According to the new research report published by The Insight Partners, titled “Wind Energy Market size is expected to reach US$ 220.7 billion by 2028 and it is registering at a CAGR of 5.0% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Renewable energy is a clean source of energy as it does not emit greenhouse gases, diversifies the energy supply, and reduces dependence on imported fuels. The advantages of renewable energy and growing adoption from the residential, industrial, and commercial sectors are paving the way toward sustainable energy security. Thus, the advantages of renewable energy are increasing the investment in renewable energy, which is driving the wind energy market growth over the forecast period. As per the National Energy Administration (NEA), China has more than doubled its offshore wind capacity, from less than 10GW in 2020 to 26.4GW in 2021. Further, as a part of efforts to boost renewable energy to meet climate change goals, in March 2022, the National Development and Reform Commission (NDRC) of China planned to build 450GW of solar and wind power generation capacity on the Gobi and other desert regions. Thus, the increasing production capacities of wind energy is anticipated to boost the market growth over the forecast period. The US government is moving forward to increase offshore wind energy along the East Coast. For instance, in March 2021, the US government approved a huge wind farm off the New Jersey coast as part of an initiative to generate electricity for more than 10 million homes nationwide by 2030.
The strong onshore wind investments support Europe’s need to reach its new climate change and energy security targets. The REPowerEU agenda strategizes to expand the European wind capacity from 190 GW in May 2022 to 480 GW by 2030. According to the agenda, building 35GW of new wind turbines every year until 2030 will help achieve the goal. The new wind investments in Europe in 2021 covered only 19 GW of new capacity. As per WindEurope, in May 2021, Europe invested US$ 42 billion in new wind farms, financing 25GW of new capacity. The increase in investment in renewable energy is showing an upward trend in the installation of wind farms, a surge in contracts from turbine manufacturers, and an increase in competitiveness in the market. According to the Institute for Energy Economics and Financial Analysis, an investment worth US$ 14.5 billion was invested in India’s renewable energy during 2021-2022, up by 125% compared to previous financial years. In addition, as per the Japan Wind Power Association, Japan installed 87 new wind turbines at 16 different sites totaling 221MW capacity in 2021 and targeting ~28GW of wind power capacity by 2030.
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The wind energy market is bifurcated into capacity and installation. Based on capacity, the wind energy market is segmented into upto 1MW, 1-3 MW, 3-5 MW, and above 5MW. Based on installation, the wind energy market is bifurcated into onshore and offshore.
BYD Company Ltd; ENERSYS; SolarEdge Technologies Inc; sonnenGroup; and SAMSUNG SDI CO., LTD are a few of the key players profiled during this study on the wind energy market. Several other important market players were analyzed during the course of this market research study to get a holistic view of the global wind energy market and its ecosystem.
The COVID-19 outbreak dramatically impacted the global economy in early 2020, and the crisis has hampered business activities in manufacturing industries. Before the onset of the COVID-19 pandemic, the wind energy market was experiencing substantial growth owing to the growing awareness among consumers, planned strategies and projects as per timelines, and supportive government policies framework. Further, significant investment initiatives in wind energy farms were driving the market growth. However, the projects under construction were delayed or postponed after the onset of the pandemic, which has adversely affected the market. In a few countries, access to some sites was allowed under full lockdown, while in others, work on some projects could not continue even under a partial lockdown.
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