Get the latest insights on price movement and trends analysis of Wind Energy in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Wind Energy Price Trends for the First Half of 2023
Wind Energy is the second most dependable renewable energy source after solar energy. In the year 2023, 440 GW of wind and solar power installations are expected to be done. This is one-third more than the renewable power installations in 2022. With this, the total global renewable output is expected to reach 4500 GW.
The rollout of wind turbines took a massive hit in 2022 because of the disrupted turbine installation supply chains. However, the progress is slowly recovering in 2023. The incurring installation costs have subsided compared to the peak levels in 2022 but have still not fallen to the pre-COVID levels. But fossil fuel prices are on the rise, and their perishable nature makes investment in the Wind Energy installations essential for a sustainable future.
According to Procurement Resource, the projections for Wind Energy resources look very positive for the coming months. Supply chains are likely to ease, and costs are likely to normalize going further.
Wind Energy Price Trends for Second Half of 2022
The rising awareness about sustainable ways of energy production has led to an increase in demand for the same. In India, investment in this sector has increased tremendously in the year 2022 as compared to the previous year, approximately 75%. The prices were affected as the manufacturers faced the challenge of exploiting new places for wind energy set-up to gain a profit margin thus, driving the price trendss for wind energy.
In the European region, the production of wind energy systems increased significantly especially in the German and French markets. As the electricity demand increased, the manufacturers were forced to take renewable routes of production. This rise in demand drove the price trendss for wind energy into an upward trajectory.
In the overall global scenario of wind energy prices, the cost of production increased drastically in the year 2022. The prices were derived from the increase in prices of hardware manufacturing along with the development of the steel and rare earth metals market which positively affected the wind energy price trendss.
According to Procurement Resource, the price trendss for Wind Energy are expected to oscillate in the upcoming quarter. The rising demand for renewable and clean sources of energy along with increasing pressure on traditional ways of electricity production is estimated to have a positive effect on the price trendss of wind energy.
Wind Energy Price Trends For the First Half of 2022
Costs for wind turbines in China significantly decreased in 2022 as a result of the more domestic competition after the government stopped funding projects at the end of 2020. The decrease occurred despite price increases across Europe due to rising power costs. From roughly 700,000USD per megawatt in mid-2020 to about 470,000USD toward the end of last year, the cost of turbines in China has significantly decreased, and bids for new projects are currently averaging about 370,000USD in 2022.
German wind and solar capture prices began to lower in 2022 due to rising wind power and declining gas generation costs. Onshore wind's official market prices in January under Germany's EEG system were 128.86 Euro/MWh. Between June and July, the market prices for onshore and offshore wind both increased dramatically, reaching 0.278 Euro/kWh and 0.287 Euro/kWh, respectively owing to an exponential increase in demand.
Procurement Resource provides latest prices of Wind Energy. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
Wind power or wind energy refers to the utilisation of the wind to generate electricity or mechanical power through wind turbines. These wind turbines help to transform the kinetic energy in wind to mechanical power through rotating propeller-like blades around a rotor.
The mechanical power can either be converted into electricity using a generator or can be directly utilised for specific tasks like grinding, milling and pumping. The amount of energy a turbine can harness from the wind depends on factors like wind speed, swept area, and air density.
|Product Name||Wind Energy|
|Industrial Uses||Biofuel/clean fuel source, Generation of electricity, Generation of mechanical power|
|Supplier Database||Vestas Wind Systems A/S, ENERCON GmbH, Siemens Gamesa Renewable Energy, S.A, Senvion Deutschland GmbH|
|Region/Countries Covered||Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
North America: United States and Canada
Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
|Currency||US$ (Data can also be provided in local currency)|
|Supplier Database Availability||Yes|
|Customization Scope||The report can be customized as per the requirements of the customer|
|Post-Sale Analyst Support||360-degree analyst support after report delivery|
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
A wind turbine or a windmill is basically a machine which can convert the wind's kinetic energy into rotary mechanical energy, which can be directly utilised to do work. In some advanced models, the rotational energy is converted directly into electricity, that is, the most versatile form of energy. It is done with the help of a generator.
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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