. However, offshore wind power installations are expected to play an important role in meeting the growing power needs. In addition to capacity, the reduced noise and air pollution also favor offshore wind power generation. This will increase wind power generation. The above factors will increase the demand for wind power systems during the forecast period.

Key Wind Power Systems Market Challenge

Competition from fossil fuels is the major challenge for the global wind power systems market growth. In 2019, the share of renewable energy in the global primary energy consumption was 11%, and wind energy contributed to 2% of the global primary energy consumption. Between 2001 and 2021, the share of wind power in the global electricity generation mix increased steadily at a double-digit growth rate. However, the share of wind power is low when compared with the overall global production of electricity. In countries that have coal reserves in abundance, governments do not prefer to replace coal-based electricity with expensive renewable energy sources such as wind power. Due to the lack of investments, many developing countries are unable to increase their wind power capacity. Due to the lack of stable and supportive government policies and competition, the costs of wind power are high. For instance, Indonesia is a prospective market for wind power generation. However, wind power generating companies in such countries face challenges when installing wind turbines due to the lack of government tariffs and support, which affect their profits. The above factors will hinder the market growth during the forecast period.

This wind power systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global wind power systems market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the global wind power systems market during the forecast period.

Who are the Major Global Wind Power Systems Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Able UK Ltd
• Aerodyn Energiesysteme Gmbh
• Belden Inc.
• Bora Energy
• BRUGG GROUP AG
• Clipper Windpower LLC
• Doosan Heavy Industries and Construction Co. Ltd.
• Emergya Wind Technologies BV
• ENERCON GmbH
• Fujikura Ltd.
• General Electric Co
• Inox Wind Ltd.
• JDR Cable Systems Ltd.
• Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
• LS Cable and System Ltd.
• Molded Fiber Glass Co.
• Nexans SA
• NKT AS
• Nordex SE
• Prysmian Spa
• ReGen Powertech Pvt Ltd.
• Samsung Heavy Industries Co. Ltd.
• Senvion Wind Technology Pvt. Ltd.
• The Okonite Co.

This statistical study of the global wind power systems market encompasses successful business strategies deployed by the key vendors. The global wind power systems market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• ableuk.com - The company offers wind power services such as offshore.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The global wind power systems market report contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.

Global Wind Power Systems Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the global wind power systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

The value chain of the global independent power and renewable electricity market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for the Global Wind Power Systems Market?

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61% of the market’s growth will originate from APAC during the forecast period. China, South Korea, and Japan are the key markets for the global wind power systems market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Increasing investments in renewable energy will facilitate the wind power systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

The market in the region witnessed certain challenges due to the COVID-19 pandemic. Most manufacturers had to shut down their facilities in the first half of 2020, owing to the stringent lockdowns imposed by the governments of several countries in this region. In addition, the outbreak resulted in an acute shortage of key components, which added further stress to wind power development in APAC. Following the lockdowns implemented in countries such as Italy, Germany, and Ecuador, the import of raw materials, such as Balsa Wood and PVC, and key components, such as main bearings, gearbox bearings, and generators, was restricted for a prolonged period, resulting in delays in the production of wind power systems in 2020.  Therefore, the lifting of lockdown restrictions and resumption of supply chains and industrial operations are expected to fuel the growth of the regional wind power systems market during the forecast period.

What are the Revenue-generating Technology Segments in the Global Wind Power Systems Market?

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The global wind power systems market share growth in the wind turbine segment will be significant during the forecast period. The wind turbine segment includes the generator, transformer, power converters, gearbox, rotor blades, tower, nacelle, and rotor hub. The increasing installation of high-capacity component sizes has helped reduce the LCOE and allowed wind farm owners to develop wind farms in space-constrained areas by using high-performance technologies.

This report provides an accurate prediction of the contribution of all the segments to the growth of the global wind power systems market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Global Wind Power Systems Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 6.57%
Market growth 2022-2026	$49.52 billion
Market structure	Fragmented
YoY growth (%)	6.2
Regional analysis	APAC, North America, Europe, the Middle East and Africa, and South America
Performing market contribution	APAC at 61%
Key consumer countries	US, China, South Korea, Japan, UK, and Italy
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Able UK Ltd, Aerodyn Energiesysteme Gmbh, Belden Inc., Bora Energy, BRUGG GROUP AG, Clipper Windpower LLC, Doosan Heavy Industries and Construction Co. Ltd., Emergya Wind Technologies BV, ENERCON GmbH, Fujikura Ltd., General Electric Co, Inox Wind Ltd., JDR Cable Systems Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., LS Cable and System Ltd., Molded Fiber Glass Co., Nexans SA, NKT AS, Nordex SE, Prysmian Spa, ReGen Powertech Pvt Ltd., Samsung Heavy Industries Co. Ltd., Senvion Wind Technology Pvt. Ltd., and The Okonite Co.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Global Wind Power Systems Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive the global wind power systems market growth during the next five years
• Precise estimation of the global wind power systems market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the global wind power systems industry across APAC, North America, Europe, the Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of the global wind power systems market vendors

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