Market Size of Wind Power Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.12 % |
| Fastest Growing Market | South America |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Power Equipment Market Analysis
The global wind power equipment market is estimated to be at USD 55.06 billion by the end of this year and is projected to reach USD 85.18 billion in the next five years, registering a CAGR of over 9.12% during the forecast period.
Over the medium period, the declining cost of wind energy and increasing investments in the wind power sector are the key drivers for the wind power equipment market.
On the other hand, substitution from solar energy and gas-fired power plants is expected to continue to restrain the market. The solar energy industry has significantly reduced costs than the wind energy sector.
Nevertheless, the wind power industry has a demand for cost-effective solutions, and a highly efficient product has the potential to change the dynamics of the industry. There have been instances where old equipment of the wind turbines are replaced, not because of the damage, but due to the availability of more efficient equipment in the market. Hence, technological developments are opportunities for the global wind power equipment market.
At the regional level, Asia-Pacific is likely to dominate the wind power equipment market, with the majority of the demand coming from the countries such as China, India, and Australia.
