According to our latest market study on, "Wind Energy Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Capacity and Installation," the market is expected to grow from US$ 85,375.22 million in 2022 to US$ 1,36,544.05 million by 2028; it is expected to grow at a CAGR of 8.1% from 2022 to 2028.
Raising Investments in Renewable Energy Sources Fuels Wind Energy Market Growth
Renewable energy is an environmentally friendly and sustainable energy source that offers numerous benefits, including reducing reliance on imported fuels, diversifying the energy supply, and emitting no greenhouse gases. This has led to increased adoption of renewable energy by the residential, industrial, and commercial sectors. The US government has taken steps to increase offshore wind energy along the East Coast, such as approving a large wind farm off the New Jersey coast in March 2021. This initiative aims to generate electricity for over 10 million homes across the country by 2030, thereby boosting investment in renewable energy and driving the growth of the wind energy market. Similarly, the South Korean government has pledged to invest US$ 7.7 billion by 2025 in renewable energy projects, including wind, solar, and hydrogen, and establish 12GW of offshore wind capacity by 2030. In February 2021, the South Korean government also announced plans to build an 8.2GW offshore wind facility by 2030, with an investment worth US$ 43.2 billion. These positive developments in renewable energy are expected to contribute to the industry's growth over the forecast period.
Axpo agreed with Greencoat Renewables plc in May 2022 to sell four wind farms in France. In December 2021, Siemens Gamesa and Iberdrola entered into service contracts for sixty-nine wind projects. RWE is investing over US$ 41.04 million in its new Rea Unificado wind farm in northeastern Spain, which is expected to commence operations by the end of 2022 with nine Nordex wind turbines set to be erected in Spring 2022. ACWA Power signed a project agreement in June 2022 to construct a 1.1GW wind project in Egypt worth US$ 1.5 billion, expected to provide electricity to more than one million households.
The wind energy market is poised to experience significant growth in the upcoming years, owing to the support of various governments worldwide through policies and investments to increase the installation of wind turbines. Germany, for instance, is introducing a bill to accelerate wind energy expansion, with plans to deploy offshore wind targets of over 10 GW per year from 2025 through the historic Easter Package. As a result of these government initiatives, 80% of Germany's electricity demand is projected to be met by renewable energy sources by 2030. In addition, the Italian government is framing incentives for offshore wind projects, boosting market dynamics. Saitec is expected to develop a pre-commercial pilot park in the Mediterranean Sea by 2025, with five units and a potential 50MW energy generation. Furthermore, the UK's fourth round of the Contracts for Difference (CfD) scheme is now open for renewable energy projects to bid for funding, aiming to secure 12GW of electricity capacity.
Key Findings of Study:
The wind energy market is divided into two segments based on capacity and installation. The capacity segment includes four sub-segments: up to 1MW, 1-3 MW, 3-5 MW, and above 5MW. Among these, the 1-3 MW segment held the largest market share in 2021 due to the rising investment in 1-3MW wind energy projects. On the other hand, the installation segment is divided into onshore and offshore, with the onshore segment accounting for a larger market share in 2021. The growth of the onshore segment is mainly attributed to the increasing investment and the growing number of onshore projects over the forecast period.
BYD Company Ltd; ENERSYS; SolarEdge Technologies Inc; sonnen Group; 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 wind energy market research study to get a holistic view of the global wind energy market and its ecosystem.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com