PUBLISHER: The Business Research Company | PRODUCT CODE: 1270508
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270508
“Wind Energy Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wind energy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wind energy? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The wind energy market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the wind energy market are Siemens Gamesa Renewable Energy, ABB India Limited, Suzlon Energy Ltd., Ørsted A/S, Goldwind, ReGen Powertech, Vensys Energy, Wind World (India) Limited, United Power, Nordex SE, Sinovel Wind Group, EDF Renewable Energy, ReGen Powertech, Vensys Energy, Adani Green Energy, and Pearce Renewables.
The global wind energy market is expected to grow from $81.73 billion in 2022 to $90.33 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wind energy market is expected to reach $129.12 billion in 2027 at a CAGR of 9.3%.
The wind energy market consists of sales of dutch type grain-grinding windmills, multi-blade water-pumping windmills, and high-speed propeller-type windmills. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Wind energy refers to the method of generating electricity by turning the kinetic energy of moving air into electricity. Wind energy is a clean, renewable energy source that is also among the most cost-effective electricity sources.
Asia-Pacific was the largest region in the wind energy market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the wind energy report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main turbine type in wind energy is the horizontal axis and vertical axis. The horizontal axis refers to a wind turbine whose rotational axis is parallel to both the ground and the wind stream. The main components are the turbine, support structure, electrical infrastructure and others. The various locations are onshore and offshore, that are used in utility, industrial, commercial and residential applications.
An increase in the adoption of renewable energy sources is expected to propel the growth of the wind energy market going forward. The energy produced from naturally renewing but flow-restricted sources are referred to as renewable energy. The increasing use of renewable energy is creating a huge demand for wind energy as it is a clean, cost-free, and easily accessible source of renewable energy. For instance, in June 2022, as per the report by the U.S. Energy Information Administration, a US-based energy organization, the primary source of the entire yearly U.S. energy consumption was biomass. Approximately 5 quadrillion British thermal units (Btu) and 5% of all primary energy used in the United States were provided by biomass in 2021. Biofuels accounted for approximately 2,316 TBtu (mainly ethanol) of the total; 2,087 TBtu from wood and biomass derived from wood; and 431 TBtu from biomass found in municipal solid waste and sewage, animal manure, and agricultural leftovers. Thus, an increase in the adoption of renewable energy sources is driving the growth of the wind energy market.
Technological advancements are a key trend gaining popularity in the wind energy market. Major companies operating in the wind energy market are developing products with advanced technologies to sustain their position in the wind energy market. For instance, in July 2022, WEG Industries, a Brazil-based electric engineering company, launched a brand-new wind turbine platform with Medium-Speed Geared (MSG) drive technology and features a 7 MW and a 172 meters rotor diameter. Its unique features enable seamless electrical grid hookup and flexibility to adjust to and adhere to various grid codes in each region because it is integrated with a full power drive. It can produce reactive energy when there is no wind, which has extra benefits in addition to producing power. The redesigned design also includes modular components, such as a taller tower, to improve logistical procedures and provide an easier assembly idea, particularly for uneven geographic locations.
In October 2021, Statkraft, a Europe-based renewable enrgy company, acquired the wind power portfolio of Breeze Three Energy for an undisclosed amount. With this acquisition, Statkraft expands its portfolio of European onshore wind power with the addition of 39 wind farms in Germany and 4 wind farms in France. Breeze Three Energy, is a UK-based company operating wind farms and providing wind energy.
The countries covered in the wind energy market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products
The wind energy market research report is one of a series of new reports from The Business Research Company that provides wind energy market statistics, including the wind energy industry global market size, regional shares, competitors with a wind energy market share, detailed wind energy market segments, market trends and opportunities, and any further data you may need to thrive in the wind energy industry. This wind energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.