Wind power demand expected to increase by over 20% by end-2030
THE WIND TURBINE bearing market is estimated to grow at a CAGR of 10.82% between 2022 and 2027. The size of the market is forecast to increase by USD 9,287.77 million.
According to the Global Wind Energy Council (GWEC), wind power met 10%- 15% of the global electricity demand in 2021, which is further expected to increase by more than 20% by the end of 2030. Also, various nations have been adding onshore wind turbine capacity. Thus, the increasing onshore wind power installations will drive the growth of the market in focus during the forecast period.
According to the the International Energy Agency (IEA), onshore wind capacity is expected to grow by 57% to 850 GW by the end of 2024, which accounts for 50%-60% of current installations.
The global weighted average cost of offshore wind installations decreased by one-fifth during 2010-2018, and that of onshore wind installations decreased by more than one-third during the same period.
Source: Technavio