New York, United States , March 14, 2023 (GLOBE NEWSWIRE) -- Global Wind Energy Market Statistics 2021 – 2030: The Global Wind Energy Market Size is to grow from USD 79.7 Billion in 2021 to USD 151.47 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period. The growing need to replace conventional sources of energy with renewable sources is projected to drive the market for wind power in the coming years. The key regions in the wind energy market are North America, the Middle East and Africa (MEA), Europe, South and Central America, and Asia-Pacific. Asia-Pacific is the largest market in terms of cumulative installed wind power capacity.
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The growing need to substitute traditional energy sources with renewables, as well as growing awareness of carbon footprints and their negative impacts on the environment, is predicted to boost the wind energy industry over the forecasted period. Furthermore, wind power has a higher efficiency than traditional fossil energy sources such as coal, natural gas, and oil. Wind turbines emit among the fewest greenhouse-gas emissions of any energy source across their full life cycle, emitting much fewer greenhouse gases. Wind power emits much fewer greenhouse gases than the typical unit of electricity, helping to limit climate change. Wind energy has a high initial cost but no fuel costs, and it is dependable, clean, and offers affordable power. For these reasons, the wind power market is predicted to grow in the future. As a result, the price of wind power is far more constant than the market fluctuations of fossil fuel-based energy sources. Furthermore, recently designed and deployed wind turbines constructed of fiberglass with a life expectancy of 20 years, which cuts maintenance costs by a significant margin, are likely to accelerate the expansion of the wind energy market. However, due to severe market competition, such as the increased use of energy auctions and the withdrawal of subsidies in many regions due to harsh climate and a lack of storage and transportation, demand for wind turbines has considerably decreased in valuation.
Browse 50 market data Tables and 50 Figures spread through 200 Pages and in-depth TOC on "Global Wind Energy Market Size, Share, and COVID-19 Impact Analysis, By Capacity (Up to 1 MW, 1 MW to 3 MW, 3 MW to 5 MW, Above 5MW), By Component (Turbine, Support Structure, Electrical Infrastructure, Others), By Location (Onshore, Offshore), By Application (Utility, Non-utility) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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The above 5 MW segment is witnessing significant CAGR growth over the forecast period.
On the basis of capacity, the Global Wind Energy Market is segmented into up to 1 MW, 1 MW to 3 MW, 3 MW to 5 MW, and above 5 MW. Among these, the above 5MW segment is witnessing significant CAGR growth over the forecast period owing to the rising demand for onshore installation applications. Over 5 MW capacities are typically used to address the energy demands of large-scale power consumption enterprises and the utility sector.
The turbine segment is dominating the market over the forecast period.
On the basis of components, the Global Wind Energy Market is segmented into the turbine, support structure, electrical infrastructure, and others. Among these, the turbines category is expected to increase at a significant CAGR over the forecast period as a result of technological advancements and lower wind turbine costs. Wind turbine blades are increasingly wider and lighter as modern wind turbine technology improves turbine performance and power generation efficiency over previous generations.
The offshore segment holds the largest market share over the forecast period.
On the basis of location, the Global Wind Energy Market is segmented into onshore and offshore. Among these, the offshore segment is predicted to grow the most over the forecast period because of the accessibility of modern technology and optimized conditions provided by various government agencies and manufacturing companies. Improved development and cutting-edge technologies have reduced the overall production cost of offshore wind turbine deployments, which is expected to help the worldwide renewable energy market.
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The utility segment is dominating the market with the largest market share of 47% over the forecast period.
Based on the application, the Global Wind Energy Market is segmented into utility and non-utility. Among these, the utility segment dominates the market with the largest market share of 47% over the forecast period. Governments around the world are implementing favorable inducements, such as feed-in tariffs, for wind energy in their respective countries, which complements the rising market demand for clean energy technologies, which is increasing demand for utility applications and driving the global wind energy market.
Asia Pacific is dominating the market with the largest market share of 57%.
With a 57% market share, Asia Pacific is likely to emerge as the industry's leading region throughout the forecast period. Because of rising electricity consumption, the emerging markets of China, India, Japan, and South Korea provide a lucrative opportunity for the wind energy business. Additionally, the enormous wind power potential, along with a reduction in the cost of modern technology, is expected to provide the industry with several commercial prospects during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the Global Wind Energy Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global wind energy market share include Vestas, Sinovel, Goldwind, EDF Renewable Energy, ENERCON GmbH, Suzlon Group, American Electric Power Company, Inc., Dongfang Electric Corporation, Ming Yang Smart Energy Group Co., Nordex SE, Avangrid, Inc., GE Renewable, ABB Limited, DONG Energy, NextEra Energy Inc., United Power, Exelon Corporation, Siemens Gamesa Renewable Energy S.A., Vestas Wind Systems, Ameren Corporation, and among others.
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Recent Development
- In May 2021, GE Renewable Energy and Toshiba Energy Systems and Solutions Corporation signed a partnership agreement to localize essential steps of GE's Haliade-X offshore wind turbine manufacturing process and to enable its commercialization in the country. As part of the agreement, this collaboration will assist their pooled technologies, manufacturing facilities and capabilities, construction, operation, and maintenance experience.
Key Target Audience
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- Market Players
Market Segment
This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the Global Wind Energy Market based on the below-mentioned segments:
Global Wind Energy Market, By Capacit
- Up to 1 MW
- 1 MW to 3 MW
- 3 MW to 5 MW
- Above 5MW
Global Wind Energy Market, By Component
- Turbine
- Support Structure
- Electrical Infrastructure
- Others
Global Wind Energy Market, By Location
- Onshore
- Offshore
Global Wind Energy Market, By Application
- Utility
- Non-utility
Global Wind Energy Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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