The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. Much of this has been possible due to favourable government policies providing incentives to the sector. This has led to an increase in the share of wind in the capacity mix from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. The recent commodity price increase has hit the sector hard, as raw material and freight costs account for a major chunk of the project capex. This has increased the risk for wind turbine manufacturers as well as project developers. The Russia-Ukraine crisis has caused further price increase and supply chain disruption. China, US, Germany, India and UK are expected to add the majority of the wind power capacity till 2030. Smaller countries like Brazil and Vietnam are also witnessing high capacity addition
Source from GlobalData
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