Airborne Wind Energy Market Size Forecast To Reach $210 Million by 2027
Research Reports
Apr 15, 2022
The Airborne Wind Energy (AWE) market size is forecast to reach $210 million by 2027, growing at CAGR of around 9.7% from 2022 to 2027. The growth of Airborne Wind Energy (AWE) market is mainly driven by the increasing demand for electricity across the world and growing investment on renewable power generation projects. Furthermore, Government and other national as well as international organizations are taking various initiatives in the form of financial support to accelerate the development of such project, which also plays a major role in driving the growth of airborne wind energy (AWE) market. Apart from that, this technology is very cost effective and offers higher electricity in the form of kinetic energy, crosswind kite power and others, by using high-altitude wind power, which also acts as a driving factor for this industry. Additionally, industrial growth and urbanization across developing countries also triggers the demand for electricity, therefore affecting the growth of this market positively. Hence, the above-mentioned factors are fuelling the growth of Airborne Wind Energy (AWE) industry during the forecast period 2022-2027.
Airborne Wind Energy (AWE) Market Segment Analysis – By Type
By type, the Airborne Wind Energy (AWE) market is segmented into Kites, Lifting Balloons, Drones and Others. Kites segment is analysed to, grow with a CAGR of around 7.1%, during the forecast period 2022-2027. The growth of this segment is mainly driven by the increasing usage of wind energy to generate power. This technology is more cost efficient, consumes lowest amount of energy and outperforms conventional as well as any other wind power generation technologies including wind turbines, as it just requires the proper launch and land on the ground like a helicopter and after reaching high altitude wind power can be generated. It can even generate crosswind kite power during heavy wind. Due to such benefits, various organizations are taking various strategic steps for its development. According to a report of Kitemill, kites can replace thousands of decommissioned conventional wind turbines offshore and can generate huge number of turnovers, which may reach around $100m by 2024, while mitigating the greenhouse gas emissions at low investments. For instance, in 2020, German based company, SkySails Power announced about the commercial launch of its 200 kW units in Mauritius. Similarly, the Norway based Kitemill company also developed a kite project that offers electricity at c$4.5/kWh already, which is expected to drop to c$3/kWh by 2030. This project funded by The EU to promote the AWE project as a new power generating technology. Hence these types of developments of are analysed to drive the market in the forecast period 2022-2027.
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Airborne Wind Energy (AWE) Market Segment Analysis – By Application
Based on application, the market has been segmented into Offshore and Land. According to Airborne Wind Energy (AWE) Market report of IndustryARC, Airborne Wind Energy (AWE) market size for offshore is analysed to grow with a CAGR of 8.2% during 2022-2027, owing to various benefits of offshore AWE technology including the fact that it can generate more kinetic energy than land AWE segment. Furthermore, it requires potentially low capital investment compared to the conventional offshore wind energy generation technologies, which creates a positive impact on the growth of this market. furthermore, high investment and demand renewable energy accelerates the growth. Such benefits provide incentives to the market plays to invest heavily on such projects. For instance, in August 2019, AWE technology developing company, Makani launched its offshore AWE project over the North Sea to fulfil the demand of renewable energy. Therefore, with such increasing demand for green energy, the demand for offshore Airborne Wind Energy (AWE) is also witnessing an exponential growth, thereby driving the growth of this market during 2022-2027.
Airborne Wind Energy (AWE) Market Segment Analysis – By Geography
Airborne Wind energy market by geography has been segmented into North America, Europe, South America, APAC and RoW. Europe dominated the market with around 40.2% Airborne Wind Energy (AWE) market share in 2021, and is estimated to grow, with a CAGR of around 11.2% during the forecast period 2022-2027. Industrial growth creates a huge demand for electricity and to fulfil such high demand of power the investment towards renewable energy is growing, which ultimately creates a positive impact of AWE market growth. A recent report on EU funded project states that, renewable energy source such as Airborne wind energy (AWE) has a huge potential in the future and the commercialization of AWE will contribute around 27% share of renewables in Europe by 2030. Furthermore, rising investment and government initiatives for electrification through green energy and to promote the usage of energy sources with lower carbon emissions are few of the key factors behind the growth of this market in this region. Renewable energy is becoming more cost effective over the year, due to which various countries of this region are investing heavily on renewable energy for power generation. Hence, the above-mentioned factors are poised to create tremendous growth opportunities for Airborne Wind Energy (AWE) market from 2022 to 2027.
