Energia
Wind Energy Market to Reach $127.2 Bn, Globally, by 2027 at 9.3% CAGR: Allied Market Research
Increase in demand for renewable power sources, higher efficiency than fossil energy sources, and environment-friendly nature, and reduced carbon emission drive the global wind energy market. However, high installation and maintenance costs of offshore wind plants hinder the market growth. On the other hand, advancements in wind turbine structure present new opportunities in the coming years.
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Based on type, the onshore segment contributed to the highest market share in 2019, accounting for nearly 94% of the global wind energy market, and is projected to maintain its lead position during the forecast period. This is due to ease in installation and lower maintenance cost of onshore wind turbines as compared to onshore plants. However, the offshore segment is estimated to grow at the fastest CAGR of 13.9% from 2020 to 2027, owing to a higher capacity factor than that of onshore wind turbines as there is a consistent flow of wind at the seashore.
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Based on end user, the industrial segment held the highest market share in 2019, contributing to more than half of the global wind energy market, and will continue its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 10.1% from 2020 to 2027. This is attributed to surge in demand for renewable energy sources and the demand from rural and isolated areas where grid power is unavailable. The report provides a detailed analysis of segments including commercial and residential.
Based on region, Europe , followed by North America , is expected to register the largest CAGR of 10.4% during the forecast period, owing to rise in investments in countries such as France , the U.K., and Norway . However, Asia-Pacific held the largest share in terms of revenue in 2019, contributing to more than three-fifths of the global wind energy market, and will maintain its dominance by 2027. This is attributed to rise in concerns from governments across emerging nations, such as China , India , and South Korea regarding zero-emission norms.
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Floating wind turbine market is projected to reach $30.6 billion by 2027, growing at a CAGR of 32.5% from 2020 to 2027.
Solar energy market is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
Renewable energy market is expected to reach $1,512.3 Billion by 2025, registering a CAGR of 6.1% from 2018 to 2025.
Wave energy market is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027.
Small Wind Power Market is expected to reach $8,874 million by 2022, registering a CAGR of 13.2% from 2016 to 2022.
Offshore Wind Energy Market is expected to reach $11,334 thousand by 2023, registering a CAGR of 19.4% from 2017 to 2023.
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Marine Wind Turbine Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Energy as a Service (EaaS) Market: Global Opportunity Analysis and Industry Forecast 2020–2027
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