Thu. Jun 13th, 2024

Renewable energy is a clean source of energy as it does not emit greenhouse gases, diversifies the energy supply, and reduces dependence on imported fuels. The advantages of renewable energy and growing adoption from the residential, industrial, and commercial sectors are paving the way toward sustainable energy security. Thus, the advantages of renewable energy are increasing the investment in renewable energy, which is driving the wind energy market growth over the forecast period. As per the National Energy Administration (NEA), China has more than doubled its offshore wind capacity, from less than 10GW in 2020 to 26.4GW in 2021.

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Companies Profiled in this report includes : BYD Company Ltd; ENERSYS; SolarEdge Technologies Inc; sonnen Group; and SAMSUNG SDI CO., LTD

The strong onshore wind investments support Europe’s need to reach its new climate change and energy security targets. The RE Power EU agenda strategizes to expand the European wind capacity from 190 GW in May 2022 to 480 GW by 2030. According to the agenda, building 35GW of new wind turbines every year until 2030 will help achieve the goal. The new wind investments in Europe in 2021 covered only 19 GW of new capacity. As per Wind Europe, in May 2021, Europe invested US$ 42 billion in new wind farms, financing 25GW of new capacity.

Support of various governments of emerging countries in terms of policies and investment for increasing the installation of wind energy projects is expected to fuel the wind energy market growth over the coming years. The Indian government is promoting wind power projects in the country through private sector investments by providing various fiscal and financial incentives such as Accelerated Depreciation benefit and concessional custom duty exemption on certain components of wind electric generators. In January 2022, The People’s Bank of China (PBOC) started providing low-cost loans to fund decarbonization activities.

Asia Pacific is the leading region in the wind energy market owing to favorable government policies, increasing investment in wind energy projects, and the reduced cost of wind energy, which led to increased adoption of wind energy. Countries such as China, India, and Japan are the dominating countries holding a large portion of the market share, which is expected to increase in the coming years. China dominated the wind energy market and remained the largest onshore market with 21.2 GW of new capacity additions. The supportive government policies and incentives made China a favorable hotspot for investment, and therefore, the wind energy market is expected to flourish in the coming years.

The COVID-19 outbreak dramatically impacted the global economy in early 2020, and the crisis has hampered business activities in manufacturing industries. Before the onset of the COVID-19 pandemic, the wind energy market was experiencing substantial growth owing to the growing awareness among consumers, planned strategies and projects as per timelines, and supportive government policies framework. Further, significant investment initiatives in wind energy farms were driving the market growth.

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