Wind Turbine market is likely to witness an impressive CAGR of 7.2% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Wind Turbine market
Wind Turbine market is likely to witness an impressive CAGR of 7.2% during the forecast period. Rising demand for replacing conventional source of energy with clean and renewable source of energy to reduce global warming caused by pollution is likely to create enormous demand for the wind turbine market over the next five years.
Asia-Pacific is estimated to be the largest market and is also expected to witness the highest growth in the market fueled by high demand in China, India and Japan. The dominance of the region is attributed to the presence of large number of wind turbine installers across the region. Out of the top fifteen wind turbine manufacturers in the world, eight are from China.
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Report Scope & Market Segmentation
Wind Turbine Market Share: By Installation Type
Based on the installation type, the market is segmented as onshore and offshore. The onshore wind turbine installation segment is to remain the dominant installation type in the market, whereas offshore installation is likely to grow at a faster rate over the next five years with the growing importance of offshore wind turbine installation, owing to its various benefits over onshore installation.
Wind Turbine Market Share: By Application Type
Based on the application type, the wind turbine market is segmented as utility, industrial, commercial, and residential. The industrial segment is projected to remain the largest application of the market during the forecast period, owing to growing usage of renewable energy in industrial production and power generation.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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