02/25/2021 | Press release | Distributed by Public on 02/25/2021 07:40
Offshore wind farms and electric power grids are expected to enhance PPE usage worldwide, says Frost & Sullivan
Santa Clara, Calif. - Feb. 25, 2021 - Frost & Sullivan's recent analysis forecasts that global personal protective equipment (PPE) revenues in the wind energy industry will reach $514.6 million by 2025, up from $409.2 million in 2020, growing at a CAGR of 4.7%. The industry growth is driven by an increase in wind farm installation and maintenance services and resultant employment opportunities, growing awareness about wind energy PPE, riskier work environments, and stringent regulatory compliances. Europe is the largest market for wind energy PPE, constituting nearly 44.4% revenue market share in 2020. However, with the expected increase in offshore and onshore farms and employment opportunities, the Asia-Pacific region is expected to have the highest growth rate and expand its revenues from $123.6 million in 2020 to $157.2 million in 2025.
Wind energy PPE includes above-the-neck, respiratory, hand, foot, and fall protection, along with protective clothing. Among these, fall protection PPE is the largest and fastest-growing product segment. It is expected to have a CAGR of 5.1% from 2020 to 2025.
For further information on this analysis, The Global PPE Market in the Wind Energy Industry is being Driven by Government Incentives and Initiatives, please visit: http://frost.ly/5ax.
'COVID-19 stalled the demand for PPE in the wind energy industry due to the temporary delay in wind farm installations. With economies expected to slowly recover and a renewed interest in environment-friendly and sustainable sources of electricity generation, the demand for PPE in the wind energy industry is expected to rise,' said Anjan Roy, Senior Research Analyst, Chemicals, Materials and Nutrition Practice, Frost & Sullivan. 'Offshore wind farms and electric power grids are expected to further enhance PPE usage. Offshore wind turbines can produce more electricity, owing to the steady wind, but the construction, repair, and maintenance require more manpower than the traditional onshore wind turbine, thus driving the usage of PPE in the industry.'
Roy added: 'Tax and financial incentives along with favorable renewable portfolio standards (RPS) play a critical role in driving wind energy, correspondingly increasing the PPE usage across the world. In the United States, all construction on wind energy systems started by December 31, 2020, can either receive the federal Business Energy Investment Tax Credit (ITC) or the federal Renewable Electricity Production Tax Credit (PTC). In China, regulators approved subsidy-free projects of 11.4 GW of wind energy in 2020. And the UK has lifted its ban on subsidizing new onshore wind farms, allowing floating offshore wind projects, in a new auction scheme announced in June 2020.'
To expand revenue generation prospects, PPE manufacturers should explore these strategic recommendations:
The Global Personal Protective Equipment (PPE) Market in the Wind Energy Industry is being Driven by Government Incentives and Initiatives is part of Frost & Sullivan's global Chemicals, Materials and Nutrition Growth Partnership Service program.
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The Global Personal Protective Equipment (PPE) Market in the Wind Energy Industry is being Driven by Government Incentives and Initiatives
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About Priya George
Priya is Assistant Manager, Corporate Communications - South Asia at Frost & Sullivan, with 10+ years of experience in PR and communications. She currently manages PR, events, social media and communications across all the sectors covered by Frost & Sullivan in South Asia.← Previous Post
Priya is Assistant Manager, Corporate Communications - South Asia at Frost & Sullivan, with 10+ years of experience in PR and communications. She currently manages PR, events, social media and communications across all the sectors covered by Frost & Sullivan in South Asia.