Wind Energy Market Analysis by Size, Growth and Forecast (2024–2032)

According to the UnivDatos Market Insights analysis, growing awareness of climate change, cost reduction of wind technology, supportive government policies and incentives, and rising technological advancements in wind turbines drive the Wind Energy market. As per their “Wind Energy Market” report, the global market was valued at USD 90 Billion in 2023, growing at a CAGR of about 9.4% during the forecast period from 2024 - 2032 to reach USD billion by 2032. Wind power is quickly becoming a foundation of renewable energy worldwide due to advancements in technologies, changed policies, and heightened awareness of the impact of carbon emissions on the environment. In the recent past, wind energy has proven to be among the most viable, liquid, and sustainable sources of electricity that various nations are turning to meet emission reduction targets and reduce dependence on fossil fuels. As the focus of this article, we will describe news, trends, and developments in the field of wind energy today, including offshore wind, wind energy investments, etc.

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The Rise of Offshore Wind Projects

Offshore wind power projects have become one of the outstanding future trends in wind energy intensity. Interest in offshore wind farms has been realized because of the chances of having more forcible and steady blowing wind compared to on-shore wind farms. Currently, many countries, especially those in the developing world, have continued to invest heavily in offshore wind energy and the latest countries that show interest in offshore wind energy include the United States of America, the United Kingdom, and China which are seen to have made a new record investment on the offshore wind energy. The UK for example is one of the most influential producers of offshore wind and has visions of tripling its production by 2030.

5 July 2024, GWEC and the India Offshore Wind Working Group welcomes the approval of the Viability Gap Funding (VGF) scheme for offshore wind energy projects in India.

GWEC met with the Ministry of New and Renewable Energy in 2022 and pressed for financial support mechanisms such as Viability Gap Funding in India. GWEC has continued to engage with the government at a series of events throughout the last year and detailed the benefits to the Indian market of financial support mechanisms in several of its key reports.

In addition, offshore wind farms are more efficient compared to the onshore wind farms which are affected by the problems of access to land which is a constraint to the development of wind farms. Technological developments include gaining more possibilities for offshore wind farms where companies can build wind farms in the deeper zones since the wind is stronger than in the shallow zones. This trend is its prospect to foster the further advancement of wind energy development, especially in the countries with rich coastal potential.

Technological Innovations Driving Efficiency

However, another point to consider is that in the modern world, the systems of wind turbines and their efficiency are to some extent higher than several years ago. Turbines today are therefore powerful and robust compared to the first types with improved capability of generating far more electricity compared to earlier times. Due to the incorporation of large blade rotors and the utilization of better material, energy was becoming cheaper and wind energy was becoming more competitive with fossil fuels.

7 August 2024. The Nordex Group received two orders from France for a total of 57 MW. The orders also include the Premium Service for the maintenance of the turbines over 20 years after commissioning in autumn 2025. In Centre-Val-de-Loire four N149/5.X turbines are being installed on 105-metre-high tubular steel towers in a 22.8 MW wind farm.

22 July 2024. The Nordex Group expanded its product portfolio in the 5 MW segment and is launching a turbine variant of the proven Delta4000 platform, which is specially tailored to the requirements of the US market. The N169/5.X has a rotor diameter of 169 meters and a power rating up to 5.5 megawatts. As common with Nordex turbines there will be a range of US optimized towers available. The N169/5.X is particularly suitable for wind regions in the USA without intense turbulence and with low to medium wind speeds.

One of the recent trends is the implementation of smart technologies, including artificial intelligence in wind farm management. The technologies employ machine learning for wind forecasting, control of the turbines, and even for predictive maintenance to reduce loss of time. These innovations have made wind farms much more reliable and much more efficient and therefore much more profitable and attractive to investors. Real-time monitoring is another area in which wind farms are using IoT equipment to keep up the efficiency in operations as well as immediate rectification of any technical hitch.

Global Investment and Policy Support

Various administrations across the globe are gradually perceiving the role of wind energy in achieving their climate and energy targets. This has brought about a significant increase in government policies and programs with a view of encouraging the use of wind energy. In the EU context and specifically under the Green Deal, the renewable energy targets are big, and the forecasts are clear that wind will be instrumental in delivering these objectives. In the same way, the United States recently came up with several tax credits and subsidies for renewable energy such as wind power projects.

China, currently ranked as the world’s largest wind market, has further expanded its wind energy capacity in recent years in a bid to tackle air pollution and reduce greenhouse gas emissions. According to IRENA’s latest report, China maintained its position as the world’s largest wind power market in 2022, either for inland or offshore wind projects. India is equally embracing the intervention but as part of the country’s commitment to new and renewable power sources, the country is setting aggressive wind energy targets.

The most prominent corporations continued to make large commitments to wind energy manufacturing and purchasing as a part of green initiatives including Google, Amazon, and Microsoft. The wind energy market is set to grow even further as these corporations are buying wind power through the Power Purchase Agreement (PPA) to fulfill their renewable energy requirements.

Wind Energy’s Role in Reducing Carbon Emissions

While the world continues to search for ways how to address climate change, wind energy is regarded as one of the ways to mitigate carbon emissions. Wind electric generators turn wind energy into electricity without the use of fossil fuels and hence can be termed as green solutions. Specifically, present-day statistics show that wind energy can decrease global carbon dioxide emissions by more than 1 billion tons each year.

Certain trends can be distinguished which explain why wind energy is becoming increasingly popular in both the public and the private sector: climate change and the need to look for clean sources of energy. A large number of countries have declared their intention to shift to the use of renewable energy sources and it is believed that wind is poised to be one of the most significant sources of energy shortly. With the emergence of new coal and natural gas plants being replaced by other sources, wind energy has been accepted as a viable and cheap power source.

Opportunities for Growth and Discovery across Emerging Asia-Pacific Markets

Although Europe and North America had been the dominating players in the wind energy market, the Asia-Pacific region has come closer to taking up the market. China and India are rapidly increasing their wind energy capacity to supply the electricity demands of society and avoid the utilization of conventional energy sources such as oil and natural gas.

China alone has the largest market for both onshore and offshore wind energy across the globe. It has experienced very rapid expansion in the last decade of wind energy power and there are indications of even further expansion. On the other hand, India’s generation targets for wind energy as a part of its renewable energy roadmap are more aggressive. As mentioned earlier, backed by generous state-endorsed measures for wind energy development the Asia-Pacific stands tall as the global wind energy market growth engine spurred on by soaring private investment.

Also, foreign companies are investing in wind energy in the region at a faster pace than before. With the observed increase in demand for clean energy in Asia, growth and expansion will continue to be the center of attraction to firms in Europe and North America. It is believed that such an international investment will help strengthen the position of the wind energy market in the region.

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Conclusion: The Future of Wind Energy

The wind energy market can be considered as having reached a critical point in its evolution mainly due to the development of technologies, growing governmental support, and the need for clean energy sources. Offshore wind farms, smart technologies, and AI are revolutionizing the wind power sector gifted by more investment from the private and public sectors.

Wind energy is expected to have a major role in helping countries around the world cut emissions and reduce the use of fossil fuels to meet climate goals. Nevertheless, there is still a long way to go in terms of wind energy; however, they are foreseeing better prospects due to continuous technological advancement and supportive government policies which makes wind energy a protagonist in the battle against climate change. The winds of change are now blowing, and this is taking the world to a cleaner and greener life.

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