The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global wind energy market is on a dynamic trajectory, set to surge from $81.73 billion in 2022 to $90.33 billion in 2023, boasting a compelling compound annual growth rate (CAGR) of 10.5%. The momentum is anticipated to continue, propelling the market to a substantial $129.12 billion in 2027, maintaining a robust CAGR of 9.3%.

Riding the Renewable Wave: Adoption of Renewable Energy Sources

The Green Revolution

A pivotal force steering the growth of the wind energy market is the increasing adoption of renewable energy sources. As the world pivots towards cleaner and sustainable energy alternatives, wind energy emerges as a frontrunner. It is a clean, cost-effective, and readily available source of renewable energy. Notably, biomass played a significant role in the U.S. energy landscape in 2021, contributing approximately 5% of all primary energy used. Biofuels, wood biomass, and other renewable sources showcased the diverse applications of renewable energy. The global push towards renewable energy adoption is propelling the wind energy market to new heights.

Market Giants: Leaders in the Gust

Navigating the Landscape

In this dynamic market, several key players are at the forefront, navigating the wind energy landscape. Siemens Gamesa Renewable Energy, ABB India Limited, Suzlon Energy Ltd., Ørsted A/S, Goldwind, ReGen Powertech, Vensys Energy, Wind World (India) Limited, United Power, Nordex SE, Sinovel Wind Group, EDF Renewable Energy, ReGen Powertech, Vensys Energy, Adani Green Energy, and Pearce Renewables are among the major contributors shaping the wind energy market’s future.

Tech-Powered Turbines: Technological Advancements

Innovation in the Wind

A prominent trend in the wind energy market is the infusion of technological advancements. Major companies in the wind energy sector are investing in cutting-edge technologies to enhance the efficiency and sustainability of their products. An illustrative example is WEG Industries, a Brazil-based electric engineering company, which, in July 2022, launched a groundbreaking wind turbine platform featuring Medium-Speed Geared (MSG) drive technology. With a capacity of 7 MW and a rotor diameter of 172 meters, this turbine boasts unique features such as seamless electrical grid hookup, flexibility to adhere to various grid codes, and the ability to produce reactive energy in the absence of wind. The modular design, including a taller tower, facilitates logistics and assembly in challenging geographic locations. Technological advancements like these are reshaping the landscape of the wind energy market.

Segmenting the Breeze: Market Overview

Diverse Configurations

The global wind energy market follows diverse configurations, segmented based on various criteria:

1. By Turbine Type:
   • Horizontal Axis
   • Vertical Axis
2. By Component:
   • Turbine
   • Support Structure
   • Electrical Infrastructure
   • Other Components
3. By Location:
   • Onshore
   • Offshore
4. By Application:
   • Utility
   • Industrial
   • Commercial
   • Residential

Continental Dynamics: Regional Overview

Asia-Pacific Leading, North America Rising

In 2022, Asia-Pacific emerged as the leader in the wind energy market, claiming the largest market share. Looking ahead, North America is poised to be the fastest-growing region in the forecast period. Regional dynamics play a crucial role in understanding the current and future landscape of the wind energy market.

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The Wind Energy Global Market Report 2023  provides an overview of the wind energy market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The wind energy market forecast analyzes wind energy market size, wind energy market share, leading competitor and their market positions.

The Table Of Content For The Wind Energy Market Include:

1. Wind Energy Market Executive Summary
2. Wind Energy Market Segments
3. Wind Energy Market Size And Wind Energy Market Growth Rate
4. Key Wind Energy Market Trends
5. Major Wind Energy Market Drivers
……
25. Key Mergers And Acquisitions In The Wind Energy Market
26. Top Wind Energy Companies
27. Wind Energy Market Opportunities And Strategies
28. Wind Energy Market, Conclusions And Recommendations
29. Appendix

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