COVID-19 Impact on Renewable Energy Market

Market Leader - COVID-19 Impact on Renewable Energy Market

The global renewable energy market is projected to grow from a size of USD 184.3 billion in 2020 to USD 226.1 billion by 2021 and at a CAGR of 22.7%. The contraction in oil consumption due to COVID-19 is expected to drive the renewable energy industry during the forecast period of 2019–2021. The global pandemic is affecting a wide range of energy markets, including coal, gas, and renewables. But its impact on oil markets is particularly severe because of partial and complete lockdowns, which are restraining the movement of goods and people, creating a heavy blow to the demand for transport fuels.

Some of the key renewable energy market players are Siemens Gamesa (Spain), Goldwind (China), General Electric (US), Orsted (Denmark), Canadian Solar (Canada), Jinko Solar (China), Vestas (Denmark), and SolarEdge (Israel). These companies are currently planning risk mitigation programs for employees who need to work in large gatherings at a common worksite. Also, the companies are planning to share physical resources (parts, components, and more) that might be in short supply due to the supply chain disruption.

To know about the assumptions considered for the study download the pdf brochure

Siemens Gamesa (Spain) designs and manufactures renewable energy equipment. The company offers wind turbines, turbine gearboxes, off-grid, and other related equipment. It also provides maintenance and reconditioning services. Siemens Gamesa serves industrial facility management, automotive industry, and new technology development worldwide. The company has its presence in Europe, North America, South America, South East Asia, and some African regions. It competes with Sinoi (Germany), Acciona (Spain), Enercon GmbH (Germany), Suzlon Energy Ltd. (India), and Vestas (Denmark). Siemens Gamesa has taken action to maintain high levels of activity across the business-manufacturing, installing, and servicing wind turbines-without compromising health and safety. A sophisticated supply chain supports the wind energy industry, and the company is working hard to mitigate risk and maintain continuity. Also, its installation and service teams are dealing with complicated international logistics and monitoring all borders due to travel restrictions.

Vestas was founded in 1945 and is headquartered in Arhus, Denmark. The company, through its wind turbines and wind power plants business segment, manufactures wind turbines and rotor blades. It has a presence in major geographical markets through its subsidiaries. The company employs a large workforce, with more than 15,000 employees globally. Major subsidiaries of the company include Vestas - Celtic Wind Technology Ltd., Vestas Blades Deutschland GmbH (Germany), Vestas Blades Italia S.r.l. (Italy), Vestas Wind Technology Co. Ltd. (China), and Vestas Blades America Inc. (US). The company competes with Sinoi (Germany), Acciona (Spain), Enercon GmbH (Germany), Suzlon Energy Ltd. (India), and Gamesa (Spain). Vestas has reduced production to a minimum in its Spanish factories. At its blade factory in Daimiel, minimum production of blade root continues as this is an essential segment to its global supply chain, and a complete shutdown would create a disproportional disruption. The generator factory in Viveiro is closed except for some minimal logistic services.

Related Reports:

COVID-19 Impact on Renewable Energy Market by Technology (Wind and Solar), End-User (Utilities, Captive (Industrial, Commercial and Residential) and Region - Global Forecast to 2021

Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
EP 7615
RI Published ON
4/23/2020
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the COVID-19 Impact on Renewable Energy Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2021 MarketsandMarkets Research Private Ltd. All rights reserved