Wind Power Market Analysis
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Wind Power Market size is projected to reach USD 262.20 billion by 2030, with a CAGR of 12% from 2022 to 2030.
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Factors Studied For Market Forecast
Drivers:
- Rise in pollution level in an environment and health issues
- Depletion of fossil fuel reserves
Opportunities:
- Increasing awareness of renewable energy sources
Restraints:
- High cost installation of wind farms
- weather conditions unpredictable
- wind turbines also create a lot of noise and aesthetic pollution
Key Companies Profiled
- Vestas (Denmark)
- General Electric (US)
- Senvion SA (Germany)
- Wind World Limited (India)
- Orient Green Power Company Limited (India)
- Indowind (India)
- DNV GL (Norway)
- Siemens Gamesa Renewable Energy SA (Spain)
- Goldwind (China)
- Bergey Wind Power (US)
Market Segmentation
The global Wind Energy market is segmented based on type and application.
By type, the onshore segment will lead the market over the forecast period. The onshore wind power has emerged as a highly appreciated renewable energy source across regions for its low cost over offshore wind power. Reduction in greenhouse gases and easy installation process are also adding to the segmental growth. The offshore wind power generation is also gradually gaining significance in boosting the wind energy installations in the world.
By applications, the industrial segment will dominate the market over the forecast period for increase in demand for renewable energy sources. Wind power has growing need in isolated and rural areas where grid power is not available. The demand and price of wind energy is highly volatile for its high dependency on government incentive schemes.
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Regional Analysis
North America to Precede Wind Power Market
North America will precede the market over the forecast period. Rapid technological advances in the region, growing need for sustainable energy technologies, governments introducing strict regulations to curb the carbon footprint, increasing domestic system production, declining component prices, falling component costs, growing expenditure, and strict emission standards are adding to the global wind power market share in the region.
APAC to have Admirable Growth in Wind Power Market
The APAC region will have admirable growth over the forecast period and at a healthy CAGR. Ongoing initiatives investments undertaken via the government of China, steady increase in the onshore wind power industry especially in China, and the government encouraging the expansion of renewable infrastructure for reducing the stake of thermal power and reduce pollution are adding to the global wind power market growth in the region.
