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.

One type of sustainable energy is wind energy. Wind energy is the process of producing electricity using the breeze. The kinetic energy of the wind is converted into mechanical energy by wind generators. Additionally, mechanical power can be applied to particular tasks like water pumping. Electricity can be produced using onshore and offshore wind generators. Onshore wind energy is linked with turbines that are located on land, whereas offshore wind energy is connected to turbines that are submerged in water. On the other hand, offshore wind turbines are more effective and efficient at producing energy than onshore wind turbines. The Global Wind Energy Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role 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

The market will continue to shift away from conventional energy sources and towards renewable energy technology as a result of the implementation of strict environmental regulations. The expansion of offshore opportunities and the establishment of a solid infrastructure for the industrial and business sectors will both have an impact on product penetration. A substantial increase in demand for renewable energy sources is expected to lead to growth in the global Wind Energy Market. Governments all over the world are promoting sustainable energy sources because they may reduce carbon pollution in comparison to conventional power sources. Additionally, the limitation of sea depth is removed by offshore Wind Energy turbines, making it simpler to select the ideal spot for electricity production.

In order to reduce carbon emissions, both developed and developing countries’ regulatory authorities and agencies are focusing on reducing reliance on conventional energy sources, which is encouraging the production of electricity from renewable energy sources like solar and wind. The forecast period will see the Wind Energy Market expand as a result of the rising demand for energy in a number of sectors, including healthcare, food and beverage, and residential. Players in the Wind Energy industry are starting to favor offshore wind farms more and more as a source of power. Deepwater projects, where the high speed creates a much more favorable operating climate and drives demand for offshore locations, are anticipated to benefit from the growth opportunities provided by offshore wind power projects. Governments all over the world have overwhelmingly backed green energy sources.

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

On the basis of Geography, the global Wind Energy Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The largest revenue share in 2022 was accounted for by the Asia-Pacific region. As governments continue to take steps and initiatives to develop the energy sector’s infrastructure, the Asia-Pacific Wind Energy Market is anticipated to steadily expand in the years to come. This is likely to have an impact on how quickly Wind Energy projects move forward in the nation, which will fuel the expansion of the Wind Energy Market in the Asia-Pacific region over the course of the projection period.

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.

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