Wind Energy Market Size to Hit US$ 174.75 Billion by 2030

Tokyo, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The global wind energy market size was valued at US$ 77.77 billion in 2021. The surge in carbon dioxide emissions from the utility industry has prompted several of the new legislation and policy actions from governments around the world. Furthermore, regulators have enacted favorable rules and regulations to encourage the development of sustainable energy technology, such as wind energy. In addition, growing infrastructure development in developing regions will boost the demand for wind energy in the market during the projected period. Thus, the wind energy technology will benefit from increased investments in renewable energy generation, as well as initiatives to reduce carbon emissions.

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Regional Snapshot

North America is the largest segment for wind energy market in terms of region. The North America wind energy market’s rise has been aided by rapid infrastructure expansion and the implementation of offshore wind power projects. Furthermore, government laws aimed at reducing emissions as well as advantageous policies for the building of offshore wind farms would boost industry demand.

Asia-Pacific region is the fastest growing region in the wind energy market. The acceptability of wind energy in the Asia-Pacific region is aided by favorable government policies, subsidies, and tax rebate schemes, as well as strong regulatory and policy frameworks.

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Report Scope of the Wind Energy Market

Report Highlights

• Based on the location, the offshore segment dominated the global wind energy market in 2020 with highest market share. This is due to the fact that offshore wind turbines have a larger capacity factor than onshore wind turbines. Due to the steady wind flow at the seashore, offshore wind turbines have a high-capacity factor.
  
  
• Based on the application, the utility segment is estimated to be the most opportunistic segment during the forecast period. The demand for alternative energy sources is rising. In rural and isolated places where grid power is unavailable, wind power is in high demand.
  
  

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Market Dynamics

Drivers

Growing government initiatives

Due to technological advancements toward better capacity, as well as the ability to generate electricity, the wind energy market is expected to grow significantly during the forecast period. Due to favorable policies for renewable energy sources and rising global energy demand, the wind turbine capacity has increased since decade. Furthermore, wind energy technology has a number of notable advantages such as easy availability of resources and quick installation that will complement the wind energy industry growth during the forecast period.

Restraints

Climatic conditions

The most significant challenge that wind energy market players face is the unpredictability of climate and weather conditions. Because climate plays a significant role in the management and maintenance of offshore wind farms, particularly in determining when to access the turbines, reliable, continuous weather data and information from all sides of the operation will be required. The weather has an effect on the output of the turbines as well. The output of wind turbine is high, when there is no or less wind flow in the particular region on area. Thus, the climatic and weather conditions are restricting the growth of wind energy market during the forecast period.

Opportunities

Surge in demand for electricity

According to the International Energy Agency (IEA), electricity demand is expected to rise by 5% by 2020. As a result, demand for renewable energy sources increases. Some examples of renewable energies are solar energy, wind energy, geothermal energy, hydropower, tidal energy, and solar thermal energy. Wind turbines convert wind energy to electrical energy, which is then used to generate electricity. A wind turbine can generate electricity ranging from 250 watts to 7 megawatts. Except for hydropower, the production rate is high in comparison to other types of renewable energy. The increase in urbanization and industrialization has resulted in an increase in electricity demand. Around 7.9 billion people live on the planet. It indicates that the world's population is rapidly increasing. As a result, rising population, industrialization, and urbanization, as well as rising disposable income, are increasing demand for electricity. Thus, the surge in demand for electricity is creating lucrative opportunities for the growth of wind energy market during the forecast period.

Challenges

High initial costs

Wind turbine applications necessitate large capital investments. In many regions, the company must complete a number of government processes and steps in order to install turbines, which also necessitates a significant investment. The enormous costs include not only the turbine installation but also the foundation, grid connection, control systems, land, road construction, electric installation, and other financial costs. As a result, high initial costs are a major challenge for the growth of wind energy market during the forecast period.

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Segments Covered in the Report

By Location

• Onshore
• Offshore

By Application

• Utility
• Non-utility

By Component

• Turbine
• Support Structure
• Electrical Infrastructure
• Others

By Rating

• ≤ 2 MW
• >2≤ 5 MW
• >5≤ 8 MW
• >8≤10 MW
• >10≤ 12 MW
• 12 MW

By Geography

• North America
• Europe
• Asia-Pacific
• MEA
• Latin America
• Rest of the World

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