The global wind power market is expected to grow at a compound annual growth rate (CAGR) of 12% from 2022 to 2030, reaching USD 262.20 billion by 2030. This growth is being driven by a number of factors, including:
· Government support for renewable energy: Governments around the world are setting ambitious targets for renewable energy deployment, and wind power is a major part of these plans. For example, the European Union has set a target of 40% renewable energy by 2030, and the United States has set a target of 100% clean energy by 2035.
· Declining costs of wind power: The cost of wind power has declined significantly in recent years, making it more competitive with traditional fossil fuel-based power generation. In some cases, wind power is now the cheapest source of new electricity generation.
· Technological advancements: Wind turbine technology is constantly improving, making turbines more efficient and reliable. This is helping to reduce the cost of wind power and make it more attractive to investors.
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 turbine technology 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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