Wind Energy Market size is set to grow by USD 47.88 bn from 2024-2028, increasing awareness of environmental pollution and support for renewable energy boost the market- Technavio

NEW YORK, April 5, 2024 /PRNewswire/ -- The global wind energy market size is estimated to grow by USD 47.88 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 7.93% during the forecast period. The wind energy market is expanding due to environmental concerns and the depletion of fossil fuel resources. Countries like India, China, and the US aim to reduce greenhouse gas emissions and increase renewable energy usage, leading to significant investments in wind energy infrastructure. Key components include electrical wind generators, wind battery charging, and onshore/offshore wind farms. Challenges include sea depth constraints, raw materials, and cost-effective solutions. Renewable energy sources like wind power are essential for isolated coastal areas and reducing carbon emissions from traditional power plants and fossil fuels (coal, oil). Wind energy technologies include fixed wind turbines, floating foundations, and transmission lines. 

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Segment Overview 

This wind energy market report extensively covers market segmentation by Type (Onshore, Offshore) End-user (Industrial, Commercial, Residential) Geography (APAC, North America, Europe, South America, Middle East and Africa)

Market segmentation by Type

The Wind Energy Market in 2023 is experiencing significant growth, driven by the industrial sector's shift towards renewable power sources. Electrical wind generators are increasingly being used to charge batteries in industrial facilities, reducing reliance on fossil energy sources like coal and oil. Sea depth constraints have led to the development of offshore wind plants, which are more cost-effective than traditional power plants. Raw materials production is benefiting from wind energy, with wind turbines integrated into manufacturing processes. Advances in wind energy technologies, such as larger turbine capacities and floating foundations, are making wind power more appealing. Weather conditions are a factor, with onshore wind energy projects facing fewer challenges than offshore farms. Renewable energy sources, including geothermal, hydropower, tidal energy, and solar thermal energy, are complementing wind energy projects. Transmission lines are essential for transporting electricity from wind energy projects to meet demand. Despite challenges like storms and high installation costs, the wind energy market continues to expand, offering clean energy solutions for a sustainable future.

Geography Overview

The Wind Energy Market in APAC is projected to lead the global market during the projection period. Electrical wind generators are a key component, with wind battery charging becoming increasingly important due to weather conditions and electricity demand. However, sea depth constraints pose a challenge for offshore wind plants. Raw materials and cost-effective energy solutions are crucial for the development of renewable power in isolated coastal areas. Traditional power plants relying on fossil energy sources, such as coal, oil, and natural gas, are being replaced by wind energy projects. Land-based onshore turbines and offshore wind farms are two primary wind energy technologies. Offshore wind energy projects face challenges like storms and harsh weather conditions, requiring advanced technologies like Twisted Jacket foundations. Renewable energy sources, including wind power, geothermal energy, hydropower, tidal energy, and solar thermal energy, are increasingly preferred over fossil fuels to reduce carbon emissions and greenhouse gas emissions. Fixed wind turbines and floating foundations are used for onshore and offshore installations, respectively, with larger turbine capacities and lower installation costs driving market growth. Transmission lines are essential for transporting electricity from wind energy projects to consumers. 

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• The wind energy market is shifting towards energy storage integration due to wind's intermittent nature. Nations with high wind capacity, like Germany and Denmark, adopt batteries and hydro storage systems. Wind generators charge batteries during excess production. Depth and raw materials pose challenges for cost-effective energy solutions. Renewable power targets drive this trend, benefiting isolated coastal areas and reducing reliance on traditional power plants and fossil fuels. Offshore wind farms with larger capacities and lower installation costs are also key players. Weather conditions impact production, and alternative energy sources like geothermal, hydropower, tidal, and solar thermal energy are also considered.
• The wind energy market faces substantial upfront costs for establishing wind farms, including land purchase, wind turbine construction, and grid infrastructure improvements. Integrating wind power into the grid necessitates additional investments in smart grid technologies and energy storage systems. Key sectors, such as commercial and residential, aim for sustainability goals and reduced energy costs, driving wind energy adoption despite high initial investments. Wind power potential exists in various forms, including onshore and offshore, with renewable energy technology advancing through regulatory support and innovation in hydrogen, electric, and mechanical energy applications.

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Research Analysis

The Wind Energy Market is experiencing significant growth as the world shifts towards renewable energy sources to reduce reliance on traditional, fossil fuel-based energy and decrease greenhouse gas emissions. Wind energy technologies, such as onshore wind turbines, harness kinetic and mechanical energy from the wind to generate electricity. Wind energy projects often include wind turbines and transmission lines, transforming wind energy into clean, electric energy for widespread use. Onshore wind turbines are the most common type, but wind energy can also be derived from land-based wind pumps and electrical wind generators. Wind energy is a formidable renewable energy technology, providing a clean, sustainable alternative to hydrogen energy in its liquid, solid, or gaseous forms. The ocean and sea offer vast potential for wind energy, with advancements in wind energy technologies continually expanding the market's reach. Environmental rules and regulations play a crucial role in the wind energy market, ensuring sustainable practices and minimal impact on the environment.

Market Research Overview

The Wind Energy Market is a significant sector in the renewable energy industry. Engy and sources reveal that wind turbines produced over 700 terawatt-hours of electricity worldwide in 2020. The U.S., China, and Germany are leading countries in wind energy production. Offshore wind energy is gaining popularity due to its higher capacity factor. In 2020, offshore wind accounted for approximately 10% of global wind energy capacity. The technology is evolving, with advancements in turbine size and efficiency. Wind energy projects require substantial initial investment but offer long-term benefits, including reduced greenhouse gas emissions and energy independence. The industry faces challenges such as intermittency and the need for energy storage solutions. However, advancements in technology and policy support continue to drive growth in the wind energy market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Onshore
• Offshore
• End-user
• Industrial
• Commercial
• Residential
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio