Wind Energy Market Size, Trends and Insights By Technology (Onshore Wind Energy, Offshore Wind Energy), By Turbine Type (Horizontal Axis Wind Turbines (HAWT), Vertical Axis Wind Turbines (VAWT)), By End-User (Residential, Commercial and Industrial), By Component Type (Wind Turbine Components, Supporting Infrastructure), By Project (Utility-Scale, Distributed (Small-Scale)), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Nordex SE
- Enercon GmbH
- Suzlon Energy Limited
- Orsted A/S
- NextEra Energy Resources LLC
- Others
Reports Description
As per the current market research conducted by the CMI Team, the global Wind Energy Market is expected to record a CAGR of 7.6% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 80.1 Billion. By 2032, the valuation is anticipated to reach USD 155.1 Billion.
Net Onshore Wind Electricity Capacity Additions (GW) by Country or Region, 2022-2024
| Country | 2022 | 2023 | 2024 |
| China | 30.9 | 59.0 | 62.0 |
| European Union | 13.7 | 17.9 | 15.3 |
| United States | 8.2 | 11.0 | 10.2 |
| India | 1.8 | 3.6 | 3.6 |
| Brazil | 3.0 | 5.3 | 2.9 |
Source: According to iea.org
The wind energy market involves the generation, distribution, and utilization of electricity harnessed from wind power. It encompasses the development and operation of onshore and offshore wind farms, manufacturing and installation of wind turbines, and associated technologies. Major players, such as Vestas, Siemens Gamesa, and General Electric, drive advancements in turbine technology.
Key factors include government incentives, sustainability goals, and global efforts to combat climate change. The market has witnessed continual growth, supported by technological innovations, increased energy demand, and a shift towards renewable sources. Wind energy plays a vital role in the transition to sustainable, low-carbon energy systems worldwide.
Wind Energy Market – Significant Growth Factors
The Wind Energy Market presents significant growth opportunities due to several factors:
- Policy Support and Incentives: Favorable government policies, subsidies, and incentives promote the development of wind energy projects. Encourages investment, accelerates project approvals, and boosts the overall growth of the wind energy market.
- Technological Advancements: Continuous innovations in wind turbine technology, lead to increased efficiency and cost-effectiveness. Enhances the competitiveness of wind energy, attracts investment, and drives the expansion of wind power capacity.
- Global Energy Transition: Increasing emphasis on transitioning to cleaner, sustainable energy sources. Positions wind energy as a key player in the global effort to reduce carbon emissions and mitigate climate change.
- Energy Demand and Market Competitiveness: Rising global demand for energy, coupled with the growing competitiveness of wind energy in comparison to conventional sources. Drives the adoption of wind energy projects as a reliable and economically viable source of electricity.
- Offshore Wind Expansion: The expansion of offshore wind projects presents significant growth opportunities. Rationale: Offshore wind offers vast untapped resources, reduced land constraints, and the potential for higher energy yields.
- Digitalization and Smart Technologies: Integration of digital solutions and smart technologies for enhanced monitoring, control, and optimization of wind energy systems. Improves operational efficiency, reduces downtime, and opens avenues for innovation, contributing to the overall competitiveness of the wind energy market.
Wind Energy Market – Mergers and Acquisitions
The Wind Energy Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Wind Energy Market include:
- In 2022, EDP Renewables North America (EDPR NA) disclosed plans for a 202 MW wind power plant, Indiana Crossroads II, in White County, Indiana. Expected to be commissioned in 2023, it will annually provide electricity to over 54,000 average Indiana homes.
- In 2021, Siemens Gamesa has proactively sustained a high level of activity in manufacturing, installation, and service provision for wind turbines. The company’s strategic actions underscore its commitment to ongoing operations and service delivery within the wind energy sector.
These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Wind Energy Market. The trend is expected to continue as companies seek a competitive edge in the market.
