The global Wind Power Market is expected to register a CAGR of ~12% from 2023 to 2030 and hold a value of over USD 262.20 billion by 2030.
Wind power refers to the process of generating electricity from the wind using wind turbines. It is a clean, renewable, and sustainable energy source that is widely used around the world.
The COVID-19 pandemic has had a significant impact on the wind power market, with the slowdown in global economic activity and decreased demand for goods and services leading to reduced investment in renewable energy projects and other sustainability initiatives.
The pandemic has also caused disruptions in the supply chain, making it more difficult to obtain the components and materials needed to build and operate wind turbines. Despite the short-term challenges posed by the pandemic, the long-term outlook for the wind power market remains positive, as the growing demand for clean and renewable energy sources, as well as the increasing concerns over the environmental impact of traditional energy sources, are expected to drive growth in the wind power market in the coming years.
In addition, favorable government policies and regulations aimed at promoting renewable energy and reducing greenhouse gas emissions are expected to provide further support for the growth of the wind power market.
Key Players
· Vestas (Denmark)
· General Electric (US)
· Senvion SA (Germany)
· Wind World Limited (India)
· Orient Green Power Company (India)
· Indowind (India)
· DNV GL (Norway)
· Siemens Gamesa Renewable Energy SA (Spain)
· Goldwind (China)
· Bergey Wind Power (US), among others
Regional Analysis
North America, particularly the United States, has a well-established wind power market and is one of the largest producers of wind energy globally. The region has a favorable policy environment, an advanced infrastructure, and a strong presence of leading players in the wind power industry, which has contributed to its growth.
The region is expected to continue to be a key player in the wind power market in the coming years, with the increasing demand for clean and renewable energy sources driving the growth of the wind power industry in North America.
Market Segmentation
The Global wind farm Market Size has been segmented into installation and application.
Based on the installation, the market has been segmented into Onshore and Offshore.
Based on the application, the market has been segmented into Residential, Commercial, and Industrial.
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