Airborne Wind Energy (AWE) Market Drivers
Growing Demand for Electricity across the world and inclination towards renewable energy to meet such high demand of electricity are fuelling the growth of this market
The demand for electricity across the world is increasing over the years, due to rapid industrialization, urbanization, economic growth, purchasing power growth and others. According to a report of International Energy Agency (IEA), the demand for electricity across the world is set to grow around 5% and 4% in 2021 and 2022 respectively. To meet such high demand of electricity without causing any harm to the environment, the adoption rate of renewable energy for power generation is also rapidly growing. Another report of IEA states that, renewable electricity generation in 2021 increased by more than 8% to reach 8 300 TWh, in order to meet growing electricity demand and Solar PV and wind will contribute two-thirds of renewables electricity growth. Wherein, Wind power witnessed the largest increase in renewable power generation, approximately 17%, which is significantly greater than 2020 levels. Such growth in electricity demand and usage rate of renewable energy sources will accelerate the growth of airborne wind energy market during the forecast period 2022-2027.
Various organizations are taking initiatives, in the form of investment for Green Energy generation, which acts as a major growth driver
Growing investment towards the green energy generation is one of the major driving factors behind the growth of this Market. For instance, in April 2021, ACEN announced about their investment plan for the development of solar, wind and BESS projects in order to increase its renewable energy portfolio. Such projects create a positive impact on the growth of this market. Furthermore, a National Renewable Energy Laboratory (NREL) report on Renewable Energy states that, Interest and investment in AWE have increased significantly over the last few years, with approximately 70 active research entities including over 20 technology developers across the world. Thus, high investment rates towards renewable energy as well as AWE system fuel the growth of this market in the forecast period 2022-2027.
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Airborne Wind Energy (AWE) Market Challenges
Weather related issues can lead to no airborne wind energy generation, which is harming the growth of this market
All though the Airborne Wind Energy (AWE) market is growing over the years, but the weather-related issues or bad weather harms the growth of this market. Bad weather, in the form of thunder and lightning strikes, poses a very high risk to any of the airborne wind energy devices. It can destroy the system, which will lead to no power generation. This in turn hampers the growth of this market. Weather related issues not only hampers the volume of electricity generation but also hampers the devices as well as other components of this technology, which leads to negative cost effect and creates hurdles for the market. In September 2009, both European Union and G8 leaders agreed that carbon dioxide emissions should be cut by 80% before 2050. Hence, above-mentioned challenge is poised to impede the Airborne Wind Energy (AWE) market growth during the forecast period 2022-2027.
Airborne Wind Energy (AWE) Market Outlook
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Airborne Wind Energy (AWE) Market. As of 2021, the market for Airborne Wind Energy (AWE) industry outlook is consolidated with the top market players. Airborne Wind Energy (AWE) top 10 companies are
1. Ampyx Power
2. E-Kite Netherlands BV
3. EnerKite GmbH
4. Altaeros Energies
5. eWind Solutions
6. Kite Power Solutions, Ltd.
7. Kite Gen Research
8. Makani Power
9. SkySails GmbH & Co. KG
10. Windlift LLC
Recent Developments
In December 2021, German based company SkySails Power announced about the launch of its commercial “airborne wind energy” (AWE) system, which is world’s first fully autonomous AWE system.
In October 2021, a new construction project on Mayo Airborne Wind Energy was launched, which has already gained approximately $14 million funding from Interreg NWE for developing the notion of Green Electrification, by using the Airborne Wind Energy (AWE) technology and has 11 main partners, 3 sub partners as well as 10 associated partners from various European countries.
In May 2021, RWE, one of the leading renewable energy players, announced about the its plan to establish its first test centre in Ireland, in order to investigate the potential of airborne wind energy technologies and to generate green electricity.
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Key Takeaways
Europe held the major market share in 2021 and is estimated to witness the significant growth during 2022-2027, owning to increasing demand for electricity and increasing investment on green energy projects along with governments initiatives.
The market of Airborne Wind Energy (AWE) is estimated to witness significant upsurge during the forecast period, owing to increasing requirement of electricity and inclination towards renewable energy across the world.
This industry is consolidated with top market players including Ampyx Power, E-Kite Netherlands BV, EnerKite GmbH, Altaeros Energies, eWind Solutions among others.
Relevant Reports:
A. Wind Power Market
https://www.industryarc.com/Report/18872/wind-power-market
B. Renewable Fuels Market
https://www.industryarc.com/Report/1281/Renewable-Fuels-Market-Analysis.html
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