COMPARATIVE ANALYSIS OF THE RELATED MARKET
| Wind Energy Market | Solar PV Supply Chain Market | Renewable Natural Gas Market |
| CAGR 7.6% (Approx) | CAGR 13.1% (Approx) | CAGR 25.5% (Approx) |
| USD 155.1 Billion by 2032 | USD 326.2 Billion by 2032 | USD 25.09 Billion by 2032 |
Wind Energy Market – Significant Threats
The Wind Energy Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:
- Policy and Regulatory Uncertainties: Shifting government policies and regulatory uncertainties can create instability for investors and developers in the wind energy sector.
- Intermittency and Grid Integration Challenges: The intermittent nature of wind power generation poses challenges in grid integration, requiring advanced storage solutions and grid upgrades.
- Competing Energy Sources: Competition from other energy sources, especially in regions where conventional energy remains heavily subsidized, may hinder the growth of wind energy projects.
- Land Use and Environmental Concerns: Wind farm development can face opposition due to concerns about land use, visual impact, and potential effects on local ecosystems.
- Supply Chain Disruptions: Disruptions in the supply chain for wind turbine components, as seen during global crises, can lead to delays and increased costs for wind energy projects.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 80.1 Billion |
| Projected Market Size in 2032 | USD 155.1 Billion |
| Market Size in 2022 | USD 74.5 Billion |
| CAGR Growth Rate | 7.6% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Technology, Turbine Type, End-User, Component Type, Project and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Category-Wise Insights
By Technology
- Onshore Wind Energy: Onshore wind energy involves harnessing wind power with turbines located on land. In the wind energy market, onshore projects are cost-effective and widely deployed. Trends include advancements in turbine efficiency, digitalization for enhanced operations, and increased focus on community engagement for sustainable project development.
- Offshore Wind Energy: Offshore wind energy captures wind power from turbines situated in bodies of water. In the wind energy market, offshore projects are gaining prominence for higher energy yields. Trends include larger turbines, innovative floating platforms, and a surge in global offshore wind capacity installations.
By Turbine Type
- Horizontal Axis Wind Turbines (HAWT): HAWTs feature a horizontal rotor shaft, with blades capturing wind from one side. Definition: Traditional wind turbine design. Trends: Ongoing advancements in HAWT technology focus on larger, more efficient turbines. Their dominant market presence is sustained by continuous innovation, optimizing energy output and reducing costs.
- Vertical Axis Wind Turbines (VAWT): VAWTs have a vertical rotor axis, capturing wind from all directions. Definition: Alternative wind turbine design. Trends: There is a growing interest in VAWTs, especially for urban and distributed applications, as they offer design flexibility, ease of maintenance, and improved aesthetics. Advancements focus on enhancing efficiency and addressing scalability challenges.
By End User
- Residential: Residential wind energy involves small-scale turbines for home use. The trend includes a rise in residential installations driven by energy independence goals, small wind turbine technology advancements, and increased awareness of decentralized energy solutions.
- Commercial: Commercial wind energy serves businesses. The trend sees a surge in corporate Power Purchase Agreements (PPAs), reflecting a commitment to sustainability, cost savings, and supporting large-scale wind projects, contributing to the growth of the commercial wind energy sector.
- Industrial: Industrial wind energy caters to large-scale manufacturing and production. The trend emphasizes the integration of on-site wind power to meet industrial energy needs, leveraging economies of scale, and showcasing a growing commitment to sustainable energy practices within the industrial sector.
By Component Type
- Wind Turbine Components: Wind turbine components include blades, nacelles, towers, and control systems. Innovations focus on larger and more efficient blades, advanced materials, and smart controls. Trends involve continuous enhancement of turbine efficiency and reliability, and the integration of artificial intelligence for optimized performance, contributing to increased energy production.
- Supporting Infrastructure: Supporting infrastructure in the wind energy market encompasses transmission systems, substations, and grid integration. As wind projects expand, trends involve advancements in grid technologies, including smart grids, to efficiently manage and transmit electricity. Additionally, there’s a growing emphasis on improving energy storage solutions for grid stability and flexibility.
