Wind Energy Market Growth Driven by Significant Surge in Renewable Power Demand
Significant surge in demand for renewable power sources is expected to drive the wind energy market growth. According to TechSci Research report, “ Global Wind Energy Market - By Region, Competition, Forecast & Opportunities, 2028” , The Global Wind Energy Market is expected to register CAGR of 10.67%. Most of the equipment and components, such as roller bearings that connect to gearboxes and eventually allow the wind turbines to keep spinning, were falling short in market demand as the shipping industry was disrupted during the COVID-19 outbreak. This, in turn, has led to the restrained growth of the market due to project delays and lack of investments during the pandemic. However, factors such as favorable government policies, the increasing investment in upcoming wind power projects, and the reduced cost of wind energy, which has led to increased adoption of wind energy, are expected to drive the market during the forecast period. The increasing adoption of alternati...