(MENAFN- EIN Presswire)
BROOKLYN, NY, UNITED STATES, September 9, 2024 /EINPresswire / -- Wind
energy Industry
Summary:
●The global wind energy
market size reached USD 89.7 Billion in 2023.
●The market is expected to reach USD 164.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.8% during 2024-2032.
●Asia Pacific leads the market, accounting for the largest wind energy market share.
●Turbine accounts for the majority of the market share in the component segment as it is the core
technology that converts wind energy into electrical power, representing the most complex and cost-intensive part of a wind energy system.
●>12 MW holds the largest share in the wind energy industry.
●Onshore remain a dominant segment in the market, as it benefits from lower initial costs, easier access for maintenance, and established infrastructure compared to offshore wind farms.
●Horizontal axis represents the leading turbine type segment.
●Utility holds the largest share in the wind energy industry
●The declining costs of wind energy is a primary driver of the wind energy market.
●Increasing energy demand globally and corporate sustainability goals worldwide are reshaping the wind energy market.
Industry Trends and Drivers:
●Significant technological advancements:
Technological advancements are a primary driver of the global wind energy market. The evolution of wind turbine technology has significantly increased the efficiency and effectiveness of harnessing wind energy. Modern wind turbines are much more advanced than their predecessors. Innovations include larger rotor blades, which can capture more wind energy, and advanced materials that make these blades lighter and more durable. The integration of digital technologies such as predictive maintenance systems, smart grids, and advanced monitoring systems also plays a crucial role. These technologies enable better performance monitoring and predictive maintenance, reducing downtime and extending the lifespan of wind turbines. Moreover, improvements in turbine design, such as the development of floating wind turbines, have expanded the feasibility of wind energy projects. Floating turbines can be deployed in deeper waters where traditional fixed-base turbines cannot operate, thus opening up new areas for wind energy exploitation.
●Government policies and incentives:
Government policies and incentives are crucial drivers of the global wind energy market. Many countries have recognized the importance of transitioning to renewable energy sources to combat climate change and ensure energy security. As a result, they have implemented a range of policies and incentives to promote the adoption of wind energy. One significant policy tool is the implementation of renewable energy targets or mandates. Many governments have set ambitious targets for the percentage of energy that must come from renewable sources. For instance, the European Union and countries such as the United States, China, and India have established national and regional targets for wind energy capacity. These targets create a favorable regulatory environment for investment in wind energy projects. In addition to targets, governments often provide financial incentives such as tax credits, subsidies, and grants to support wind energy projects. For instance, the Production Tax Credit (PTC) and the Investment Tax Credit (ITC) in the United States offer significant financial benefits for wind energy producers.
●Environmental and economic considerations:
Environmental and economic considerations are pivotal factors driving the global wind energy market. The increasing awareness about environmental issues and the economic benefits of wind energy have significantly influenced its growth. From an environmental perspective, wind energy is a clean and renewable source of power. It does not produce greenhouse gas emissions or air pollutants during operation, which makes it an attractive option for reducing carbon footprints. As concerns about climate change and environmental degradation grow, both individuals and governments are seeking cleaner energy alternatives. Wind energy, being one of the most sustainable sources of power, aligns with global efforts to mitigate climate change impacts. Additionally, wind energy contributes to the conservation of natural resources. Unlike fossil fuels, which are finite and require extensive extraction processes, wind energy harnesses the power of natural wind flows without depleting resources. This makes it a sustainable choice for long-term energy production.
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Wind Energy Market Report Segmentation:
Breakup By Component:
●Turbine
●Support Structure
●Electrical Infrastructure
●Others
Turbine dominates the market as it is the central and most expensive part of a wind energy system, comprising essential components such as the rotor, blades, and generator that directly convert wind energy into electricity.
Breakup By Rating:
●≤ 2 MW
●>2 ≤ 5 MW
●>5 ≤ 8 MW
●>8 ≤ 10 MW
●>10 ≤ 12 MW
●>12 MW
>12 MW holds the maximum number of shares due to increasing demand for high-capacity turbines that maximize energy output and efficiency in offshore wind projects.
Breakup By Installation:
●Offshore
●Onshore
Onshore represents the largest segment due to lower costs, easier access for maintenance, and the availability of vast land areas suitable for wind farms.
Breakup By Turbine Type:
●Horizontal Axis
●Vertical Axis
Horizontal axis dominates the market due to its higher efficiency, broader operational range, and greater adoption for large-scale wind energy projects.
Breakup By Application:
●Utility
●Industrial
●Commercial
●Residential
Utility holds the maximum number of shares as it involves large-scale installations by energy companies to generate and distribute electricity to the grid, meeting growing global demand for renewable energy.
Breakup By Region:
●North America (United States, Canada)
●Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
●Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
●Latin America (Brazil, Mexico, Others)
●Middle East and Africa
Asia Pacific holds the leading position owing to a large market for wind energy driven by its rapid industrialization, government support for renewable energy, and high demand for electricity in countries such as China and India.
Top Wind Energy Market Leaders:
●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.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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