According to the latest report by IMARC Group, titled “Wind Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global wind energy market forecast. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global wind energy market size reached US$ 83.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 136.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.76% during 2023-2028.
Wind energy refers to a clean and renewable energy source used for generating electricity via a wind turbine that transforms kinetic energy into mechanical energy. It does not impact the environment, including fossil fuels and other conventional energy resources, that depend on combustion and emit nitrogen oxide (NO) as well as sulfur dioxide (SO2). In addition to this, wind energy is sustainable, cost-effective, commonly available, etc. Consequently, it finds wide-ranging applications in the commercial, industrial, and residential sectors across the globe.
The widespread adoption of renewable energy sources, owing to the rising consumer environmental concerns and the implementation of stringent regulations by government bodies across countries, is among the key factors stimulating the wind energy market. Moreover, the growing number of onshore and offshore wind farms is acting as another significant growth-inducing factor. Besides this, wind acts as a convenient resource for generating energy in remote locations where standard power lines cannot be extended, which is positively influencing the global market.
Furthermore, numerous improvements in the performance and reduction in the prices of wind power technologies are augmenting the market growth. Apart from this, the inflating need for wind energy is offering various long-term employment opportunities to individuals in manufacturing, construction and installation, maintenance and operations, legal and marketing services, transportation, and logistics of wind turbine components, which is also catalyzing the market growth. In line with this, the increasing investments by key market players in upcoming wind power projects are anticipated to fuel the wind energy market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABB Ltd., Ameren Corporation, Avangrid, Inc. (Iberdrola S.A), Dnv (Det Norske Veritas group), Enercon GmbH, General Electric Company, Goldwind, NextEra Energy Resources, LLC, Nordex SE, Siemens AG, Vestas Wind Systems A/S, Wind World (India) Limited and Xcel Energy Inc.
The report has been segmented the market into following categories:
Breakup by Component:
- Support Structure
- Electrical Infrastructure
Breakup by Rating:
- ≤ 2 MW
- >2 ≤ 5 MW
- >5 ≤ 8 MW
- >8 ≤ 10 MW
- >10 ≤ 12 MW
- >12 MW
Breakup by Installation:
Breakup by Turbine Type:
- Horizontal Axis
- Vertical Axis
Breakup by Application:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Global Wind Energy Market Share, Size, Growth & Report 2022-2027
According to the latest report by IMARC Group, titled “Wind Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global wind...
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