By Project
- Utility-Scale Wind Energy Projects: Utility-scale wind projects involve large-scale installations, typically exceeding 1 megawatt, designed to feed electricity directly into the grid. Trends include increasing turbine size for higher energy output, cost reductions through economies of scale, and strategic location selection for optimal wind resources.
- Distributed (Small-Scale): Distributed wind projects are smaller installations, often serving local communities or individual facilities. Trends include a rise in community-owned wind projects, advancements in small wind turbine technology, and a growing emphasis on decentralized, on-site power generation.
Wind Energy Market – Regional Analysis
The Wind Energy Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:
- North America: In North America, the wind energy market trends include a surge in corporate renewable procurement, with major companies investing in wind power projects to meet sustainability goals. Additionally, repowering initiatives, involving the replacement of aging turbines, contribute to maintaining and expanding the region’s wind energy capacity.
- Europe: Europe showcases a trend towards offshore wind dominance, with significant investments and advancements in technology for large-scale offshore wind farms. The region is also witnessing an increased focus on hybrid projects, integrating wind energy with other renewable sources for a more comprehensive and sustainable energy mix.
- Asia-Pacific: In the Asia-Pacific region, there is a notable trend of rapid wind energy expansion, driven by the region’s increasing energy demand. China, in particular, leads in onshore wind capacity additions, while countries like Japan and South Korea prioritize offshore wind projects. Technological innovations and supportive policies further accelerate the growth of the wind energy market.
- LAMEA (Latin America, Middle East, and Africa): LAMEA exhibits a trend towards diversification in wind project types, including utility-scale and distributed projects. Countries in the Middle East are investing in large-scale onshore and offshore wind farms, while parts of Latin America emphasize distributed wind solutions for community and industrial applications, fostering a diverse wind energy landscape in the region.
Competitive Landscape – Wind Energy Market
The Wind Energy Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:
- Vestas Wind Systems A/S
- Siemens Gamesa Renewable Energy SA
- General Electric Company (GE Renewables)
- Goldwind Science & Technology Co. Ltd.
- Envision Group (Envision Energy)
- Nordex SE
- Enercon GmbH
- Suzlon Energy Limited
- Orsted A/S
- NextEra Energy Resources LLC
- ACCIONA Energia S.A.
- EDP Renewables
- China Energy Investment Corporation Limited (CEIC)
- EDF Renewables
- Others
These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.
New players like CarbonCure Technologies and Carbon Clean Solutions are adopting innovative carbon capture and storage technologies to enter the greenhouse gas emissions market. They leverage advancements to establish a foothold.
Key market dominators, including Schneider Electric, Siemens, and EDF Group, maintain leadership through comprehensive sustainability portfolios, offering smart energy solutions and engaging in large-scale renewable projects. These established players have a global presence and collaborate with governments and businesses, solidifying their influence by implementing advanced emission reduction technologies and addressing the evolving demands of the greenhouse gas emissions market.
