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Sustainable and Environment Friendly Power Generation Growth Strategies to Create Growth Opportunities
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PPE in the wind energy industry was valued at $409.2 million in 2020. The growth in the industry has been driven by an increase in installation and maintenance services of wind farms and resultant employment opportunities, growing awareness about wind energy PPE, riskier work environments, and stringent regulatory compliances. Driven by high compliance rates, and stringent regulatory norms, Europe is the largest market of PPE for wind energy, constituting nearly 44.4% revenue market share in 2020. The total revenue is expected to increase from $181.9 million in 2020 to $229.0 million in 2025, at a CAGR of 4.7%. With the expected increase in both offshore and onshore farms and an increase in employment opportunities, the Asia-Pacific is expected to have the highest growth rate growing at a CAGR of 4.9%. The Asia-Pacific is expected to grow from $123.6 million in 2020 to $157.2 million in 2025. Fall protection PPE is the largest and is also the fastest-growing product segment. Fall protection PPE for wind energy is expected to grow at a CAGR of 5.1% from 2020 to 2025. Major PPE manufacturers are expected to enter into partnerships or gain market share through mergers and acquisitions and consolidate their position by entering into the lucrative Asia-Pacific wind energy PPE market, which is currently dominated by regional players.
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