The Wind Energy by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wind Energy, 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.
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.
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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
Technological advancements are a key trend gaining popularity in the wind energy market. Major companies operating in the wind energy market are developing products with advanced technologies to sustain their position in the wind energy market. For instance, in July 2022, WEG Industries, a Brazil-based electric engineering company, launched a brand-new wind turbine platform with Medium-Speed Geared (MSG) drive technology and features a 7 MW and a 172-meter rotor diameter. Its unique features enable seamless electrical grid hookup and flexibility to adjust to and adhere to various grid codes in each region because it is integrated with a full power drive. It can produce reactive energy when there is no wind, which has extra benefits in addition to producing power. The redesigned design also includes modular components, such as a taller tower, to improve logistical procedures and provide an easier assembly idea, particularly for uneven geographic locations.
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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26. South America Wind Energy Market
27. Brazil Wind Energy Market
28. Middle East Wind Energy Market
29. Africa Wind Energy Market
30. Wind Energy Market Competitive Landscape And Company Profiles
Top Major Players:
- Siemens Energy AG
- Xinjiang Goldwind Science & Technology Co. Ltd
- General Electric Company
- Vestas Wind Systems A/S
- Nordex SE
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