The Wind Energy Market is segmented as follows:
By Technology
- Onshore Wind Energy
- Offshore Wind Energy
By Turbine Type
- Horizontal Axis Wind Turbines (HAWT)
- Vertical Axis Wind Turbines (VAWT)
By End-User
- Residential
- Commercial and Industrial
By Component Type
- Wind Turbine Components
- Supporting Infrastructure
By Project
- Utility-Scale
- Distributed (Small-Scale)
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Wind Energy Market, (2024 – 2033) (USD Billion)
- 2.2 Global Wind Energy Market: snapshot
- Chapter 3. Global Wind Energy Market – Industry Analysis
- 3.1 Wind Energy Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Policy Support and Incentives
- 3.2.2 Technological Advancements
- 3.2.3 Global Energy Transition
- 3.2.4 Energy Demand and Market Competitiveness
- 3.2.5 Offshore Wind Expansion
- 3.2.6 Digitalization and Smart Technologies.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Technology
- 3.7.2 Market Attractiveness Analysis By Turbine Type
- 3.7.3 Market Attractiveness Analysis By End-User
- 3.7.4 Market Attractiveness Analysis By Component Type
- 3.7.5 Market Attractiveness Analysis By Project
- Chapter 4. Global Wind Energy Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Wind Energy Market: Company Market Share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Wind Energy Market – Technology Analysis
- 5.1 Global Wind Energy Market Overview: By Technology
- 5.1.1 Global Wind Energy Market Share, By Technology, 2022 and – 2033
- 5.2 Onshore Wind Energy
- 5.2.1 Global Wind Energy Market by Onshore Wind Energy, 2024 – 2033 (USD Billion)
- 5.3 Offshore Wind Energy
- 5.3.1 Global Wind Energy Market by Offshore Wind Energy, 2024 – 2033 (USD Billion)
- 5.1 Global Wind Energy Market Overview: By Technology
- Chapter 6. Global Wind Energy Market – Turbine Type Analysis
- 6.1 Global Wind Energy Market Overview: By Turbine Type
- 6.1.1 Global Wind Energy Market Share, By Turbine Type, 2022 and – 2033
- 6.2 Horizontal Axis Wind Turbines (HAWT)
- 6.2.1 Global Wind Energy Market by Horizontal Axis Wind Turbines (HAWT), 2024 – 2033 (USD Billion)
- 6.3 Vertical Axis Wind Turbines (VAWT)
- 6.3.1 Global Wind Energy Market by Vertical Axis Wind Turbines (VAWT), 2024 – 2033 (USD Billion)
- 6.1 Global Wind Energy Market Overview: By Turbine Type
- Chapter 7. Global Wind Energy Market – End-User Analysis
- 7.1 Global Wind Energy Market Overview: By End-User
- 7.1.1 Global Wind Energy Market Share, By End-User, 2022 and – 2033
- 7.2 Residential
- 7.2.1 Global Wind Energy Market by Residential, 2024 – 2033 (USD Billion)
- 7.3 Commercial and Industrial
- 7.3.1 Global Wind Energy Market by Commercial and Industrial, 2024 – 2033 (USD Billion)
- 7.1 Global Wind Energy Market Overview: By End-User
- Chapter 8. Global Wind Energy Market – Component Type Analysis
- 8.1 Global Wind Energy Market Overview: By Component Type
- 8.1.1 Global Wind Energy Market Share, By Component Type, 2022 and – 2033
- 8.2 Wind Turbine Components
- 8.2.1 Global Wind Energy Market by Wind Turbine Components, 2024 – 2033 (USD Billion)
- 8.3 Supporting Infrastructure
- 8.3.1 Global Wind Energy Market by Supporting Infrastructure, 2024 – 2033 (USD Billion)
- 8.1 Global Wind Energy Market Overview: By Component Type
