Market Size of Europe Wind Power Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 6.11 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Wind Power Market Analysis
The Europe Wind Power Market is expected to register a CAGR of approximately 6.11% during the forecast period.
The market didn't witness any significant impact due to COVID-19 in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the long term, factors such as the declining cost of wind power generation, growing sensitivity toward environmental issues, and support from various governments worldwide through financial incentives are expected to increase the demand for wind power during the forecast period.
- On the flip side, substitution from solar energy and gas-fired power plants is expected to continue restraining the market. The solar energy industry achieved cost reduction at a significantly higher rate than the wind energy sector.
- The technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for European market players.
- Among European countries, Germany had the highest installed capacity in 2021 and is expected to be the largest market during the forecast period, bolstered by constant growth in onshore wind power additions and upcoming offshore wind power projects.
