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The global wind energy equipment market is expected to witness strong growth during the forecast period between 2021 and 2031.
Wind power equipment are products deployed in the generation of wind power which is witnessing increased demand owing to its cost-effective nature.
Some of the wind power equipment deployed to produce wind power include gearbox, generators, and rotor blade towers.
Rising need to substitute traditional energy sources with renewable energy is the key growth driver of global wind energy equipment market.
Also, rising consumption of energy and instability in crude oil prices is expected to help create revenue-generating opportunities for leading players in global wind energy equipment market, in the coming years.
In addition to this, advancements to existing wind power equipment with integration of new technologies could propel demand and stimulate the growth in overall market, in years to come.
Government initiatives and measures such as offering funding to leading players could augment the growth in global wind energy equipment market, in the years ahead.
Other factors such as reducing costs of wind energy and surge in investments in wind power sector could also contribute to market growth, in future.
Generator equipment segment is projected to emerge as largest revenue contributor to overall market because of rising electricity demand from renewable energy sources in leading economies globally.
Onshore location segment is expected to emerge as largest contributor, in terms of revenue, to overall market due to the low cost incurred and ease of installation in prominent countries worldwide.
Competition in global wind energy equipment market is intense owing to large presence of well-established market players. Many of these players have become successful owing to years of delivering consistent results and are expected to account for a large share in overall market, in future.
Launch of new products could assist leading wind energy equipment market players in gaining an edge over other players and also help in creating revenue-generating opportunities.
Research and development activities could be key, revenue-generating growth strategy for well-established market players, in years to come. Establishment of research and development centers that produce improved equipment could lead to increased product demand and assist in generating large amounts of revenue.
Signing collaborative agreements with smaller players could help prominent wind energy equipment market players in expanding their presence in overall market and improving their revenue shares.
Some of the leading players in global market include Siemens Wind Power, General Electric, Suzlon Energy Ltd., Nordex SE, and Siemens Gamesa Renewable Energy.
The global wind energy equipment market is divided into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
Europe is expected to emerge as maximum revenue-generating region in global wind energy equipment market owing to increasing need to reduce carbon footprint in countries such as the U.K. and Germany, leading to increased demand for wind power equipment.
Also, presence of several market players in these countries is expected to contribute to growth in wind energy equipment market, in Europe.
Asia Pacific is expected to witness significant growth in overall wind energy equipment market due to increasing wind energy generation as well as manufacturing of wind power equipment in countries such as India and China.
North America is expected to witness moderate growth in global market in future owing to reduced presence of well-established market players in countries such as the U.S. and Canada.
The rest of the world is projected to witness sluggish growth in overall wind energy equipment market, in the coming years.
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Wind Energy Equipment Market