- Chapter 9. Global Wind Energy Market – Project Analysis
- 9.1 Global Wind Energy Market Overview: By Project
- 9.1.1 Global Wind Energy Market Share, By Project, 2022 and – 2033
- 9.2 Utility-Scale
- 9.2.1 Global Wind Energy Market by Utility-Scale, 2024 – 2033 (USD Billion)
- 9.3 Distributed (Small-Scale)
- 9.3.1 Global Wind Energy Market by Distributed (Small-Scale), 2024 – 2033 (USD Billion)
- 9.1 Global Wind Energy Market Overview: By Project
- Chapter 10. Wind Energy’s Market – Regional Analysis
- 10.1 Global Wind Energy Market Regional Overview
- 10.2 Global Wind Energy’s Market Share, by Region, 2022 & – 2033 (USD Billion)
- 10.3. North America
- 10.3.1 North America Wind Energy Market, 2024 – 2033 (USD Billion)
- 10.3.1.1 North America Wind Energy Market, by Country, 2024 – 2033 (USD Billion)
- 10.3.1 North America Wind Energy Market, 2024 – 2033 (USD Billion)
- 10.4 North America Wind Energy Market, by Technology, 2024 – 2033
- 10.4.1 North America Wind Energy Market, by Technology, 2024 – 2033 (USD Billion)
- 10.5 North America Wind Energy’s Market, by Turbine Type, 2024 – 2033
- 10.5.1 North America Wind Energy’s Market, by Turbine Type, 2024 – 2033 (USD Billion)
- 10.6 North America Wind Energy’s Market, by End-User, 2024 – 2033
- 10.6.1 North America Wind Energy’s Market, by End-User, 2024 – 2033 (USD Billion)
- 10.7 North America Wind Energy’s Market, by Component Type, 2024 – 2033
- 10.7.1 North America Wind Energy’s Market, by Component Type, 2024 – 2033 (USD Billion)
- 10.8 North America Wind Energy’s Market, by Project, 2024 – 2033
- 10.8.1 North America Wind Energy’s Market, by Project, 2024 – 2033 (USD Billion)
- 10.9. Europe
- 10.9.1 Europe Wind Energy’s Market, 2024 – 2033 (USD Billion)
- 10.9.1.1 Europe Wind Energy’s Market, by Country, 2024 – 2033 (USD Billion)
- 10.9.1 Europe Wind Energy’s Market, 2024 – 2033 (USD Billion)
- 10.10 Europe Wind Energy’s Market, by Technology, 2024 – 2033
- 10.10.1 Europe Wind Energy’s Market, by Technology, 2024 – 2033 (USD Billion)
- 10.11 Europe Wind Energy’s Market, by Turbine Type, 2024 – 2033
- 10.11.1 Europe Wind Energy’s Market, by Turbine Type, 2024 – 2033 (USD Billion)
- 10.12 Europe Wind Energy’s Market, by End-User , 2024 – 2033
- 10.12.1 Europe Wind Energy’s Market, by End-User , 2024 – 2033 (USD Billion)
- 10.13 Europe Wind Energy’s Market, by Component Type, 2024 – 2033
- 10.13.1 Europe Wind Energy’s Market, by Component Type, 2024 – 2033 (USD Billion)
- 10.14 Europe Wind Energy’s Market, by Project, 2024 – 2033
- 10.14.1 Europe Wind Energy’s Market, by Project, 2024 – 2033 (USD Billion)
- 10.15. Asia Pacific
- 10.15.1 Asia Pacific Wind Energy’s Market, 2024 – 2033 (USD Billion)
- 10.15.1.1 Asia Pacific Wind Energy’s Market, by Country, 2024 – 2033 (USD Billion)
- 10.15.1 Asia Pacific Wind Energy’s Market, 2024 – 2033 (USD Billion)
- 10.16 Asia Pacific Wind Energy’s Market, by Technology, 2024 – 2033
- 10.16.1 Asia Pacific Wind Energy’s Market, by Technology, 2024 – 2033 (USD Billion)
- 10.17 Asia Pacific Wind Energy’s Market, by Turbine Type, 2024 – 2033
- 10.17.1 Asia Pacific Wind Energy’s Market, by Turbine Type, 2024 – 2033 (USD Billion)
- 10.18 Asia Pacific Wind Energy’s Market, by End-User , 2024 – 2033
