Global Wind Energy Market- Overview
It is estimated for the global wind energy market to witness growth at a CAGR of 7.3% during the forecast period of 2022 to 2030. The market witnessed growth at a CAGR of 5.9% during the previous forecast period of 2018 to 2021. Wind power or wind energy is mostly the use of wind turbines to generate electricity. Wind power is a popular, sustainable, renewable energy source that has a much smaller impact on the environment than burning fossil fuels.
Global Wind Energy Market- Growth Factors
The growing demand for a clean and dependable source of energy is driving the growth of the market during the forecast period. Friendly policy structures and frameworks formed by the governments across the world to promote wind energy is driving the growth of the market during the forecast period. Unlike the olden days, conservation of wind energy is considered to be cost-friendly in the current scenario and this factor is also estimated to drive the growth of the market during the forecast period. The increasing viability of onshore and offshore wind farms is also a factor that is estimated to foster the growth of the market across various regions of the world majorly the region of Asia Pacific. Governments are supporting for the implementation of various natural forms of energies including wind energy, solar energy and many more through the means of different schemes and this factor is also estimated to foster the growth of the market during the forecast period.
Global Wind Energy Market- Market Trends
Friendly policy structures and frameworks formed by the governments across the world to promote wind energy is driving the growth of the market during the forecast period.
Unlike the olden days, conservation of wind energy is considered to be cost-friendly in the current scenario and this factor is also estimated to drive the growth of the market during the forecast period.
Governments are supporting for the implementation of various natural forms of energies including wind energy, solar energy and many more through the means of different schemes and this factor is also estimated to foster the growth of the market during the forecast period.
Global Wind Energy Market- Segmentation
The global wind energy market is segmented on the basis of location type and application type.
Based on location type, the market is segmented into,
Onshore
Offshore
Based on application type, the market is segmented into,
Utility
Non-utility
Global Wind Energy Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Wind Energy Market Key Market players
GE Renewable, Siemens Gamesa, ENERCON GmbH, Vestas, Suzlon Group, Goldwind, Nordex SE, Sinovel and Dongfang Electric Corporation are some of the major players that are driving the growth of the market during the forecast period.
