Latest News- Wind Energy Market: Onshore is expected to lead the Type segment during 2024-2028

The Wind Energy Market is being driven by Increasing awareness of environmental pollution and support for renewable energy

The Wind Energy Market is expected to grow at a CAGR of 7.93% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 47.88 billion. In the global wind energy market, the integration of energy storage solutions is a significant trend, driven by the intermittent and variable nature of wind energy production. This trend is particularly relevant for countries with ambitious renewable energy targets and a substantial proportion of wind power in their energy mix. For instance, in nations like Germany and Denmark, which boast large wind energy capacities, the adoption of energy storage technologies, such as batteries and pumped hydro storage systems, has surged in popularity. These solutions facilitate the capture and storage of excess wind energy for utilization during periods of low wind or increased demand. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Onshore
  • Offshore
• End-user
  • Industrial
  • Commercial
  • Residential
• Geography
  • APAC
    • China
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing awareness of environmental pollution and support for renewable energy
• Increasing demand for clean and sustainable energy sources
• Depletion of fossil fuel sources spurring shift to renewable energy sources

However, the market also witnesses some limitations, which are as follows:

• High upfront costs and investments needed in wind energy
• Intermittent nature and variability of wind energy production
• Shortage of locations with adequate wind resources

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Market Scope in Wind Energy Market Research Report

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Research Analysis Overview

In the Wind Energy Market, technologies such as Blade Pitch Control, Yaw Control, and Torque Control optimize turbine performance. Grid Synchronization ensures seamless power integration. Power Curtailment and Wind Resource Mapping manage output levels and availability. Wake Effects and Wind Shear impact turbine efficiency. Downwind Turbine Performance and Life Cycle Assessment enhance reliability and sustainability. Wind Energy Modeling predicts performance and mitigates Climate Change. Renewable Portfolio Standards, Energy Transition, Sustainable Development, and Circular Economy drive market growth.

Market Research Overview

The global wind energy market is a segment of the larger independent power and renewable electricity market, as identified by Technavio. This market encompasses businesses involved in the generation and distribution of electricity derived from renewable sources. Key players include independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Additionally, manufacturers of raw materials and equipment used in wind power generation, such as wind turbines, control systems, power electronics, turbine blade designs, wind resource assessment, site selection, and wind farm development, are integral to this market. The expansion of the global renewable electricity market will be fueled by supportive policies and targets for renewable power deployment. These initiatives have spurred a substantial increase in the adoption of renewable energy sources over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/