- 10.18.1 Asia Pacific Wind Energy’s Market, by End-User , 2024 – 2033 (USD Billion)
- 10.19 Asia Pacific Wind Energy’s Market, by Component Type, 2024 – 2033
- 10.19.1 Asia Pacific Wind Energy’s Market, by Component Type, 2024 – 2033 (USD Billion)
- 10.20 Asia Pacific Wind Energy’s Market, by Project, 2024 – 2033
- 10.20.1 Asia Pacific Wind Energy’s Market, by Project, 2024 – 2033 (USD Billion)
- 10.21. Latin America
- 10.21.1 Latin America Wind Energy’s Market, 2024 – 2033 (USD Billion)
- 10.21.1.1 Latin America Wind Energy’s Market, by Country, 2024 – 2033 (USD Billion)
- 10.21.1 Latin America Wind Energy’s Market, 2024 – 2033 (USD Billion)
- 10.22 Latin America Wind Energy’s Market, by Technology, 2024 – 2033
- 10.22.1 Latin America Wind Energy’s Market, by Technology, 2024 – 2033 (USD Billion)
- 10.23 Latin America Wind Energy’s Market, by Turbine Type, 2024 – 2033
- 10.23.1 Latin America Wind Energy’s Market, by Turbine Type, 2024 – 2033 (USD Billion)
- 10.24 Latin America Wind Energy’s Market, by End-User , 2024 – 2033
- 10.24.1 Latin America Wind Energy’s Market, by End-User , 2024 – 2033 (USD Billion)
- 10.25 Latin America Wind Energy’s Market, by Component Type, 2024 – 2033
- 10.25.1 Latin America Wind Energy’s Market, by Component Type, 2024 – 2033 (USD Billion)
- 10.26 Latin America Wind Energy’s Market, by Project, 2024 – 2033
- 10.26.1 Latin America Wind Energy’s Market, by Project, 2024 – 2033 (USD Billion)
- 10.27. The Middle-East and Africa
- 10.27.1 The Middle-East and Africa Wind Energy’s Market, 2024 – 2033 (USD Billion)
- 10.27.1.1 The Middle-East and Africa Wind Energy’s Market, by Country, 2024 – 2033 (USD Billion)
- 10.27.1 The Middle-East and Africa Wind Energy’s Market, 2024 – 2033 (USD Billion)
- 10.28 The Middle-East and Africa Wind Energy’s Market, by Technology, 2024 – 2033
- 10.28.1 The Middle-East and Africa Wind Energy’s Market, by Technology, 2024 – 2033 (USD Billion)
- 10.29 The Middle-East and Africa Wind Energy’s Market, by Turbine Type, 2024 – 2033
- 10.29.1 The Middle-East and Africa Wind Energy’s Market, by Turbine Type, 2024 – 2033 (USD Billion)
- 10.30 The Middle-East and Africa Wind Energy’s Market, by End-User , 2024 – 2033
- 10.30.1 The Middle-East and Africa Wind Energy’s Market, by End-User , 2024 – 2033 (USD Billion)
- 10.31 The Middle-East and Africa Wind Energy’s Market, by Component Type, 2024 – 2033
- 10.31.1 The Middle-East and Africa Wind Energy’s Market, by Component Type, 2024 – 2033 (USD Billion)
- 10.32 The Middle-East and Africa Wind Energy’s Market, by Project, 2024 – 2033
- 10.32.1 The Middle-East and Africa Wind Energy’s Market, by Project, 2024 – 2033 (USD Billion)
- Chapter 11. Company Profiles
- 11.1 Vestas Wind Systems A/S
- 11.1.1 Overview
- 11.1.2 Financials
- 11.1.3 Product Portfolio
- 11.1.4 Business Strategy
- 11.1.5 Recent Developments
- 11.2 Siemens Gamesa Renewable Energy SA
- 11.2.1 Overview
- 11.2.2 Financials
- 11.2.3 Product Portfolio
- 11.2.4 Business Strategy
- 11.2.5 Recent Developments
- 11.3 General Electric Company (GE Renewables)
- 11.3.1 Overview
- 11.3.2 Financials
- 11.3.3 Product Portfolio
- 11.3.4 Business Strategy
- 11.3.5 Recent Developments
- 11.4 Goldwind Science & Technology Co. Ltd.
