Wind Energy Industry | Current Insight with Future Aspect Analysis
The global wind energy industry was valued at US$ 81.33 billion in 2023 and is projected to be worth around US$ 213.26 billion by 2033, with a registered CAGR of 10.12% from 2024 to 2033.
In the rapidly growing field of Global wind energy Industry size was valued at USD 81.33 billion in 2023 and is projected to reach USD 213.26 billion by 2032, growing at a CAGR of 10.12 % from 2023 to 2032 according to a new report by Nova One Advisor.
The increasing demand for clean and affordable energy is expected to drive the growth of the Industry. The adoption of wind power is increasing at a significant pace owing to the increasing viability of wind power for large-scale energy production.
Governments across various nations have been supporting the use of renewable energy sources including solar power, hydropower, wind power, and biomass. Regulatory bodies are emphasizing on reducing carbon footprints and reducing reliance on conventional energy sources which in turn promotes power generation using wind turbines. Increasing energy needs in countries such as India, China, the U.K., and Brazil, owing to rapid industrialization is projected to have a positive impact on the Industry growth.
Wind power energy finds wide use in numerous sectors such as commercial and residential. The Onshore wind power sector has emerged as a valued renewable energy source, across the world. The cumulative installed onshore and offshore wind power capacity is projected to observe a count of 837 GW in 2021. The offshore wind power sector has been gaining thrust in the global Industry for wind power.
Regions such as South America and Middle East & Africa offer a robust business opportunity for the Industry with countries, such as Brazil, Chile, and South Africa playing a vital role in the development of the growth. The increasing demand for electricity generation from green and clean sources is likely to drive the growth of the Industry in the forthcoming years. Besides, the massive wind power potential, coupled with a continuous decrease in the cost of installation, is expected to offer extensive business opportunities to the Industry.
Some of the prominent players in the wind energy Industry include: Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group, Ming
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