Latest News- Wind Energy Market: Onshore is expected to lead the Type segment during 2025-2029

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 8.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 70.9 billion. In the global wind energy market, the adoption of energy storage solutions is a significant trend, driven by the inherent intermittency and variability of wind energy production. These storage methods facilitate the capture and preservation of surplus wind energy for utilization during periods of minimal wind or heightened demand. This trend is particularly pertinent in countries with ambitious renewable energy objectives and a substantial wind power component in their energy portfolios, such as Germany and Denmark. Notable energy storage technologies include batteries and pumped hydro storage systems, which have gained traction in countries with substantial wind energy capacities. 

Get more information on Wind Energy Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Onshore
  • Offshore
• End-user
  • Industrial
  • Commercial
  • Residential
• Component
  • Turbines
  • Support structures
  • Electrical infrastructure
  • Control systems
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
  • 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

Benefits of Buying Global Wind Energy Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Wind Energy Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Wind Energy Market encompasses technologies such as blade pitch and yaw control for optimizing energy capture, torque control for efficient power generation, and understanding power curves and wind atlas data for site assessment. Wake effect and wind shear are crucial factors in site selection, while meteorological data and energy efficiency are essential for turbine performance. Offshore wind solutions include offshore substations and floating wind turbines. Life cycle analysis, material and blade recycling, and operational costs are key considerations for sustainability. Power purchase agreements, grid parity, energy and climate policies, renewable energy portfolio standards, green finance, sustainable investing, green technology, and circular economy are essential for market growth.

Market Research Overview

The global renewable electricity market encompasses businesses involved in the production and distribution of electricity derived from renewable sources, including wind energy. This market span independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Key players include manufacturers of essential raw materials and wind energy equipment, such as wind turbines and turbine blades. Market expansion will be fueled by governmental support and ambitious targets for the deployment of renewable power, particularly in the sectors of onshore and offshore wind energy, collectively known as wind farms. These initiatives have significantly boosted the adoption of renewables 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
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/