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Global Wind Power Market to Record Robust Growth at 13.67% CAGR, Accounting for USD 278.43 Billion by 2030, as Advancements in Wind Turbine Technology Rises, States Kings Research


News provided by

Kings Research

13 Nov, 2023, 15:05 GMT

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DUBAI, UAE, Nov. 13, 2023 /PRNewswire/ -- According to a recent report published by Kings Research, the global Wind Power Market size reached USD 112.23 billion in 2022 and is projected to register USD 278.43 billion by 2030, growing at a CAGR of 13.67% from 2023 to 2030. The market growth is propelled by growing awareness of the benefits of renewable sources and the increasing demand to replace conventional sources of power with renewable sources.

Wind power, a reliable energy source, drives the demand for onshore and offshore wind energies. Technological advancements facilitate efficient energy system management in response to high market demand. Wind turbines offer flexibility, operating at lower speeds to match energy needs and aiding grid voltage and frequency control. These benefits also enhance wind farm and turbine design for easier maintenance, prolonging equipment life, and boosting market demand. Furthermore, the economic and environmental advantages of renewable energy, including emission-free power generation and reduced air pollution, are driving its adoption in the market.

Get a Sample PDF of the Report: https://www.kingsresearch.com/request-sample/wind-power-market-145

Trending Now: Norway and Poland Strengthen Offshore Wind Collaboration

In October 2023, Norway and Poland strengthened their collaboration in the offshore wind industry, with the signing of two memorandums of understanding (MoUs) between the Norwegian Offshore Wind and the Polish Offshore Wind Energy Society (PTMEW). The MoUs will promote knowledge sharing and collaboration on offshore wind projects in both countries.

Competitive Landscape

Prominent players in the global wind power market are implementing various key business strategies to enhance their market presence. These strategies include forming partnerships, engaging in mergers and acquisitions, product innovations, and establishing joint ventures.

For instance, in February 2021, Continuum Wind Energy Ltd. collaborated with an indirect wholly owned subsidiary of a Morgan Stanley fund entity called New Haven Infrastructure to issue its first green bond. The bond, expected to be valued between USD 500-600 million, was listed on the SGX. The purpose of this endeavor was to refinance project debt for six operational entities and establish wind projects in India.

Major participants profiled in the global wind power market include:

  • GE Wind
  • DONG Energy
  • NextEra Energy Inc.
  • United Power
  • Acciona
  • Nordex SE
  • Sinovel Wind Group
  • EDF Renewable Energy
  • ReGen Powertech
  • Vensys Energy
  • ABB Limited

Inquire Before Buying This Report: https://www.kingsresearch.com/enquiry/wind-power-market-145

Cost Effectiveness of Onshore Locations to Drive Wind Power Market Growth

In terms of location, the wind power market is categorized into onshore, and offshore.

The onshore segment led the market in 2022 due to its cost-effectiveness compared to offshore wind power. Easy installation, greenhouse gas reduction, and economies of scale are demands for onshore wind power.

Larger onshore projects generate more electricity at a lower cost per unit, making it a preferred choice for utility companies and governments aiming to boost their renewable energy capacity. In addition, onshore wind farms typically have shorter development timelines compared to other renewables including offshore wind.

Advancements in Wind Turbine Technology to Support Market Proliferation

On the basis of application, the wind power market is bifurcated into utility and non-utility.

The utility segment dominated the market in 2022 owing to land constraints that make it impractical for non-utility use of wind turbines. Additionally, high costs associated with non-utility applications are driving industries to integrate wind power into the utility sector, which is further boosting the growth of the segment.

Moreover, advancements in wind turbine technology have markedly enhanced the efficiency and reliability of utility-scale wind farms. These technological strides have increased cost-effectiveness, making wind power an appealing choice for utilities aiming to diversify their energy sources.

Purchase this Premium Research Report: https://www.kingsresearch.com/buy-now/145

Rising Demand for Renewable Energy Source to Spur Wind Power Market Development

The imperative to replace conventional energy sources with renewables is a key factor driving the global wind power market growth. Solar and wind energy, once viewed as costly options, now outperform new coal or gas plants in terms of cost-competitiveness. Additionally, future projections indicate that building new wind and solar facilities will be more cost-efficient than operating existing coal or gas plants.

The increasing demand for reliable, clean, and affordable energy is poised to propel market growth. Furthermore, favorable government policies and regulatory frameworks worldwide, aimed at promoting renewable power generation, are expected to boost market growth.

Increasing Installation of Wind Power in APAC to Bolster Market Progress

Asia-Pacific is expected to dominate the global wind power market over the forecast period, driven by the rising favorable government policies and increasing installation of wind power in developing countries such as China and India. These countries have made significant investments and implemented government initiatives to boost industry growth. Specifically, China's onshore wind power industry is predicted to experience steady growth in the coming years as the government focuses on expanding renewable infrastructure and reducing reliance on thermal power to minimize pollution. This process is anticipated to contribute to the regional market growth.

Additionally, countries in the Asia-Pacific region have made substantial improvements in wind power infrastructure to attract both local and international investors. These measures contribute to the growth of the wind power market as well as foster a supportive environment for research and development in renewable energy technologies.

Browse the Complete Report Here: https://www.kingsresearch.com/wind-power-market-145

Major Points from TOC:

1 Introduction of the Global Wind Power Market 

2 Executive Summary

3 Research Methodology

4 Global Wind Power Market Outlook

5 Impact of Russia-Ukraine War

6 Global Wind Power Market, By Location

7 Global Wind Power Market, By Application

8 Global Wind Power Market, By Geography

9 North America 

10 Europe 

11 Asia Pacific 

12 Middle East & Africa 

13 Latin America 

14 Global Wind Power Market Competitive Landscape

15 Company Profiles

Browse Complete TOC: https://www.kingsresearch.com/toc/wind-power-market-145

Explore More Related Reports:

Hydropower Market: The global hydropower market is expected to undergo significant growth with a projected Compound Annual Growth Rate (CAGR) of 4.97% in the coming years. This expansion is attributable to several factors, such as government initiatives, technological advancements, and increased investments.

Solar Power Market: The solar power market is anticipated to achieve a valuation of USD 314.79 billion by 2030, having been valued at USD 182.53 billion in 2022. This growth is expected at a Compound Annual Growth Rate (CAGR) of 7.05% from 2023 to 2030.

Offshore Wind Energy Market: The worldwide market for offshore wind energy is set to demonstrate an outstanding Compound Annual Growth Rate (CAGR) of 10.70% throughout the forecast period. Key elements contributing to market expansion comprise increasing government efforts to reduce carbon emissions, the involvement of significant market players, and the escalating use of turbines for power generation.

Wind Energy Cables Market: The worldwide wind energy cables market had a valuation of USD 1.57 billion in 2022 and is anticipated to attain USD 3.12 billion by 2030, with a growth rate of 8.98% from 2023 to 2030.

About Us:

Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions.

Our team comprises individuals with diverse backgrounds and a wealth of knowledge in various industries. At Kings Research, we offer a comprehensive range of services aimed at assisting you in formulating efficient strategies to achieve your desired outcomes. Our objective is to significantly enhance your long-term progress through these tailored solutions.

Contact Us

Kings Research
Phone: (+1) 888 328 2189
E-mail: business@kingsresearch.com
Website: https://www.kingsresearch.com
Blog: https://www.kingsresearch.com/blog
Follow Us: LinkedIn | Facebook | Twitter

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