Wind Energy Market: Global Industry Analysis And Forecast (2022-2029)

Wind Energy Market size was valued at US$ 99.8 Bn. in 2021 and the total Wind Energy Market revenue is expected to grow at 7 % from 2021 to 2029, reaching nearly US$ 171.5 Bn.
Wind Energy Market Overview:
Kinetic energy is converted into electric energy using renewable energy. Wind turbines transform wind energy into mechanical energy, which is then transformed into electrical energy by generators. It is possible to produce wind energy both on and offshore. On-land wind turbines are known as onshore wind energy, and offshore wind turbines are found in the ocean or sea. On the other hand, offshore wind turbines are more effective than onshore ones because of the constant wind flow. One of the more often used renewable energy sources is wind energy, which is electricity produced by harnessing the energy of the wind.



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A rising demand for electricity from renewable energy sources has been caused by an increase in pollution on a global scale and an increase in environmental awareness among the general population and state governments in the world. This is a key driver fueling the growth of the wind energy market, which is largely employed in wind generators, wind pumps, and battery chargers.

This wind energy market analysis report gives a thorough examination of the market's size, revenue, and general trends expected throughout the forecast period. The different market aspects, such as market driving forces, growth opportunities, challenges, and market restraints, are taken into account. Along with a review of how COVID-19 conditions affected and altered the wind energy industry outlook, a detailed regional analysis of market trends for wind energy is also included.

The report explores the Wind Energy Market's segments (Type, Interferometer Type, Type, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Wind Energy Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Wind Energy Market's contemporary competitive scenario.

Covid -19 Impact -

The rapid depletion of non-renewable energy sources based on carbon has been and continues to have a significant impact on the market for wind energy. As the world switches its attention to minimizing its carbon footprint, the pollution caused by the usage of such sources is increasing the need for clean, green energy, and along with it, the demand for energy from renewable energy sources.

The COVID-19 pandemic-related economic crisis has, however, negatively impacted the wind power market's earnings as well. Due to the global closure, there is a severe lack of experienced workers needed to operate wind farms. This reason, together with the scarcity of raw materials, has caused several wind farm projects to be postponed, which has slightly hindered the market's growth for wind energy. The wind energy market is expected to recover throughout the forecast period and continue increasing beyond it, despite an initial setback.
Wind Energy Market Dynamics:
Market drivers:

In the forecast years, the market for wind energy is expected to be driven by the growing need to switch from conventional to renewable energy sources. When compared to newly constructed coal or gas plants, solar and wind power generation are now thought to be more cost-competitive than they were twenty years ago. Additionally, it is expected that operating new wind and solar energy facilities are becoming more affordable in the forecast period than maintaining coal or gas-fired ones.

Future demand for consistent, affordable, sustainable energy is expected to fuel the market for wind energy. The wind energy market is expected to grow owing to favourable policy frameworks and regulations put in place by various governments in various nations to support the creation of renewable energy.With supportive legislation for the new installation of wind energy, the wind energy market is growing steadily in the United States. The 10 % of the electricity produced in the United States in 2021 came from wind energy. The increasing feasibility of onshore and offshore wind farms and the acceleration of growth are expected to enhance the demand for wind energy during the forecast period.

Market restraints:

One of the most cutting-edge and sustainable energy-producing technologies is wind energy. Although compared to technologies like solar and onshore wind, it has a high capacity factor, its high capital cost prevents its implementation. Owing to their extended operation in harsh marine environments, offshore wind turbines are vulnerable to erosion. High wind speeds, for example, occasionally turn out to be a disadvantage for offshore wind turbines despite being very advantageous.

For instance, when the wind speed surpasses 25 m/s, the turbines usually switch off. The difficulties associated with building, transporting, installing, and operating offshore wind farms have grown as their scale has over time. In general, logistics challenges are more difficult in offshore wind farms. Typically situated far from the coast, wind farms are challenging to get to, especially during inclement weather. Therefore, fixing even the tiniest technical problem is difficult and expensive. Resource characterization, grid connections and operation, and the building of transmission infrastructure are additional difficult aspects of offshore wind energy deployment that are significantly less difficult in other technologies, such as solar and onshore wind. As a result, the worldwide offshore wind business is constrained by high capital expenditures as well as problems with operations, maintenance, transportation, and logistics.

Market Opportunities:

A large increase in demand for renewable energy sources is expected to lead to growth in the wind energy market. Governments all over the world are promoting sustainable energy sources since they reduce carbon emissions in comparison to conventional power sources. Additionally, the limitation of sea depth is removed by offshore wind energy turbines, making it simpler to select the optimal place for electricity production.

In order to reduce carbon emissions, both developed and developing countries' regulatory authorities and agencies are focusing on lowering reliance on conventional energy sources, which is boosting the production of power from renewable energy sources like solar and wind. The forecast period sees the wind energy market rise as a result of the rising need for energy in a number of sectors, including healthcare, food and beverage, and residential.

Players in the wind energy market are starting to favour offshore wind farms more and more as a source of power. Deep sea projects, where the high speed creates a considerably more favourable operating environment and drives demand for offshore areas, are expected to benefit from the growth potential provided by offshore wind generating projects. Governments all across the world have tremendously backed renewable energy sources.

To capture energy from the environment's natural wind resources and ultimately spur the growth of the wind energy market, countries all over the world are focusing their efforts on increasing investment in offshore wind energy projects. The installation of offshore wind energy is a challenging task since it requires the shipping of huge, heavy equipment to the project location, increasing the entire cost of wind energy projects. However, the overall cost has fallen as a result of technology breakthroughs for the installation of wind turbines offshore, making offshore wind an attractive renewable energy option.

