USD 73.78 Billion
Report ID: SQMIG10B2071 | Region: Global | Published Date: September, 2023 | Pages: 157 | Tables: 62 | Figures: 75
Wind energy Market size was valued at USD 73.78 Billion in 2021 and is poised to grow from USD 80.42 Billion in 2022 to USD 160.24 Billion by 2030, at a CAGR of 9% during the forecast period (2023-2030).
The primary purpose of the wind energy market is to provide renewable energy sources to reduce dependence on fossil fuels and reduce greenhouse gas emissions. The market aims to promote the adoption of wind energy technologies to meet the increasing demand for electricity worldwide. The high initial capital cost of wind energy projects and the intermittency of wind energy are the major restraining factors for the growth of the wind energy market. The installation and maintenance of wind turbines require significant capital investments. The wind energy market faces several challenges that hinder its growth, such as the lack of adequate infrastructure, transmission lines, and storage facilities. The availability of suitable locations for wind turbine installation is also a challenge. The wind energy market presents several opportunities for growth and development. The increasing demand for clean energy sources, advancements in technology, and the declining cost of wind energy are the major opportunities in the market. The global wind energy market is a growing sector in the renewable energy industry. The market is driven by the need for clean and sustainable energy sources, favorable government policies, and technological advancements. The wind energy market presents several opportunities for growth and development in the future.
Global Market Size
USD 73.78 Billion
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The global wind energy market is segmented on the basis of type, application, and region. In terms of type, the market is segmented into offshore, and onshore. Based on end-use, the market is segmented into industrial, commercial, and residential. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Wind Energy Market Analysis by Type
The offshore wind energy refers to the generation of wind power from wind turbines installed in bodies of water, typically in coastal areas or offshore locations. Offshore wind farms offer several advantages, including access to stronger and more consistent winds, larger turbine capacities, and reduced visual impact on land. The offshore wind energy segment is experiencing significant growth due to technological advancements, government support, and favorable regulatory frameworks.
Onshore wind energy involves the generation of wind power from turbines installed on land. Onshore wind farms are typically located in areas with favorable wind conditions, such as open plains or hilly regions. The onshore wind energy segment has been the dominant contributor to the global wind energy market. It offers advantages such as lower installation costs, established infrastructure, and ease of maintenance and operation.
Global Wind Energy Market Analysis by End-Use
The industrial sector represents a significant end-user of wind energy. Industrial establishments, including manufacturing plants, factories, and industrial complexes, require substantial amounts of electricity for their operations. Wind energy provides a sustainable and cost-effective solution to meet the energy demands of the industrial sector while reducing carbon emissions and dependence on fossil fuels.
The commercial sector encompasses a range of establishments such as office buildings, retail stores, hotels, and hospitals. Commercial buildings have high energy consumption, and the adoption of wind energy helps these establishments achieve their sustainability goals and reduce energy costs. Many commercial entities are investing in on-site wind turbines or sourcing electricity from wind farms to meet their energy needs. The residential sector includes individual households and residential communities. Homeowners and residential communities are increasingly adopting wind energy solutions, such as small wind turbines or community-based wind projects, to generate their electricity.
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In 2022, the Asia-Pacific region emerged as the leading contributor in terms of revenue share in the global wind energy market. The region is expected to witness steady growth in the coming years, primarily due to the proactive actions and initiatives taken by governments to develop energy infrastructure. These efforts are likely to drive the advancement of wind energy projects, leading to the overall growth of the wind energy market in the Asia-Pacific region throughout the forecast period.
North America is projected to be the most promising segment during the forecast period. The U.S., in particular, offers significant opportunities for the wind energy market due to the increasing demand for electricity. The region boasts substantial wind power potential, and advancements in technology have resulted in a decrease in the cost of advanced wind energy solutions. These factors are expected to create widespread commercial opportunities for the wind energy industry in North America over the forecast period.
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Global Wind Energy Market Drivers
Growing Environmental Concerns
Supportive Government Policies and Incentives
Global Wind Energy Market Restraints
Land Constraints and Grid Integration
High Initial Capital Investment
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The global wind energy market is highly competitive in nature, with several key players vying for market share. The competitive landscape is characterized by intense rivalry, technological advancements, strategic partnerships, and investments in research and development. Here is an elaboration on the competitive landscape of the global wind energy market. To maintain a competitive edge, key players in the market emphasize continuous research and development activities, strategic collaborations, and geographic expansion. They also focus on improving turbine efficiency, reducing costs, and exploring emerging markets with favorable wind energy potential. The competitive landscape is expected to evolve further with the advancement of wind energy technologies and the increasing demand for clean and sustainable energy sources worldwide.
Top Player’s Company Profiles in Global Wind Energy Market
Global Wind Energy Market Recent Developments
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According to our global wind energy market analysis, the market is expected to grow significantly in the upcoming years, owing to the increasing demand for renewable energy sources to reduce carbon emissions and to meet the rising energy demand across the world. The major driving factors for the growth of the wind energy market is the global shift towards cleaner energy sources. As the world continues to experience climate change and the negative effects of fossil fuel consumption, governments and industries are seeking to reduce their carbon footprint and increase their use of renewable energy sources. Wind energy is an attractive option due to its low environmental impact and low cost compared to other renewable sources such as solar energy. There are some restraining factors that may hinder the growth of the wind energy market. One such factor is the high initial cost of installation, which can be a significant barrier to entry for smaller companies or developing countries. The global wind energy market presents significant growth potential in the coming years, driven by increasing demand for renewable energy and advancements in technology.
|Market size value in 2021||USD 73.78 Billion|
|Market size value in 2030||USD 160.24 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Wind Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wind Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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