Global Wind Energy Market Insights Forecasts to 2030
- The Global Wind Energy Market Size was valued at USD 79.7 Billion in 2021
- The Worldwide is growing at a CAGR of 8.4% from 2022 to 2030
- The Global Wind Energy Market Size is expected to reach USD 151.47 Billion by 2030
- North America is expected to grow the fastest during the forecast period.
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The Global Wind Energy Market Size is expected to reach USD 151.47 Billion by 2030, at a CAGR of 8.4% during the forecast period 2022 to 2030.
Wind energy is generated by wind turbines, which are erected on earth's surfaces, either on land or at high sea, to generate electricity from the wind caused by the planet's revolution and the sun's radiation. Wind turbines gather and transform the kinetic energy produced by the wind into electricity, which is then used to power the grid. Wind energy is a well-known, renewable, and sustainable energy source that has a far lower environmental impact than fossil fuel combustion.
Onshore wind energy and offshore wind energy are the two types of wind energy now available, depending on where the wind turbines are located. Onshore wind energy uses wind farms on land to collect the wind and convert it into electricity. Offshore wind energy is created by utilizing the wind's force as it blows across the open ocean, where there are no obstructions and it may travel farther and faster than on land.
Compared to new gas and coal power plants, wind energy is a less expensive source of electricity. Wind turbines achieved grid parity in several parts of Europe and the United States around the mid-2000s, according to BusinessGreen. After an increase of around 100 GW in 2021, the global installed wind power capacity topped 800 GW, mostly in China and the United States.
This research report categorizes the market for Global Wind Energy Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Wind Energy Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Wind Energy Market.
Global Wind Energy Market Report Coverage
|Market Size in 2021:||USD 79.7 Billion|
|Forecast Period 2021-2030 CAGR:||8.4%|
|2030 Value Projection:||USD 151.47 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Capacity , By Component , By Location , By Application , By Region, COVID-19 Impact Analysis|
|Companies Covered:||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|
|Growth Drivers:||The demand for renewable, sustainable, clean, and affordable energy sources is expected to expand, which will lead to an expansion in the global wind energy market.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The demand for renewable, sustainable, clean, and affordable energy sources is expected to expand, which will lead to an expansion in the global wind energy market. Global demand for wind power is also anticipated to grow as a result of favorable policy frameworks, regulatory frameworks, and encouragement of sustainable energy sources that, unlike conventional power sources, may reduce carbon emissions by various governments across various countries.
In order to reduce carbon emissions, both developed and developing nations' regulatory authorities and agencies are focusing on lowering reliance on conventional energy sources, which is boosting the production of power from renewable energy sources like solar and wind. The growing demand for energy in a number of industries such as healthcare, food & beverage and residential has fueled the growth of the wind energy market over the projected timeframe.
- In 2021, 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. A capacity above 5 MW is mostly used to meet the energy needs of large-scale electricity consumption industries and the utility sector.
- In 2021, the turbine segment is dominating the market over the forecast period
On the basis of component, the Global Wind Energy Market is segmented into 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 becoming broader and lightweight as modern wind turbine technology has improved turbine performance and enhanced power generation efficiency compared to prior generations. Wind energy can also potentially provide employment during the phases of construction and operation. For example, careers include wind turbine production and construction, which includes transporting, installing, and ultimately maintaining the turbines. In 2020, wind power was expected to employ 1.25 million people.
- In 2021, 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. These deployment techniques rely on more recurrent and dynamic winds prevalent in vast bodies of water, typically the sea, and have a lower aesthetic impact on the landscape than land-based deployments. The Hornsea Wind Farm in the U.k. was the largest offshore wind field in the world in November 2021, with 1,218 MW. Additionally, increased research and cutting-edge technology have lowered the overall production cost of offshore wind turbine deployments, which is predicted to benefit renewable energy sources market globally.
- In 2021, 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. Utility applications are frequently employed for large-scale wind turbine installations or multi-turbine wind farms that are linked to the nation's transmission system. Large-scale utility-scale wind generating projects require a significant number of land, building, and other permissions, as well as proper management of interactions with various participants.
Regional Segment Analysis of the Wind Energy Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., 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)
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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. China accounted for the highest installation in the region due to ongoing initiatives and investments undertaken by the government to augment the industry growth. For example, Gansu Wind Farm in China is the world's largest wind farm, with thousands of turbines and a capacity of 7,965 MW. In addition, China installed 72 and 48 GW of wind and solar capacity in 2020, respectively, as the rest of the world combined, and has a 2030 target of 1.2 TW.
The Muppandal Wind Farm, located in Tamil Nadu, is India's largest operational onshore wind farm. This project was created by the Tamil Nadu Energy Development Agency and has an installed capacity of 1,500 MW, making it the world's third-largest operational onshore wind farm.
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.
List of Key Market Players
- 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
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In April 2022, GE Renewable collaborated with GE Research and introduced an advanced AI/ML tool that could save the global wind industry billions of dollars in logistics costs over the next decade. This AI/ML tool uses a digital twin of the wind turbine logistics process to accurately predict and streamline logistics costs.
- In December 2022, Vestas has completed the installation of the V236-15.0 MW prototype turbine at Denmark's sterild National test centre for large wind turbines in Western Jutland. This prototype will successfully create its first kWh of electricity before getting full-type certification and beginning serial manufacturing. The V236-15.0 MW is intended to provide good performance while lowering the number of turbines in the farms, hence increasing the project's financial case.
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 Capacity
- Up to 1 MW
- 1 MW to 3 MW
- 3 MW to 5 MW
- Above 5MW
Global Wind Energy Market, By Component
- Support Structure
- Electrical Infrastructure
Global Wind Energy Market, By Location
Global Wind Energy Market, By Application
Global Wind Energy Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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