Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 70 Billion in 2022 wind energy market will reach USD 181.56 Billion by 2032. An excellent renewable, sustainable energy source is wind power. It's also recognised that it creates a significant number of jobs worldwide. It makes a major contribution to the ongoing effort to reduce carbon emissions. Accelerating the development of advanced, high-end wind turbines has made it possible to generate sustainable energy. They supply buildings, such as homes, workplaces, farms, and other structures, with energy.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 70 Billion |
| Market Size in 2032 | USD 181.56 Billion |
| CAGR | 10% |
| No. of Pages in Report | 237 |
| Segments Covered | Installation Type and Application |
| Drivers | The increasing adoption of renewable and sustainable energy |
| Opportunities | Technological advancements |
| Restraints | The high installation costs |
Key Insight of the Wind Energy Market
Asia Pacific emerged as the most significant market, with 43% market revenue share in 2022.
Asia Pacific dominated the market, with a market share of around 43% in 2022. The market has grown as a result of the growing emphasis on using more renewable energy sources to meet rising energy consumption and climate pledges. The market will be driven by rising government spending on the creation, extension, and installation of renewable energy sources.
The onshore segment accounted for the largest market share of 67% in 2022.
The onshore segment dominated the market, with a market share of around 67% in 2022. Wind turbines located on land are the source of onshore wind energy. They are propelled by the natural flow of air. Onshore wind farms are usually located in wide spaces such as fields where there is no obstruction to the natural airflow.
The industrial segment accounted for the largest market share of 35% in 2022.
The industrial segment dominated the market, with a market share of around 35% in 2022. The centre of manufacturing for many different industries is China. It also consumes a large amount of wind energy that is directed towards the nation's extensive industrial belts. The increasing need on industrial facilities to curtail their carbon emissions has played a role in their transition to wind power. Governments are also pushing for industrial use.
Market Dynamics
Driver: The increasing adoption of renewable and sustainable energy
Global awareness of the disastrous effects of global warming is growing. If humans don't stop the rise in temperature, climate change will get worse over the coming decades. Governments around the world have acknowledged the necessity of containing climate change in order to avoid the loss of millions of lives, assets, money, and geographical landforms, among other things. The global movement to combat climate change is gaining speed. One of the biggest causes of the increase in carbon emissions is the use of fossil fuels. It is essential to lessen reliance on fossil fuels. Meeting the growing need for energy is as crucial, though. Wind energy is one of the best clean energy sources since it is renewable.
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Some of the major players operating in the wind energy market are:
• Dongfang Electric Corporation
• ENERCON GmbH
• Exelon Corporation (EXC)
• GE Renewable
• Goldwind
• Nordex SE
• Siemens Gamesa Renewable Energy S.A.
• Sinovel
• Suzlon Group
• Vestas
Key Segments cover in the market:
By Type:
• Onshore
• Offshore
By Application:
• Residential
• Industrial
• Commercial
By Region
• Asia Pacific (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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