Wind Energy Market Overview 2023-2028
IMARC Group has recently released a new research study “Global Wind Energy Market Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
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.
Market Trends
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.
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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.
Who Are The Key Players/Companies In The Global Wind Energy 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.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Turbine
- Support Structure
- Electrical Infrastructure
- Others
Breakup by Rating:
- ≤ 2 MW
- >2 ≤ 5 MW
- >5 ≤ 8 MW
- >8 ≤ 10 MW
- >10 ≤ 12 MW
- >12 MW
Breakup by Installation:
- Offshore
- Onshore
Breakup by Turbine Type:
- Horizontal Axis
- Vertical Axis
Breakup by Application:
- Utility
- Industrial
- Commercial
- Residential
By Geography
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates,
Saudi Arabia, Qatar, Iraq, Other)
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