- 11.4.1 Overview
- 11.4.2 Financials
- 11.4.3 Product Portfolio
- 11.4.4 Business Strategy
- 11.4.5 Recent Developments
- 11.5 Envision Group (Envision Energy)
- 11.5.1 Overview
- 11.5.2 Financials
- 11.5.3 Product Portfolio
- 11.5.4 Business Strategy
- 11.5.5 Recent Developments
- 11.6 Nordex SE
- 11.6.1 Overview
- 11.6.2 Financials
- 11.6.3 Product Portfolio
- 11.6.4 Business Strategy
- 11.6.5 Recent Developments
- 11.7 Enercon GmbH
- 11.7.1 Overview
- 11.7.2 Financials
- 11.7.3 Product Portfolio
- 11.7.4 Business Strategy
- 11.7.5 Recent Developments
- 11.8 Suzlon Energy Limited
- 11.8.1 Overview
- 11.8.2 Financials
- 11.8.3 Product Portfolio
- 11.8.4 Business Strategy
- 11.8.5 Recent Developments
- 11.9 Orsted A/S
- 11.9.1 Overview
- 11.9.2 Financials
- 11.9.3 Product Portfolio
- 11.9.4 Business Strategy
- 11.9.5 Recent Developments
- 11.10 NextEra Energy Resources
- 11.10.1 Overview
- 11.10.2 Financials
- 11.10.3 Product Portfolio
- 11.10.4 Business Strategy
- 11.10.5 Recent Developments
- 11.11 EDF Renewables
- 11.11.1 Overview
- 11.11.2 Financials
- 11.11.3 Product Portfolio
- 11.11.4 Business Strategy
- 11.11.5 Recent Developments
- 11.12 ACCIONA Energia S.A.
- 11.12.1 Overview
- 11.12.2 Financials
- 11.12.3 Product Portfolio
- 11.12.4 Business Strategy
- 11.12.5 Recent Developments
- 11.13 EDP Renewables
- 11.13.1 Overview
- 11.13.2 Financials
- 11.13.3 Product Portfolio
- 11.13.4 Business Strategy
- 11.13.5 Recent Developments
- 11.14 China Energy Investment Corporation Limited (CEIC)
- 11.14.1 Overview
- 11.14.2 Financials
- 11.14.3 Product Portfolio
- 11.14.4 Business Strategy
- 11.14.5 Recent Developments
- 11.15 Others
- 11.15.1 Overview
- 11.15.2 Financials
- 11.15.3 Product Portfolio
- 11.15.4 Business Strategy
- 11.15.5 Recent Developments
- 11.1 Vestas Wind Systems A/S
List Of Figures
Figures No 1 to 30
List Of Tables
Tables No 1 to 127
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2032
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Vestas Wind Systems A/S
- Siemens Gamesa Renewable Energy SA
- General Electric Company (GE Renewables)
- Goldwind Science & Technology Co. Ltd.
- Envision Group (Envision Energy)
- Nordex SE
- Enercon GmbH
- Suzlon Energy Limited
- Orsted A/S
- NextEra Energy Resources, LLC
- ACCIONA Energia S.A.
- EDP Renewables
- China Energy Investment Corporation Limited (CEIC)
- EDF Renewables
- Others
FAQs
The key factors driving the Market are Policy Support and Incentives, Technological Advancements, Global Energy Transition, Energy Demand and Market Competitiveness, Offshore Wind Expansion And Digitalization and Smart Technologies.
The “Horizontal Axis Wind Turbines (HAWT)” category dominated the market in 2022.
The key players in the market are Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company (GE Renewables), Goldwind Science & Technology Co. Ltd., Envision Group (Envision Energy), Nordex SE, Enercon GmbH, Suzlon Energy Limited, Orsted A/S, NextEra Energy Resources, LLC, ACCIONA Energia S.A., EDP Renewables, China Energy Investment Corporation Limited (CEIC), EDF Renewables, Others.
“Asia-Pacific” had the largest share in the Wind Energy Market.
The global market is projected to grow at a CAGR of 7.6% during the forecast period, 2023-2032.
The Wind Energy Market size was valued at USD 80.1 Billion in 2023.
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