Wind Energy Market Size, Share, Industry Segment, Application and Forecast by 2027
Offshore wind energy adoption remains a major focus among utilities
The rapidly declining fossil fuel levels have encouraged the use of renewable sources of energy across the globe. Wind energy market has emerged as one of the most prominent and integral verticals of the energy cosmos over time.
It has surfaced to become a lucrative space for investors, given the rising climate change crisis that has galvanized the demand for clean energy. In June 2021, the power grid operator of Poland- PSE S.A. confirmed plans to invest nearly USD 1.23 billion by 2030 in its network in the northern part of the nation, to distribute electricity from the proposed Baltic offshore wind farms to customers.
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Reports claim that global wind energy market size could surpass an annual value of USD 180 billion through 2027. The growing awareness regarding global warming along with the depletion of non-renewable sources of energy has led to a shift towards sustainability- a major factor leading to wind energy sector capturing considerable attention on a global scale.
Consistent adoption of offshore wind farming
Over the years, offshore wind energy has gained considerable recognition with a higher potential to generate power, owing to faster and more constant winds. Offshore wind energy also provides energy at a more stable rate with minimal or less visual and noise pollution as compared to the onshore wind farms.
Another major factor supporting the rising adoption of offshore wind technology is that the windmills can be built larger and taller, allowing more energy collection. These also tend to be far out at the sea, which means they are less intrusive to the neighboring regions, allowing larger farms to be built per square mile.
The governments in both developed as well as developing nations are heavily investing in offshore wind projects noticing its potential. For instance, in March 2021, the British government announced the investment of USD 132 million towards the construction of two new facilities to serve the expansion of an offshore wind farm in Northern England.
Innovation in wind turbine technology
Concerning the components, wind turbines hold the maximum market share of wind energy industry favored by factors like easy availability of raw materials, constant development in turbine technology, and low operational cost. The wind turbine manufacturers are heavily investing in research and development to advance the technology and increase the efficiency of the turbines.
In 2019, Boston-based Altaeros developed an airborne wind turbine- Buoyant Airborne Turbine. This novel technology uses an inflatable, helium-filled shell to reach high altitudes and acquire stronger winds and more consistency when compared to conventional turbine technologies.
Increasing energy demand from industries
What has caused the high need for electricity is the developments in the industrial sector over time. The rise in purchasing power and the consequent increase in the demand for various products have supported industrialization world over.
In the year 2019, the industrial sector in the UK accounted for 16% of the total energy consumed across the region. Noticing the extensive demand from the industrial sector, it is turning to wind energy to meet power requirements while focusing on reducing the carbon footprint.
Wind energy being cost-free, clean and a non-polluting source of electricity is rapidly being adopted across the globe. To encourage the shift to clean energy the governments have been extending tax incentives to wind energy companies for strengthening and multiplying their presence. Even though the cost of installing wind turbines is high, lately increased production supported by advancement in technologies is making turbines cheaper, boosting the global wind energy market outlook.
