The global wind energy market was valued at US$ 77.77 billion in 2022 and is projected to be worth around US$ 174.75 billion by 2030 with a registered CAGR of 9.4% from 2023 to 2030.

Wind Energy Market Overview:

Wind energy is gained by harnessing the kinetic energy created by the movement of air and converting it into electricity. This is done using wind turbines or wind energy conversion systems. With the invention of the electric generator in the 1930s, the birth of the wind turbine came about a decade ago. This type of Wind energy is used to generate electricity from kinetic energy. Wind turbines change from wind energy into mechanical energy, which is further converted into electrical energy by a generator. Wind energy can be generated both offshore and onshore. Onshore wind energy is associated with onshore turbines located on land, while offshore wind turbines are located in the ocean. However, offshore wind turbines are more efficient than onshore wind turbines due to the continuous wind currents.

Wind Energy market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Wind Energy market in detail. Regional market sizes related to products by type, by application, and by the player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• 23 August 2022: V236-15.0 MW prototype nacelle completed and ready for testing 
  The completion of the V236-15.0 MW prototype nacelle at the factory in Lindø, port of Odense is the culmination of the dedicated efforts of a wide range of Vestas teams. The new design is now ready for testing.
• 28 September 2022: GE Renewable Energy to supply another set of 81 turbines to Continuum Green Energy for 218 MW wind power projects in India
  GE Renewable Energy announced today orders from Continuum Green Energy Limited to supply, install and commission 81 units of its 2.7-132 onshore wind turbines for the 218.70 MW wind power projects across Tamil Nadu and Madhya Pradesh, India.

Major Segments Covered in the Global Wind Energy Market:

Market Key Players:
Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group, Ming Yang Smart Energy Group Co., Siemens Gamesa Renewable Energy S.A., And Others.

By Types:

• Turbine Blade
• Electricity Generator
• Tower
• Control Equipment
• Other

By Applications:

• Power Plants
• Street Lamp
• Other

By Location

• Onshore
• Offshore

By Rating

• ≤ 2 MW
• >2≤ 5 MW
• >5≤ 8 MW
• >8≤10 MW
• >10≤ 12 MW
• 12 MW

Location Insights

Based on location, offshore was the biggest part of the global wind energy market in 2020. This was because modern technology was available and different service providers offered a wide range of solutions. This segment is expected to grow as the demand for offshore wind installations grows.

On the other hand, during the forecast period, the onshore segment is expected to be the most promising. Onshore wind power has become one of the most popular ways to get clean energy around the world because it costs less than offshore wind power. A simple installation method and a drop in greenhouse gas emissions are also factors that support category expansion. 

Application Insights

In terms of revenue, the utility segment of the global wind energy market was the most important in 2020. The utility-scale wind turbines are linked to the transmission infrastructure of the country. Large utility-scale wind power projects require a variety of building, land, and other permissions, as well as careful management of relationships with many market players.

On the other hand, it is expected that the non-utility segment will be the most promising during the forecast period. Wind energy projects for businesses and homes are both part of the non-utility sector. Because there wasn't enough space to put up a wind turbine, non-utility applications had a smaller share of the market than utility applications.

Wind Energy Market by Regions:

In 2021, more than 42.43 percent of all revenue came from the Asia-Pacific region, and this is likely to stay the case over the next five years. China had the most installations in the region because the government is working on projects and making investments to help the industry grow.

China's onshore wind power industry is expected to grow steadily over the next few years. This is because the government is encouraging the growth of renewable infrastructure to reduce the country's reliance on dirty thermal power and cut down on pollution. This is likely to affect how wind power projects in the country move forward, which is expected to boost the growth of the market as a whole.

In the wind power market, North America and Europe are seen as the most competitive and developed areas. In 2017, IKEA Systems B.V. owned almost 0.4 GW of wind power energy assets in North America that it used to power its own operations. In European markets, the Levelized Cost of Electricity (LCOE) of an offshore wind power plant is already affordable.

For example, the Netherlands and Germany have wind power projects that don't get any subsidies and have lower auction prices. So, offshore wind farms would be competitive in other markets in the region in the coming years, as the price of fossil fuels like gas and coal drops in the short term.

Significant Market Dynamics:

Market drivers:

In the forecast year, the wind energy market is expected to grow as the need to shift from conventional to renewable energy sources increases. Compared to newly built coal or gas power plants, solar and wind power are now considered more cost-competitive than 20 years ago. Additionally, operating new wind and solar energy facilities is expected to become cheaper than maintaining coal or gas-fired facilities over the forecast period.

