London, May 15, 2023 (GLOBE NEWSWIRE) — The approximately US$99 Bn market for wind power (as of 2022) is all set for a stupendous hike in revenue through the end of this decade. Toward the end of 2030, the global wind power market size will primarily expand on the back of the global sustainable energy drive, further supported by the supportive government initiatives. The mass shift toward sustainable energy alternatives has been ramping up. Research finds nearly 17% rise in wind power generation in 2022 alone that supposedly can suffice the entire UK’s energy requirement. Several governments from across the globe have been keen on implementation of regulatory measures in favor of renewable energy adoption, which drives the growth of wind energy industry to a large extent. A collective effort toward curtailing the wind energy costs will further fortify the growth prospects of the market, says a new study of Fairfield Market Research. Investments are flowing in, boosting the market further.
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Insights into Segmentation Analysis
Based on the preliminary analysis, the offshore wind power segment is currently the strongest one that receives tailwinds from multiple large-scale projects that are currently underway, worldwide. The overall reduction in installation costs associated with offshore sector is expected to drive the dominance of this segment, suggests the report. Growing emphasis on uplifting the performance of wind power while moving toward its cost efficiency is projected to offer a significant thrust to the offshore segment of the wind power market.
By application, the utility sector’s primacy will prevail as this sector generates demand for wind turbines for application at large farms that require multiple turbines. Robust installations of utility-scale projects, and supportive regulatory structure keep this application segment afloat in the wind power market.
Insights into Regional Analysis
While Asia Pacific has been developing a high-potential market in the global wind power industry, Europe also emerges significantly lucrative on account of the region’s favorable movement toward establishing greater reliance on renewable forms of energy, including wind power. The former is likely to demonstrate notable growth at the fastest CAGR over the years to come. North America also stands as an important pocket for investors, and other industry participants. China leads while India, Japan, Australia, Vietnam, Thailand, and Brazil follow as the potential hotspots of wind power.
Key Competitors in Wind Power Industry
Siemens Wind Power, ABB Limited, United Power, EDF Renewable Energy, GE Wind, Suzlon Group, Vestas, Acciona, Goldwind, Nordex SE, Sinovel Wind Group, Vensys Energy, ReGen Powertech, NextEra Energy Inc., DONG Energy, Northland Power Inc.
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