Newark, June 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 70 billion in 2022 global wind energy market will reach USD 181.56 billion by 2032. According to the IPCC report issued at COP26, it will be exceedingly impossible to stop the climate change brought on by global warming if prompt action is not taken to reduce carbon footprints worldwide. The US, EU, China, and India are expressly mentioned as the survey's top polluters, emphasising their critical role in environmental protection. Burning fossil fuels for energy is the primary and most significant source of greenhouse gas emissions causing climate change. These countries have committed to achieving net-zero emissions by 2050 to 2070. Renewable and clean energy must meet the population's rising energy needs if these promises and pledges are to be kept. As a result, it is anticipated that more wind energy will be used to generate electricity, supporting the expansion of the global wind energy market.
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Key Insight of the Global Wind Energy Market
Asia Pacific is expected to rise the fastest during the forecast period.
The market has expanded due to the increased focus on expanding renewable energy sources to fulfil the rising energy demands and the climate promises. The industry will be fueled by rising government investment in creating, growing, and installing renewable energy sources. The market is largely expanding because of the favourable air current conditions in the surrounding areas. The market is expanding due to the profitable potential of using offshore wind power. In addition, because of its long-running wind energy projects, the area has extensive expertise and experience in the field.
In 2022, the onshore segment dominated the market with the largest market share of 67% and market revenue of 46.90 billion.
The installation type segment is divided into onshore and offshore. In 2022, the onshore segment dominated the market with the largest market share of 67% and market revenue of 46.90 billion.
In 2022, the industrial segment dominated the market with the largest market share of 35% and market revenue of 24.50 billion.
The application segment is divided into industrial, residential and commercial. In 2022, the industrial segment dominated the market with the largest market share of 35% and market revenue of 24.50 billion.
Advancement in market
June 2023 - The Indian National Oil Company Oil India is developing ground-mounted or floating 100MW solar and wind power plants in India. According to a document released by Oil India, the selected applicant would be entrusted with writing a pre-feasibility report and a comprehensive project report. The papers include a variety of topics, including, among others, the potential and markets for wind and solar energy, government wind and solar policies, an examination of the technology available for the construction of wind and solar power plants, and the choice of appropriate technology for the proposed plants.
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Market Dynamics
Driver: Uptake of renewable and sustainable energy is rising.
Governments worldwide have acknowledged the need to slow climate change to avoid losing millions of lives, homes, money, and geographical landforms, among other things. The campaign to solve the global problem of climate change is picking up steam. One of the major causes of the increase in carbon emissions is the burning of fossil fuels. It is essential to lessen our reliance on fossil fuels. Meeting the rising energy demands is yet as crucial. Wind energy is a great example of a clean, sustainable energy source. A renewed attempt is being made to develop more advanced technologies to gather wind energy to meet the world's energy needs. As a result of the growing need for renewable energy sources, given the threat posed by climate change, the global market for wind energy will grow.
Restraints: The expensive installation fees.
Wind energy production necessitates a sizable quantity of technology, apparatus, and gadgets. The wind turbines themselves are complex mechanical devices made from premium materials. These supplies are pricey. A significant land area with the ideal air currents is needed to install wind energy. These involve education, training, and experience in engineering, geography, and air current. The high logistics, land, machinery, installation, and routine maintenance costs may hamper the market's expansion.
Opportunities: The development of technology.
There is a growing focus on increasing the usage of wind energy in response to the challenge of climate change. The sector's expenditure on research and development has soared as a result. The advancement of bladeless wind turbines is a prime illustration of growing research and development. These turbines can be mounted on residential rooftops and take up less space. They are inexpensive, improve the applicability, generate little noise, are lightweight, and need little setup. As a result, there will be many profitable opportunities during the projected period due to technological advancements and increased R&D spending on various wind turbine technologies.
Challenges: Different renewable energy sources are available.
Alternative technologies, such as solar panels, which capture and transform solar energy into electric energy, are more widely known in the general public market. People prefer rooftop solar panels; due to their substantial market share, their tried and tested use in housing settlements and decreased costs. The development of the global market for wind energy will therefore face competition from alternatives like solar energy.
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Some of the major players operating in the global wind energy market are:
• Dongfang Electric Corporation
• ENERCON GmbH
• Exelon Corporation (EXC)
• GE Renewable
• Goldwind
• Nordex SE
• Siemens Gamesa Renewable Energy S.A.
• Sinovel
• Suzlon Group
• Vestas
Key Segments cover in the market:
By Installation Type
• Onshore
• Offshore
By Application
• Residential
• Industrial
• Commercial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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