Global Wind Energy Market Size By Location (Onshore and Offshore), By Application (Utility and Non-Utility), By Geography Scope And Forecast

Wind Energy Market Size And Forecast

Wind Energy Market size was valued at USD 85.08 Billion in 2022 and is projected to reach USD 174.75 Billion by 2030, growing at a CAGR of 9.4% from 2023 to 2030.

Wind energy is a great example of sustainable energy! Basically, it's about making electricity from the wind. Wind generators grab the wind's kinetic energy and turn it into mechanical energy, which can then be used for things like pumping water. For creating electricity, you have two main optionsonshore and offshore wind generators. Think of onshore as turbines on land, and offshore as turbines submerged in water. Now, here's the cool partoffshore wind turbines are typically much more effective and efficient at producing energy than their onshore cousins. Want to dive deeper? The Global Wind Energy Market report gives you the whole picture, analyzing all the key parts, trends, what's driving the market, what's holding it back, and who the big players are. It really shows what's making a ^difference in the market!

Global Wind Energy Market Definition

Utilizing the energy of the breeze to produce electricity is known as Wind Energy. Wind Energy is captured and transformed into electrical energy using wind turbines, which are tall towers with big, rotating blades. Wind turbine blades rotate as the wind passes over them, and this motion is transferred to a generator that generates energy. Then, homes, businesses, and other facilities can use this energy.

Since it has so many advantages, Wind Energy has grown in popularity. Wind Energy is clean and does not emit harmful gases or add to climate change, in contrast to fossil fuels. As long as the sun is shining, the wind will continue to move, making it a sustainable source of energy. Another advantage of Wind Energy is its potential to lessen reliance on foreign energy imports and to offer a reliable energy source with known costs. Additionally, it can lead to the creation of employment in wind turbine manufacturing, installation, and maintenance.

Global Wind Energy Market Overview

Tougher environmental rules are pushing the market away from old-school energy and towards exciting renewable technologies. Expect product adoption to be shaped by growing offshore opportunities and a strong base for businesses and industry. All this rising interest in renewables means the global Wind Energy Market is set to boom! Governments worldwide are championing sustainable energy as a way to cut down on carbon pollution compared to traditional power. Plus, offshore wind turbines aren't held back by shallow waters anymore, so finding the perfect spot to generate power is much easier.

To cut down on carbon emissions, governments in both rich and developing countries are really pushing to move away from old-fashioned energy sources. This is a big boost for making electricity from renewable sources like solar and wind. Looking ahead, we're expecting the Wind Energy Market to grow, thanks to increasing energy needs across different industries like healthcare, F&B, and even our homes. Companies in the Wind Energy field are increasingly looking at offshore wind farms as a great way to generate power. These deepwater projects, where strong winds create ideal conditions, are driving the demand for offshore locations, offering great opportunities. And it's not just businesses – governments worldwide are showing strong support for these green energy solutions.

To capture energy from the environment’s natural wind resources and eventually spur the growth of the global Wind Energy Market, countries all over the world are focusing their efforts on increasing investment in offshore Wind Energy projects. The installation of offshore Wind Energy is a challenging task because it requires the transportation of large, heavy equipment to the project location, increasing the total cost of Wind Energy projects. However, the total cost has decreased as a result of technological advancements in the installation of wind turbines offshore, making offshore wind an attractive renewable energy option.

Global Wind Energy Market Segmentation Analysis

The Global Wind Energy Market is segmented on the Basis of Location, Application, And Geography.

Wind Energy Market, By Location

• Onshore
• Offshore

On the basis of Location, the global Wind Energy Market is bifurcated into Onshore and Offshore. Due to the availability of cutting-edge technology and complete solutions provided by various service providers, the offshore segment dominated the global Wind Energy Market in 2022 based on location. This segment is anticipated to grow as demand for offshore wind installations increases.

On the other hand, it is anticipated that during the forecast period, the onshore segment will be the most opportunistic. Onshore wind power has grown to be one of the most widely used green energy sources worldwide because it is less expensive than offshore wind power. Easy installation and a decrease in greenhouse gas emissions are additional factors that support category growth.

Wind Energy Market, By Application

• Utility
• Non-utility

On the basis of Application, the global Wind Energy Market is classified into Utility, and Non-Utility. In terms of revenue, the utility sector will rule the international Wind Energy industry in 2022. The country’s transmission system is linked to utility-scale wind farms. A variety of building, land, and other permissions are required for large utility-scale wind generation projects, as well as cautious relationship management with numerous market participants.

The non-utility sector is anticipated to be the most opportunistic during the forecast period, on the other hand. The non-utility segment includes Wind Energy projects that are both commercial and residential. Non-utility applications had a lower market share than utility applications because it was impractical to place a wind turbine due to land restrictions.

Wind Energy Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

When we look at the global Wind Energy Market through a geographical lens, we can break it down into regions like North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific really stood out, grabbing the biggest slice of the revenue pie. And it looks like Asia-Pacific is just getting started! With governments pushing hard to improve their energy infrastructure, the Asia-Pacific Wind Energy Market is expected to keep growing at a good pace. This means we'll probably see Wind Energy projects moving ahead faster, which in turn should help the Wind Energy Market in that region flourish over the next few years.

According to the region, it is predicted that the North American region will have the greatest opportunity during the forecast era. Due to the rising demand for electricity, the emerging markets in the U.S. present a lucrative chance for the Wind Energy industry. Additionally, it is anticipated that the industry will experience a broad range of commercial opportunities during the forecast period as a result of the enormous wind power potential and a decline in the cost of advanced technologies.

Key Players

The “Global Wind Energy Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as GE Renewable, Sinovel, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Ming Yang Smart Energy Group Co., Nordex SE, Suzlon Group, Siemens Gamesa Renewable Energy S.A., Vestas, and Others.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2022, India’s Ahmedabad Municipal Corporation scrapped plans to build a second wind farm costing INR 85 crore.
• In February 2022, the second-largest wind turbine producer in China announced that it had received orders for 1.9 gigawatts of turbines from India, underscoring the efforts made by businesses to expand their sales abroad as the domestic market becomes more and more competitive. The collaborative orders from Envision Energy Co. represent the highest capacity ever offered to a single foreign nation by a Chinese wind manufacturer.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Wind Energy Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Wind Energy Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

Top Trending Reports

Research Methodology of Market Research