Competitive landscape:

The wind energy market is extremely competitive, with several major competitors fighting for a larger market share and using diverse strategies to achieve so. To maintain their dominance in the market and consequently increase their market share of wind energy globally, these major players are constantly searching for new and cutting-edge technology. Along with increasing their R&D spending, major market players are also forming strategic alliances to obtain a distinct competitive edge in this fast-moving, high-potential sector. These titans of the industry are also concentrating on backward integration and entering the turbine manufacturing sector in order to enhance their market share for wind energy by achieving economies of scale.
Wind Energy Market Segment Analysis:
Based on Type, The onshore segment is expected to grow at the highest CAGR during the forecast period. With a revenue share of 75.66 % in 2021, the onshore sector dominated the market. Owing to its lower cost than offshore wind power, simple installation procedures, and decrease in greenhouse gas emissions, onshore wind power has become the most popular renewable energy source across all areas (GHG). However, offshore wind power generation, which accounted for 30.34% of the market in 2021, is steadily gaining relevance in pushing global wind energy installations.

The cost of constructing onshore and offshore wind power projects has decreased and is likely to continue to do so in the forecast period, which is expected to fuel market growth. In comparison to fossil fuel sources of generation, the Levelized Cost of Electricity (LCOE) for established onshore wind projects is already low. This trend is expected to continue, lowering installation costs and enhancing the performance of wind power plants in the future.

China continues to lead the onshore wind power sector in the Asia Pacific area, followed by North America. Potential offshore wind power installation markets include Brazil, India, Vietnam, and Australia; however, the political climate in each of these nations is likely have a different impact on the market's growth.

Based on Application, The Utility segment is expected to grow at the highest CAGR during the forecast period. With more than 87 % of the industry's total market value in 2021 going to the utility sector, it dominates. Both industrial and residential wind energy projects are included in the non-utility sector. Because wind turbines cannot be installed owing to land restrictions, non-utility applications made up a smaller percentage of the market than utility applications. The high cost of wind turbines is a significant factor that limits their use in non-utility projects.

Utility-scale wind turbines are often erected in sizable wind farms with several turbines that are linked to the country's transmission network. Large-scale utility-scale wind generation projects require several lands, buildings, and other permissions in addition to careful relationship management with various process players. The utility-scale segment is expected to develop as a result of the removal of obstacles to the installation of utility-scale projects.


Wind Energy Market Regional Insights:
The biggest revenue share was accounted for by the Asia Pacific area, which is expected to maintain its dominance during the forecast period. Owing to continued actions and investments made by the government to support industrial growth, China has the highest installation in the area.China's onshore wind sector is expected to grow gradually during the forecast period as the country's leadership promotes the development of renewable infrastructure in an effort to minimize the importance of thermal power and lower pollution levels in the nation's power production. This probably affects how quickly wind energy projects are completed in the nation, which is expected to fuel market growth.

The most developed and competitive regions in the wind power market are widely acknowledged to be North America and Europe. IKEA Systems B.V. increased to roughly 0.4 GW its direct ownership of wind energy assets for self-generation in North America. An offshore wind energy plant's Levelized Cost of Electricity (LCOE) is already economically feasible in European markets. For instance, wind generating plants in the Netherlands and Germany receive no subsidies, hence their auction prices are lower. As a result, offshore wind farms would be competitive in other markets throughout the area in the forecast period, with prices falling below those of fossil fuels like gas and coal in the short term.

The objective of the report is to present a comprehensive analysis of the Wind Energy Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Wind Energy Market dynamics, structure by analyzing the market segments and project the Wind Energy Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Wind Energy Market make the report investor’s guide.
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Global Wind Energy Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 103.8 Bn.


Forecast Period 2022 to 2029 CAGR:
7 %
Market Size in 2029:
US $ 178.3 Bn.


 Segments Covered:
by Type
• Onshore
• Offshore


by Application
•utility-scale wind farms
• small-scale distributed wind energy  systems
• off-grid wind systems
• Utility
• Non-Utility


by Wind turbine type
• Horizontal axis wind turbines (HAWTs)
• Vertical axis wind turbines (VAWTs)


by End-use industry
• Power generation
• Industrial
• Commercial
• Residential


by Component
• Blades
• Rotor
• Tower
• Others


by Ownership
• Community-owned
• Privately-owned



Wind Energy Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Wind Energy Market Key Players
• GE Wind
• Vestas, Siemens Wind Power,
• Suzlon Group, Goldwind
• United Power,
• Acciona, Nordex SE,
• Sinovel Wind Group
• EDF Renewable Energy
• ReGen Powertech
• Vensys Energy
• ABB Limited
• NextEra Energy Inc.
• Northland Power Inc.
• DONG Energy
• General Electric
• Wind World Limited
• Orient Green Power Company Limited
• Indowind
• DNV GL
• Goldwind
• Bergey Wind Power

FAQs:

1. Which is the potential market for the Wind Energy Market in terms of the region?
Ans. In Asia Pacific region, the growing business and educational sectors are expected to help drive the use of collaborative screens.

2. What are the opportunities for new market entrants?
Ans. The key opportunity in the market is new initiatives from governments that provide funding for Wind Energy Markets in educational institutes

3. What is expected to drive the growth of the Wind Energy Market in the forecast period?
Ans. A major driver in the Wind Energy Market is the prevalence of work from home and remote collaboration created by the COVID-19 pandemic

4. What is the projected market size & growth rate of the Wind Energy Market?
Ans. Wind Energy Market size was valued at US$ 97 Billion in 2020 and the total Wind Energy Market revenue is expected to grow at 7 % through 2021 to 2029, reaching nearly US$ 178.3 Billion.

5. What segments are covered in the Wind Energy Market report?
Ans. The segments covered are Type, Application, Wind turbine type, End-use industry,  Component, Ownership and, Region.