with CAGR of 8.1%, Wind Energy Market is anticipated to grow at a CAGR of 8.1% from 2022 to 2028.

The global wind power capacity is growing fast in the last ten year, as a result, wind power has quickly become part of the mainstream in the global electricity industry. Since 2000, cumulative wind capacity has grown at an average annual growth of 27.0%. The vast majority of this capacity has been located on land. In the wind energy industry, there is intense competition between the wind turbine manufacturers to develop more advanced wind turbines. Vestas and GE Renewable Energy have the largest market shares in the global market. Wind power, along with solar energy, would lead the way for the transformation of the global electricity sector. According to International Renewable Energy Agency (IRENA), onshore and offshore wind would generate more than one-third (35%) of total electricity needs, becoming the prominent generation source by 2050. In addition, the U.S. Energy Information Administration (EIA) estimates that U.S. electricity demand will grow by 39% reaching 5.8 billion megawatt-hours (MWh) by 2030. Thus, to meet 20% of that demand, U.S. wind power capacity would have to reach more than 300 gigawatts (GW) or more than 300,000 megawatts (MW). As per the Global Wind Energy Council, India is expected to install more than 20GW of wind power capacity between 2021 and 2025. Spain aims to generate 22 GW of new wind energy capacity installations by 2030. Thus, to achieve such ambitious targets, significant investment is needed which will drive the market outlook over the forecast period.

Vestas Wind Systems A/S, Goldwind.com, Siemens Gamesa Renewable Energy S.A., GE Renewable Energy, Nordex SE– Prominent Market Participants in Wind Energy Market

Scaling up wind energy investments is key to accelerating the growth of global wind power installations over the coming decades. Increasing economies of scale, more competitive supply chains and further technological improvements will continue to reduce the costs of wind power. The ongoing increase in wind turbine size for onshore applications is set to continue, from an average of 2.6 megawatts (MW) in 2018 to 4 to 5 MW for turbines commissioned by 2025. largest turbine size of around 9.5 MW today will soon be surpassed, with expectations that projects to be commissioned in 2025 would comprise of turbines with ratings of 12 MW and above. Research and development will likely lead to a potential to increase this to 15 to 20 MW in a decade.

The main markets driving growth of the wind energy are Asia and Europe. However, emerging markets in Latin America, led by Brazil are also becoming more competitive. Further, Africa and Middle East has shown a great development of wind power technology. The combination of improved wind turbine technologies, deployment of higher hub heights and longer blades with larger swept areas leads to increased capacity factors for a given wind resource. Thus, growing number of innovations in wind turbine, wind farm solutions is expected to boost the market growth.

The top five companies in the market Vestas Wind Systems A/S, Goldwind.com, Siemens Gamesa Renewable Energy S.A., GE Renewable Energy, Nordex SE. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below: