According to the research report titled ‘Wind Energy Market Size By Rating, By Component (Turbine, Support Structure, Electrical Infrastructure, Others), By Installation (Onshore {By Rating [? 2 MW, >2? 5 MW, >5? 8 MW, >8?10 MW, >10? 12 MW, > 12 MW], By Component, By Component [Turbine (Tower, Rotor Blades, Others), Support Structure (Substructure Steel, Foundation, Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others]}), By Application (Utility, Industrial, Commercial, Residential), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021- 2027’, available with MarketStudyReport, global wind energy market is expected to record notable growth over 2021-2027.
 

Global wind energy market growth is primarily driven by rapid urbanization, rising energy consumption, increasing investments in clean energy industry, and introduction of stringent construction emission norms.
 

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Notably, wind power is gaining popularity as one of the most rapidly growing renewable energy technologies. According to IRENA (International Renewable Energy Agency), wind electricity production doubled between 2009 and 2013, and in 2016, it accounted for roughly 16% of all renewable electricity produced.
 

The kinetic energy produced by air currents is converted into mechanical power by wind turbines. The mechanical energy is subsequently converted into electrical energy. Wind energy is also known to reduce greenhouse gas emissions, thereby helping to preserve the environment.
 

Based on rating spectrum, >2-5 MW segment is projected to significantly expand worldwide wind energy industry size, due to rapid urbanization across developing economies and increasing migration to metropolitan areas.
 

Meanwhile, >8-10 MW segment is likely to gain traction over 2021-2027, mainly creditable to introduction of renewable energy certificates and carbon credit. The >10-12 MW segment is anticipated to observe high demand over the next six years, due to replacement of conventional power generation plants with clean energy, especially across large scale industries.
 

As per application spectrum, commercial segment is projected to witness significant growth through 2027, on account of increasing investments in green building infrastructure and imposition of strict building emission norms.
 

Regionally, Middle East & Africa wind energy market share is slated to grow substantially by the year 2027, attributable to inflowing investments across clean energy sector, technological advances, mass production of associated components, and subsequent drop in turbine price.
 

Meanwhile, Latin America industry is expected to accrue noteworthy profits over the forthcoming years, chiefly on the back surging energy demand across the region.
 

With respect to the competitive arena, Doosan Heavy Industries & Construction Co. Ltd., Vestas Wind Systems A/S, Ming Yang Wind Power Group Ltd., Envision Energy Ltd., Siemens Gamesa Renewable Energy S.A., and Goldwind are among the key players profiled in global wind energy market report.