Future demand for consistent, affordable, and sustainable energy is expected to fuel the wind energy market. The wind energy market is expected to grow due to favorable policy frameworks and regulations implemented by various governments in different countries to support renewable energy generation. in America. In 2021, 10% of electricity generated in the US came from wind energy. Increasing feasibility and accelerating growth of onshore and offshore wind farms are expected to boost the demand for wind energy over the forecast period.

Market Constraints:

One of the most developed and sustainable energy production technologies is wind energy. It has a high capacity factor compared to technologies for example solar and onshore wind, but high capital costs make it difficult to implement. Due to extended operation in harsh offshore environments, offshore wind turbines are vulnerable to erosion. For example, high wind speeds sometimes prove to be unfavorable for offshore wind turbines, even though they are very favorable.

For example, when the wind speed exceeds 25 m/s, the turbine is normally turned off. The challenges associated with the construction, transportation, installation, and operation of offshore wind farms have grown over time as they have grown in scale. Generally, offshore wind farms have more difficult logistical challenges. Typically located far from the coast and wind farms are difficult to access, especially in bad weather. This makes fixing even the smallest technical problems difficult and expensive. Resource characterization, grid connection and operation, and deployment of transmission infrastructure are extra difficult aspects of offshore wind energy deployment, much less so with other technologies like solar and onshore wind. As a result, offshore wind businesses globally are constrained by high capital expenditures and operational, maintenance, transportation, and logistics challenges.

Market opportunity:

Significantly increasing demand for renewable energy sources is expected to drive the wind energy market. Governments around the world are promoting sustainable energy sources because they reduce carbon emissions compared to conventional power sources. Offshore wind turbines also remove the limitations of sea level, making it easier to choose the best location for electricity generation.

To reduce carbon emissions, regulators and agencies in both developed and developing countries are focusing on reducing their reliance on conventional energy sources, which promotes electricity generation from renewable energy sources like solar and wind. In the forecast period, the wind energy market is expected to increase as demand for energy increases in several sectors including healthcare, food and beverage, and residential.

Players in the wind energy market are starting to increasingly prefer offshore wind farms as a power source. Deepwater projects, where high speeds create a much more favorable operating environment and drive demand for offshore areas, are expected to benefit from the growth potential offered by offshore wind power projects. Governments around the world have tremendously supported renewable energy sources.

To capture energy from the environment's organic wind resources and ultimately spur the growth of the wind energy market, countries around the world are focusing on increasing investments in offshore wind energy projects. Offshore wind energy installations are a daunting task as they require huge heavy equipment to be transported to the project site, increasing the overall cost of a wind energy project. However, technological innovations for offshore wind turbine installation have reduced overall costs, making offshore wind an attractive renewable energy option.

Report Scope of Global Wind Energy Market:

Report Attribute	Details
Study Period	2017-2030
Base Year	2022
Estimated year	2023
Forecast period	2023-2030
Historic Period	2017-2022
Units	Value (USD Billion)
Growth Rate	CAGR of 9.4% from 2023 to 2030
By Types	Turbine Blade Electricity Generator Tower Control Equipment Other
By Application	Power Plants Street Lamp Other
By Location	Onshore Offshore
By Rating	≤ 2 MW >2≤ 5 MW >5≤ 8 MW >8≤10 MW >10≤ 12 MW 12 MW
Market Key Players	Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group, Ming Yang Smart Energy Group Co., Siemens Gamesa Renewable Energy S.A., And Others.
	North America US Canada Mexico Rest of North America Europe Germany France Italy Spain UK Nordic Countries Denmark Finland Iceland Sweden Norway Benelux Union Belgium The Netherlands Luxembourg Rest of Europe Asia-Pacific Japan China India Australia South Korea Southeast Asia Indonesia Thailand Malaysia Singapore Rest of Southeast Asia Rest of Asia-Pacific The Middle East & Africa Saudi Arabia UAE Egypt South Africa Rest of the Middle East & Africa Latin America Brazil Argentina Rest of Latin America
Reasons to Purchase this Report	Qualitative and quantitative analysis of the market based on segmentation involving both economic and non-economic factors; Provision of market value (USD Billion) data for each segment and sub-segment; Indicates the region and segment that is expected to witness the fastest growth and dominate the market; Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the market's dominance by region; Analysis by product/service type A competitive landscape that includes the market ranking of the top competitors, as well as new service/product launches, collaborations, business expansions, and acquisitions of companies featured during the previous five years Extensive company profiles with business overview, company insights, product benchmarking, and SWOT analysis for the leading market players The current and future market outlook of the industry in light of recent developments (which include growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions) Includes in-depth analysis of the market from multiple perspectives using Porter's five forces analysis Provides market insight across the Value Chain Market dynamics situation, as well as development potential for the market in the coming years 6-month post-sale analyst assistance

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the Market such as Market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, region, type, application and etc., and custom research can be added according to specific requirements.
• The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.