According to the global wind energy market report by IMARC Group, the market reached a value of US$ 83.2 Billion in 2022, and it is projected to reach a value of US$ 136.1 Billion by 2028, exhibiting a CAGR of 7.76% during 2023-2028.
Wind energy refers to a clean and renewable energy source used for generating electricity via a wind turbine that transforms kinetic energy into mechanical energy. It does not impact the environment, including fossil fuels and other conventional energy resources, that depend on combustion and emit nitrogen oxide (NO) as well as sulfur dioxide (SO2). In addition to this, wind energy is sustainable, cost-effective, commonly available, etc. Consequently, it finds wide-ranging applications in the commercial, industrial, and residential sectors across the globe.
The widespread adoption of renewable energy sources, owing to the rising consumer environmental concerns and the implementation of stringent regulations by government bodies across countries, is among the key factors stimulating the wind energy market. Moreover, the growing number of onshore and offshore wind farms is acting as another significant growth-inducing factor. Besides this, wind acts as a convenient resource for generating energy in remote locations where standard power lines cannot be extended, which is positively influencing the global market.
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Furthermore, numerous improvements in the performance and reduction in the prices of wind power technologies are augmenting the market growth. Apart from this, the inflating need for wind energy is offering various long-term employment opportunities to individuals in manufacturing, construction and installation, maintenance and operations, legal and marketing services, transportation, and logistics of wind turbine components, which is also catalyzing the market growth. In line with this, the increasing investments by key market players in upcoming wind power projects are anticipated to fuel the wind energy market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has been segmented the market into following categories:
Breakup by Component:
- Support Structure
- Electrical Infrastructure
Breakup by Rating:
- ≤ 2 MW
- >2 ≤ 5 MW
- >5 ≤ 8 MW
- >8 ≤ 10 MW
- >10 ≤ 12 MW
- >12 MW
Breakup by Installation:
Breakup by Turbine Type:
- Horizontal Axis
- Vertical Axis
Breakup by Application:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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