Farmington, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The Global Wind Energy Market Was Valued At US$ 77.77 Billion In 2022 And Is Projected To Be Worth Around US$ 174.75 Billion By 2030 With A Registered CAGR Of 9.4% From 2022 To 2030. In the coming years, the market for wind power is likely to be driven by the need to replace traditional energy sources with renewable ones. Solar and wind power generation were thought to be expensive 20 years ago, but now they are cheaper than new coal or gas plants. Also, in the coming years, it is likely to be cheaper to build new wind and solar plants than to run coal or gas plants that are already there.
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In the future, the wind power market is likely to be driven by the need for reliable, clean, and cheap power. The wind power market is expected to grow even more as governments in different countries put in place policies and rules that encourage the use of renewable energy sources.
Recent Developments:
- 23 August 2022: V236-15.0 MW prototype nacelle completed and ready for testing
The completion of the V236-15.0 MW prototype nacelle at the factory in Lindø, port of Odense is the culmination of the dedicated efforts of a wide range of Vestas teams. The new design is now ready for testing. - 28 September 2022: GE Renewable Energy to supply another set of 81 turbines to Continuum Green Energy for 218 MW wind power projects in India
GE Renewable Energy announced today orders from Continuum Green Energy Limited to supply, install and commission 81 units of its 2.7-132 onshore wind turbines for the 218.70 MW wind power projects across Tamil Nadu and Madhya Pradesh, India.
Offshore was the largest part of the global wind energy market in 2021, based on where it was. This was possible because modern technology was available and different service providers offered a wide range of solutions. As the need for offshore wind installations grows, this segment is likely to grow as well.
In 2021, the most important part of the global wind energy market in terms of revenue was the part for utilities. Utility-scale wind turbines are connected to the country's transmission system. Large utility-scale wind power projects need a variety of building, land, and other permissions, as well as careful management of relationships with many market players.
Regional Outlook:
The Wind Turbine Market is divided into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America, based on region. In 2021, more than 42.43% of all revenue came from the Asia-Pacific region, and this is likely to stay the same over the next five years. China had the most installations in the area because the government is working on projects and making investments to help the industry grow.
North America and Europe are seen as the most competitive and developed markets for wind power. In 2017, IKEA Systems B.V. owned almost 0.4 GW of wind power energy assets in North America, which it used to power its own operations.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 9.4% from 2022 to 2030 |
| Market Size in 2022 | US$ 77.77 Billion |
| Revenue Forecast by 2030 | 174.75 Billion |
| By Block chain Type | Turbine Blade, Electricity Generator, Tower, Control Equipment, Other |
| By Applications | Power Plants, Street Lamp, Others |
| By Companies | Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group, Ming Yang Smart Energy Group Co., Siemens Gamesa Renewable Energy S.A. |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
The wind energy market is expected to grow in the coming year as the need to switch from traditional to renewable energy sources grows.The wind energy market is likely to grow because people will want reliable, affordable, and sustainable energy in the future. The wind energy market is expected to grow because governments in different countries are putting in place policies and rules that help renewable energy generation.
Market Opportunity:
The wind energy market is likely to be driven by the growing need for renewable energy sources. Sustainable energy sources are being pushed by governments all over the world because they produce less carbon dioxide than traditional energy sources. With offshore wind turbines, sea level is no longer a problem. This makes it easier to find the best place to make electricity.
Key Segments Covered:
Top Market Players:
Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group, Ming Yang Smart Energy Group Co., Siemens Gamesa Renewable Energy S.A., And Others.
By Types:
- Turbine Blade
- Electricity Generator
- Tower
- Control Equipment
- Other
By Applications:
- Power Plants
- Street Lamp
- Other
By Location:
- Onshore
- Offshore
By Rating:
- ≤ 2 MW
- >2≤ 5 MW
- >5≤ 8 MW
- >8≤10 MW
- >10≤ 12 MW
- 12 MW
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
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- Wind Turbine Components Market - The Wind Turbine Components Market Is Valued At USD 54.03 Billion. By 2022, It Is Estimated To Be Worth USD 82.34 Billion. 2030. The Global Wind Turbine Components Market Size Is Expected To Grow At A CAGR Of 7.27% During The Forecast Period. The wind turbine components region holds the largest market share in Asia Pacific at 42.1% in 2021. Asia Pacific dominates the global wind turbine components market in 2021 and is expected to remain the fastest-growing segment during the forecast period.
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