Technavio analyzes that 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.There are various factors that contribute to the growth of the market. The wind energy market is experiencing significant growth due to heightened consciousness regarding environmental pollution and the widespread acceptance of renewable energy sources. This shift towards sustainable energy solutions is driving demand for wind power, as it offers a clean and efficient alternative to traditional fossil fuel-based energy production. The increasing trend towards reducing carbon footprints and promoting sustainability is expected to continue fueling the expansion of the wind energy sector.
In the last decade, technological advancements have significantly reduced the cost of generating new onshore wind power by approximately 50%. Consequently, wind energy has emerged as the most economically viable source of power generation for efficient onshore wind projects worldwide. The Swedish government, in its commitment to mitigating climate change and expanding renewable energy sources, has set ambitious targets. Specifically, they aim to increase the country's wind energy production capacity to 100 terawatt-hours (TWh) by 2040, with 80 TWh coming from onshore wind farms. This represents a substantial increase from the current 28 TWh produced by over 4,000 onshore wind turbines. Offshore wind expansion also plays a crucial role in the country's renewable energy strategy, with kinetic and mechanical energy harnessed from wind and water pumping contributing to the nation's sustainable energy mix.
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Wind Energy Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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Wind energy, a renewable form of electricity generation, harnesses kinetic energy from wind using wind turbines. Unlike traditional fossil fuel-based energy sources, wind energy produces no greenhouse gas emissions. Wind energy technologies encompass onshore wind turbines and those in the sea or ocean. These projects convert mechanical energy into electrical energy through generators, pumping water or transmitting electricity via transmission lines. Environmental rules govern the development of wind energy projects to minimize impact on land and marine ecosystems. Wind energy is a clean, sustainable alternative to hydrogen energy in its various forms - liquid, solid, or gaseous.
The global wind energy market is a significant segment of the larger independent power and renewable electricity market, as identified by Technavio. This market encompasses businesses involved in the production and distribution of electricity derived from renewable sources, including wind energy. Key players span independent power producers, gas and power marketing specialists, integrated energy merchants, and renewable electricity providers. Additionally, manufacturers of raw materials and wind energy technology equipment contribute to this market's growth. Factors driving expansion include supportive policies and ambitious targets for renewable power adoption, with wind energy and offshore wind farms gaining significant traction.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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