Wind Energy Global Market Report 2024

Wind energy represents a sustainable electricity generation method that harnesses the kinetic energy from moving air to produce power. Widely recognized as a cost-effective and environmentally friendly energy source, it offers significant advantages in the renewable energy sector.

There are two primary turbine types such as horizontal axis and vertical axis. A horizontal axis turbine features a rotational axis parallel to both the ground and the wind stream. Key components include the turbine itself, support structure, electrical infrastructure, and additional elements. Wind energy projects are implemented in various locations, including onshore and offshore sites, catering to both utility and non-utility applications. This diversified approach allows for the optimization of wind power generation across different contexts and market segments.

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.

The wind energy market size has grown rapidly in recent years. It will grow from $113.89 billion in 2023 to $127.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The expansion observed during the historical period can be attributed to the rise of emerging markets, heightened demand for clean energy sources, the substantial environmental impact associated with conventional power generation sources, and the escalating costs of traditional fuels.

The wind energy market size is expected to see rapid growth in the next few years. It will grow to $194.34 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The forecasted growth is fueled by global population expansion, urbanization, rising electricity demand, and a shift towards alternative power sources. Notable trends include the emergence of wind-solar hybrid systems, robot inspection technologies, recyclable wind turbines, AI utilization, new plant expansions, and increased collaborations and acquisitions.

The wind energy market is poised for substantial growth, primarily fueled by the escalating adoption of renewable energy sources. Renewable energy, derived from naturally replenishing yet flow-restricted sources, has garnered significant attention due to its cleanliness, cost-effectiveness, and widespread accessibility. Notably, a June 2022 report from the U.S. Energy Information Administration highlighted biomass as the primary source, contributing 5% to the total U.S. energy consumption in 2021. The surge in renewable energy adoption, exemplified by biomass utilization, underscores the increasing demand for wind energy.

Anticipated growth in the wind energy market is further catalyzed by robust government support. Government support encompasses a spectrum of initiatives, policies, programs, and financial assistance aimed at achieving specific objectives or addressing societal needs. Notably, the UK government, in March 2023, announced plans to quadruple offshore wind capacity to 50 GW by 2030 and achieve net-zero power generation by 2035. Simultaneously, EU member states are enhancing offshore wind activities, benefitting from temporarily relaxed state aid rules under the EU's Green Deal plan. Additionally, the US government, in February 2023, committed $369 billion to stimulate investments in renewable energy. Further exemplifying government backing, Germany and Denmark, in August 2022, announced a substantial investment of €9,000 million ($9,723.3 million) in a 3 GW wind power plant, with €6,000 million ($6,453.12 million) allocated for the offshore wind farm. Strong government support emerges as a pivotal factor driving increased demand within the energy industry and propelling growth in the wind energy market.

A prominent trend shaping the landscape of the wind energy market is the increasing emphasis on technological advancements. Leading companies within the sector are strategically investing in the development of products that leverage cutting-edge technologies to fortify their positions in the competitive wind energy market. A noteworthy example is WEG Industries, a Brazil-based electric engineering company, which, in July 2022, introduced a state-of-the-art wind turbine platform featuring Medium-Speed Geared (MSG) drive technology. Boasting a 7 MW capacity and an expansive 172-meter rotor diameter, this innovative turbine platform stands out for its ability to seamlessly connect to the electrical grid and adapt to diverse grid codes across regions. The integration of a full power drive enables the production of reactive energy during periods of low wind, providing additional advantages beyond power generation. Moreover, the redesigned modular components, including a taller tower, enhance logistical processes and facilitate easier assembly, particularly in challenging geographic locations.

Companies operating in the wind energy market are increasingly turning to artificial intelligence (AI). This strategic focus on AI allows for the implementation of advanced data analytics and predictive maintenance algorithms, contributing to the optimization of wind turbine performance, increased energy production, and reduced operational costs. AI technologies play a pivotal role in enabling real-time monitoring and control of wind farms, thereby improving grid integration and overall system reliability. A case in point is GE Research, the US-based research and development division of General Electric, which collaborated with GE Renewable Energy in April 2022 to unveil a cutting-edge artificial intelligence/machine learning (AI/ML) tool. This innovative tool, leveraging a digital twin of the wind turbine logistics process, accurately predicts and streamlines logistics costs, potentially saving the global wind industry billions of dollars over the next decade.

In October 2021, Statkraft, a leading European renewable energy firm, completed the acquisition of Breeze Three Energy's wind power portfolio for an undisclosed sum. This strategic move allowed Statkraft to enhance its European onshore wind power portfolio by incorporating 39 wind farms in Germany and 4 wind farms in France. Breeze Three Energy, a UK-based company specializing in operating wind farms and supplying wind energy, was the selling party in this transaction.

Major companies operating in the wind energy market report are Siemens Energy AG, Xinjiang Goldwind Science & Technology Co. Ltd., General Electric Company, Vestas Wind Systems A/S, Nordex SE,Enercon GmbH, China Ming Yang, Suzlon Energy Ltd., Dongfang Electric Corporation Limited, ABB Limited, Goldwind, Envision Energy, MINGYANG, Gamesa, SHANGHAI ELECTRIC, CSSC, Suzlon Energy Limited, Adani Green Energy Limited, G3 Holdings, NTPC Limited, Teroc AB, ENO Energy GmbH, Greenbyte AB, ENS Energy GmbH, MOWEA GmbH, Uali, Voltalia, Ergosup, Prodeval, EuroCape, Kola Wind Farm, Rosatom, Venture Round - NabraWind Technologies, NovaWind, NextEra Energy, Green Mountain Energy, TPI Composites, Renewable Energy Group, Inc., Clearway Energy, First Solar Inc., PlanEt, Tesla, IOGEN Corporation, Bio-EnPower Inc., Ag-west Bio, Nulife Green Tech, Innergex/Alterra Power, Bullfrog Power, 3G Energy, Pampa Energia SA, YPF Luz, Enel Green Power S.p.A., Genneia SA, 360 Energy SA, CPFL Energias Renovaveis SA, ENGIE Brazil, Eletrobras Furnas, Companhia Hidro Eletrica do Sao Francisco, Omega Geracao SA, ERLPhase Power Technologies Ltd., Bentley Systems Incorporated, Allegheny Technologies Incorporated (ATI), Ecocoast, Cubic Art Pixels, Taweelah B Power & Desalination Complex, Platinum Sustainable Development International, Cleanco Waste Treatment LLC, Shams Power Company, meteocontrol AMEA DMCC, BELECTRIC Gulf, NNQ Energy, OREX, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N'diaye Wind Farm, Kangnas Wind Farm

Asia-Pacific was the largest region in the wind energy market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the wind energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

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.

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.

Wind Energy Global Market Report 2024 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.

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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.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Turbine Type: Horizontal Axis; Vertical Axis
• 2) By Component: Turbine; Support Structure; Electrical Infrastructure; Other Components
• 3) By Location: Onshore; Offshore
• 4) By Application: Utility; Non-Utility
• Companies Mentioned: Siemens Energy AG; Xinjiang Goldwind Science & Technology Co. Ltd; General Electric Company; Vestas Wind Systems A/S; Nordex SE
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.