Overview and Scope
Wind energy refers to the method of generating electricity by turning the kinetic energy of moving air into electricity. Wind energy is a clean, renewable energy source that is also among the most cost-effective electricity sources.
Sizing and Forecast
The wind energy market size has grown rapidly in recent years. It will grow from $113.89 billion in 2023 to $127.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to emerging markets growth, increased demand for clean energy sources, high environmental impact of conventional power generation sources and increasing fuel costs..
The wind energy market size is expected to see rapid growth in the next few years. It will grow to $194.34 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to global population growth and urbanization, the increasing electricity demand and the increasing focus on alternative sources of power generation.. Major trends in the forecast period include wind-solar hybrid systems, robot inspection systems, recyclable wind turbines, use of artificial intelligence (ai), new plant expansions, product innovations and collaborations and acquisitions..
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Segmentation & Regional Insights
The wind energy market covered in this report is segmented –
1) By Turbine Type: Horizontal Axis, Vertical Axis
2) By Component: Turbine, Support Structure, Electrical Infrastructure, Other Components
3) By Location: Onshore, Offshore
4) By Application: Utility, Non-Utility
Asia-Pacific was the largest region in the wind energy market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in the adoption of renewable energy sources is expected to propel the growth of the wind energy market going forward. The energy produced from naturally renewing but flow-restricted sources are referred to as renewable energy. The increasing use of renewable energy is creating a huge demand for wind energy as it is a clean, cost-free, and easily accessible source of renewable energy. For instance, in June 2022, as per the report by the U.S. Energy Information Administration, a US-based energy organization, the primary source of the entire yearly U.S. energy consumption was biomass. Approximately 5 quadrillion British thermal units (Btu) and 5% of all primary energy used in the United States were provided by biomass in 2021. Biofuels accounted for approximately 2,316 TBtu (mainly ethanol) of the total; 2,087 TBtu from wood and biomass derived from wood; and 431 TBtu from biomass found in municipal solid waste and sewage, animal manure, and agricultural leftovers. Thus, an increase in the adoption of renewable energy sources is driving the growth of the wind energy market.
Key Industry Players
Major companies operating in the wind energy market report are Siemens Energy AG, Xinjiang Goldwind Science & Technology Co. Ltd, General Electric Company, Vestas Wind Systems A/S, Nordex SE,Enercon GmbH, China Ming Yang, Suzlon Energy Ltd., Dongfang Electric Corporation Limited, ABB Limited, Goldwind, Envision Energy, MINGYANG, Gamesa, SHANGHAI ELECTRIC, CSSC, Suzlon Energy Limited, Adani Green Energy Limited, G3 Holdings, NTPC Limited, Teroc AB, ENO Energy GmbH, Greenbyte AB, ENS Energy GmbH, MOWEA GmbH, Uali, Voltalia, Ergosup, Prodeval, EuroCape, Kola Wind Farm, Rosatom, Venture Round – NabraWind Technologies, NovaWind, NextEra Energy, Green Mountain Energy, TPI Composites, Renewable Energy Group, Inc, Clearway Energy, First Solar Inc, PlanEt, Tesla, IOGEN Corporation, Bio-EnPower Inc, Ag-west Bio, Nulife Green Tech, Innergex/Alterra Power, Bullfrog Power, 3G Energy, Pampa Energia SA, YPF Luz, Enel Green Power S.p.A., Genneia SA, 360 Energy SA, CPFL Energias Renovaveis SA, ENGIE Brazil, Eletrobras Furnas, Companhia Hidro Eletrica do Sao Francisco, Omega Geracao SA, ERLPhase Power Technologies Ltd, Bentley Systems Incorporated, Allegheny Technologies Incorporated (ATI), Ecocoast, Cubic Art Pixels, Taweelah B Power & Desalination Complex, Platinum Sustainable Development International, Cleanco Waste Treatment LLC, Shams Power Company, meteocontrol AMEA DMCC, BELECTRIC Gulf, NNQ Energy, OREX, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N’diaye Wind Farm, Kangnas Wind Farm
The wind energy market report table of contents includes:
1. Executive Summary
2. Wind Energy Market Characteristics
3. Wind Energy Market Trends And Strategies
4. Wind Energy Market – Macro Economic Scenario
5. Global Wind Energy Market Size and Growth
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32. Global Wind Energy Market Competitive Benchmarking
33. Global Wind Energy Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wind Energy Market
35. Wind Energy Market Future Outlook and Potential Analysis
36. Appendix
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