Wind Power Market Size 2023, Industry Growth Dynamics, Competitive Share, Regional Outlook, Technology, Trends and Business Forecast to 2030

Wind Power Market Future Insights:

The Wind Power Market is expected to grow at a CAGR of 12% from 2022 to 2030, and is expected to reach USD 221.56 billion.

A statistics assessment found that the production of renewable energy accounted for 9% of all the electricity produced worldwide. This trend is anticipated to continue to increase over the next few years.

Wind Power Market Scenario:

Looking at the current demand for renewable and alternative sources of energy it can be confidently said that the global wind power market will grow by leaps and bounds in the coming years. During the forecast period of 2022-2030 the conversion rates of this market are expected to increase dramatically. Furthermore, the CAGR rates too look encouraging and bear witness to the above stated fact.

There are a lot of growth drivers that work together to bring about success and development for the market. One of the major ones happens to be the support from the government, this factor can be termed as the chief growth factor for this industry. The government has laid strict rules and regulations in respect to utilization of renewable energy sources. Resultantly, the market gets benefitted. The rising demand for clean sources of energy further fosters the growth of the market.

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A growing need for clean energy in response to rising levels of pollution worldwide and the ensuing public health concerns are the main drivers propelling the growth of the wind power sector. Major actors are investing in technology that may effectively and efficiently capture the enormous wind power potential and reduce, and eventually cancel, our dependency on non-renewable energy sources as the emphasis on decreasing humanity’s carbon footprint grows.

Government rules and policies emphasising tax breaks and other supportive measures are proving to be significant incentives for businesses engaged in the worldwide wind power sector.

Wind Power Market Regional Evaluation

The following are some of the major findings from the industry’s regional analysis:

Emerging trends in countries with economies like Brazil, South Africa, etc. provide the wind power sector with significant prospects for corporate expansion. Given the high levels of growth in these nations, an increase in energy consumption is anticipated, with renewable energy making up a significant portion of it.

In terms of market share for wind power globally, North America dominates and is also the most competitive. This expansion, which is driven by an increase in domestic system output, is anticipated to continue trending upward during the projected period.

The offshore wind industry in the UK is anticipated to grow by 100% during the forecast period thanks to strong political and governmental support from the country’s Department for Business, Energy, and Industrial Strategy. Germany, China, and the United Kingdom are the market leaders for offshore wind turbines (BEIS).

China is the leader in the Asia Pacific area for the growth of the wind power industry in terms of electricity production and consumption, while India is closely behind with its growing emphasis on offshore developments.

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Market Segmentation:

The axis type, installation, component, application, and geography are used to divide the market for wind turbines. The market is divided into two categories: horizontal and vertical, depending on the axis type. On-shore and off-shore are separated based on the installation. It is divided into rotator blades, gearboxes, generators, nacelles, and other categories according on the component. It is divided into four categories based on application: industrial, commercial, residential, and utility. It is examined from the perspectives of North America, Europe, Asia-Pacific, and LAMEA.

The research of the worldwide wind turbine market includes comprehensive data on the key players in the sector. Enercon GmbH, Gamesa, General Electric, Goldwind, Guodian United Power Technology Company Ltd., Ming Yang, Siemens, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., and Vestas Wind Systems A/S are some of the major companies functioning and highlighted in the research.

Axis Research, “Global Wind Turbine Market” Type Type-wise, the vertical segment led the worldwide market in 2020 and is anticipated to continue increasing at the quickest rate through the forecast period to 2030. This may be due to its key characteristics, which include great efficiency and cheap cost.

By Kind

Between 2020 and 2027, offshore wind energy accounted for the largest market increase. This is explained by the fact that offshore wind turbines have a larger capacity factor. Due to the constant wind flow along the seashore, offshore wind turbines have high capacity factors. For instance, the capacity factor for an offshore wind turbine is between 0.5 and 0.7, whereas the capacity factor for an onshore wind turbine is between 0.25 and 0.3.

Market for Wind Energy Worldwide, By End-User

Due to a growth in the demand for renewable energy sources, the industrial end-user accounted for a sizeable portion of revenue in 2019. In remote and rural locations without access to the grid, wind power is in high demand. However, because wind energy depends so heavily on government incentive programmes, both the price and demand are quite unstable.

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Key Vendors:

Important suppliers: Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), Bergey Wind Power, Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), and Vestas (Denmark).

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