Wind Energy Market to grow by USD 41.75 billion from 2021 to 2026 | The need for sustainable energy and increasing focus on energy security to boost market growth- Technavio

NEW YORK, Oct. 6, 2023 /PRNewswire/ -- The wind energy market is expected to grow by USD 41.75 billion from 2021 to 2026, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 7.75% during the forecast period. To find a preview of the market overviews, market drivers, opportunities, and potentials request free sample report

Wind Energy Market 2022-2026: Company Analysis

The wind energy market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified companies. The global off-grid wind energy market is expected to grow rapidly during the forecast period due to the Need for sustainable energy and an increasing focus on energy security. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. ABB Ltd., Acciona SA, Adani Green Energy Ltd., Ameresco Inc., EDF Renewables, General Electric Co., Inox Wind Ltd., LM Wind Power, Nextera Energy Inc., Northland Power Inc., Orsted AS, ReGen Powertech Pvt Ltd., Renewable Energy Systems Ltd., SB WIND ENERGY, Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd, Tata Power Co. Ltd., Vensys Energy AG, and Vestas Wind Systems AS

Major Companies and Key Offerings:

• ABB Ltd. - The company offers wind energy solutions such as wind turbine converters.
• Acciona SA - The company offers wind energy solutions such as construction to the operation and maintenance of wind farms. 

Wind Energy Market 2022-2026: Segmentation Analysis

By Type

• The wind energy market share growth by the onshore segment will be significant during the forecast period. The cost of production has fallen for the best-performing inland wind power projects worldwide. Wind energy has thus become the cheapest way to generate electricity. Moreover, targets for increased offshore wind power generation are set by various governments around the world. For example, the Swedish Government envisages increasing its wind power capacity to 100 TWh by 2040 out of which 80 TWh will be produced from inland wind farms and compared with 28 TWh that it currently generates via a fleet of 4,000 turbines. Hence, these factors are expected to segment market growth during the forecast period.

By Geography 

• APAC is estimated to contribute 53% to the growth of the global market during the forecast period. China, Japan, India, Australia, and South Korea were among the most prominent countries in this region. Financial incentive programs such as feed-in tariffs in countries like China, Japan, Thailand, India, and Vietnam contribute significantly to the market's growth in the region. China and India are shifting their focus towards renewable energy sources, for example, wind power, because of rising greenhouse gas emissions. An increased emphasis on the replacement of fossil fuel with wind energy is apparent from initiatives adopted by many countries in the region, and their speed of implementation. In addition, the region's wind energy market will be boosted by the objectives set by governments to build solar power plants. Hence, these factors are expected to drive market growth in the region during the forecast period.

• Other regions include North America, Europe, South America, and the Middle East and Africa

To know additional highlights and key points on various market segments and their impact in coming years, Get free Sample Report.

Imperative Insights on the following aspects:

• What was the size of the global wind energy market by value?
• What will be the size of the global wind energy market in 2026?
• How has the global wind energy market performed over the last 5 years?
• What factors are affecting the strength of competition in the global wind energy market?
• What main segments make up the global wind energy market?

Related Reports:

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The wind turbine monitoring systems market size is estimated to grow at a CAGR of 17.42% between 2022 and 2027. The market size is forecast to increase by USD 6,557.84 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio