Airborne Wind Energy Market Is Projected To Grow At A CAGR Of 9.7% By 2034: Visiongain


(MENAFN- GlobeNewsWire - Nasdaq) Visiongain has published a new report entitled Airborne Wind energy market 2024-2034 : Forecasts by Application (Onshore, Offshore), by Power Generation Capacity (Small-scale Systems (Below 100 kW), Medium-scale Systems (100 kW-1 MW), Large-scale Systems (Above 1 MW)), by Component (Airborne Wind Turbines, Ground Station, Tether, Other), by technology Type (Kite-based Systems, Balloon-based Systems, Glider-based Systems, Aircraft-based Systems, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis .

The global airborne wind energy market was valued at US$160.0 million in 2023 and is projected to grow at a CAGR of 9.7% during the forecast period 2024-2034.

Growing Interest and Investment from Private Sector

The growing interest and investment from the private sector are crucial drivers for the AWE market. Major corporations, venture capitalists, and private investors are increasingly recognising the potential of AWE technologies and are investing in their development and commercialization. For example, companies like SoftBank and Shell have invested in AWE startups, providing the necessary capital to advance research, development, and deployment efforts. These investments not only provide financial support but also bring valuable industry expertise and market access to AWE companies. Additionally, partnerships and collaborations between AWE companies and established energy firms are becoming more common, facilitating the integration of AWE systems into existing energy infrastructures. The increasing private sector interest and investment are accelerating the development and commercialization of AWE technologies, driving market growth.

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How has COVID-19 had a significant negative impact on the Airborne Wind Energy Market?

The COVID-19 pandemic has had a significant impact on the airborne wind energy (AWE) market, disrupting operations, supply chains, and investment activities globally. Like many other industries, the AWE sector faced challenges related to workforce disruptions, travel restrictions, and project delays, leading to uncertainty and setbacks in technology development and commercialization efforts. One of the immediate effects of the pandemic was the suspension or slowdown of AWE research and development activities as companies and research institutions shifted focus to prioritize employee safety and adapt to remote work environments. Travel restrictions and social distancing measures hindered collaborative efforts and field testing, delaying progress on prototype development and validation.

Supply chain disruptions also posed challenges for AWE technology developers, with delays in the procurement of components and equipment necessary for system fabrication and assembly. This led to project delays and increased costs, impacting timelines for pilot projects and commercial deployments. Moreover, the economic downturn resulting from the pandemic dampened investor confidence and reduced funding availability for AWE start-ups and research initiatives. Venture capital investment, a key source of funding for many AWE companies, experienced a slowdown, forcing companies to reassess their fundraising strategies and explore alternative sources of financing.

How will this Report Benefit you?

Visiongain's 369-page report provides 127 tables and 168 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global airborne wind energy market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Airborne Wind Energy. Get financial analysis of the overall market and different segments including application, power generation capacity, component, and technology type and capture higher market share. We believe that there are strong opportunities in this fast-growing airborne wind energy market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Increasing Demand for Renewable Energy

The growing global demand for renewable energy is a significant driver for the AWE market. As concerns about climate change and environmental sustainability intensify, there is a strong push towards transitioning to cleaner and more sustainable energy sources. Governments, corporations, and consumers are increasingly prioritizing renewable energy to reduce carbon emissions and mitigate the impacts of climate change. According to the International Energy Agency (IEA), the global demand for renewable energy is expected to increase significantly in the coming decades, driven by policy commitments and technological advancements. AWE systems offer a unique advantage in this context, as they can access stronger and more consistent winds at higher altitudes, leading to higher energy yields. This makes AWE an attractive option for meeting the growing demand for renewable energy, especially in regions where traditional wind turbines may not be feasible or efficient.

Increased Energy Efficiency and Capacity Factor

AWE systems offer higher energy efficiency and capacity factors compared to traditional wind turbines, which is a significant driver for the market. Traditional wind turbines are limited by their fixed height, which restricts them to lower altitude winds that are often less consistent and weaker. In contrast, AWE systems can operate at higher altitudes where winds are stronger and more consistent, leading to higher energy yields. This results in a higher capacity factor, which is the ratio of actual energy produced to the maximum possible energy that could be produced over a given period. Higher capacity factors mean that AWE systems can generate more electricity with fewer interruptions, making them more reliable and efficient sources of renewable energy. Research studies and pilot projects have shown that AWE systems can achieve capacity factors of up to 50-60%, compared to 30-40% for traditional wind turbines. This increased energy efficiency and capacity factor make AWE systems a more attractive option for renewable energy generation.

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Where are the Market Opportunities?

Expansion of Offshore Wind Energy Projects

The expansion of offshore wind energy projects is a significant driver for the AWE market. Offshore wind energy offers several advantages, including access to stronger and more consistent winds, reduced visual and noise impact, and the availability of large areas for deployment. AWE systems are particularly well-suited for offshore applications, as they can operate at higher altitudes where winds are stronger and more consistent. Additionally, the lightweight and flexible nature of AWE systems makes them easier to deploy and maintain in offshore environments compared to traditional wind turbines. Several AWE companies are already exploring offshore applications, with pilot projects demonstrating the feasibility and benefits of offshore AWE systems. The growth of offshore wind energy projects is expected to drive demand for AWE systems, as they offer a cost-effective and efficient solution for harnessing offshore wind resources.

Growing Awareness and Acceptance of AWE Technologies

Growing awareness and acceptance of AWE technologies are important drivers for the market. As AWE technologies mature and demonstrate their viability through pilot projects and commercial deployments, there is increasing recognition of their potential as a renewable energy solution. Public awareness campaigns, industry conferences, and media coverage are helping to educate stakeholders about the benefits and capabilities of AWE systems. Additionally, successful demonstrations and case studies are building confidence among investors, policymakers, and consumers. For example, projects like the Wind Lift 1 by Ampyx Power and the KitePower project by Delft University have garnered significant attention and support, showcasing the potential of AWE technologies. The growing awareness and acceptance of AWE technologies are driving their adoption and integration into renewable energy strategies, supporting market growth.

Competitive Landscape

The major players operating in the airborne wind energy market are Alphabet Inc., Ampyx Power, Aviantis Energy Group, Ecoloop, Enercon GmbH, EnerKite GmbH, Envision Group, General Electric Company, Goldwind Science & Technology Co., Ltd., KiteGen Venture, Kitemill AS, Kitenerg, Kitepower, KiteX, Nordex SE, NTS Energie- und Transportsysteme GmbH, Siemens Energy AG, SkySails Power GmbH, Suzlon Energy, TwingTec AG, Vestas Wind Systems A/S, Windswept and Interesting Ltd. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • 17 May 2024, A conditional agreement has been struck by Vestas to provide turbines for a large-scale offshore wind power project in Northern Europe. The project comprises two construction phases and a combined capacity exceeding Vestas' existing disclosure threshold of 1 GW.
  • 29 Jan 2024, Squadron Energy and GE Vernova's Onshore Wind business (NYSE: GE) has signed a strategic framework agreement for 1.4 gigawatts (GW) of onshore wind projects in Australia's New South Wales.
  • 07 March 2024, The building of a 72.45 MW wind power project for Juniper Green Energy Private Limited is the subject of a new order that was won, according to Suzlon Group, the largest provider of renewable energy solutions in India.

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To find more Visiongain research reports on the energy sector, click on the following links:

  • Offshore Wind Power Market Report 2024-2034
  • Solar Tracker Market Report 2023-2033
  • Offshore Wind Power Market Report 2022-2032
  • Wind Turbine Decommissioning Services Market Report 2020-2030

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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

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