Wind Energy Market 2023 Development Plans - Dongfang Electric Corporation, ENERCON GmbH, Exelon Corporation (EXC)

As per the report published by The Brainy Insights, the global wind energy market is expected to grow from USD 70 billion in 2022 to USD 181.56 billion by 2032, at a CAGR of 10% during the forecast period 2023-2032. Asia Pacific emerged as the most prominent global wind energy market, with a 43% market revenue share in 2022. The growing emphasis on increasing the adoption of renewable energy sources to meet the rising energy demands and the climate pledges has contributed to the market's growth. The increasing government expenditure in developing, expanding and installing renewable energy sources will fuel the market. The vast tracts of land with favourable air current conditions also contribute to the market's growth. The lucrative prospect of utilizing offshore wind energy augments the market's growth. Furthermore, given the well-established wind energy projects, the region has vast knowledge and experience in the wind energy sector.

Get Sample Report + All Related Graphs & Charts @ https://www.thebrainyinsights.com/enquiry/sample-request/13523

Global Wind Energy Market Size by Installation Type (Onshore and Offshore), Application (Residential, Industrial and Commercial), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Dongfang Electric Corporation, ENERCON GmbH, Exelon Corporation (EXC), GE Renewable, Goldwind, Nordex SE, Siemens Gamesa Renewable Energy S.A., Sinovel, Suzlon Group, Vestas, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The installation type segment is divided into onshore and offshore. The onshore segment dominated the market, with a market share of around 67% in 2022. Onshore wind energy is produced by wind turbines that are situated on land. The air's natural flow propels them. Onshore wind farms are frequently found in fields or open land areas that don't obstruct the natural airflow. They have fewer negative environmental effects and cost less to install and operate than offshore wind energy. The land they occupy can be continued to be used for other purposes like agriculture. They are easy to install and simple to maintain. They create jobs which add to their greater adoption in the market. The application segment is divided into industrial, residential and commercial. The industrial segment dominated the market, with a market share of around 35% in 2022. China is the hub of manufacturing for multiple industries. It is also a significant consumer of wind energy directed towards the country's vast industrial belts. The growing pressure on industrial units to reduce carbon emissions has contributed to their shift towards wind energy. Industrial use is also being encouraged by the governments.

Read Complete Report @ https://www.thebrainyinsights.com/report/wind-energy-market-13523

According to the IPCC report issued at COP26, it will be exceedingly impossible to stop the climate change brought on by global warming if prompt action is not taken to reduce carbon footprints worldwide. The US, EU, China, and India are expressly mentioned as the survey's top polluters, emphasising their critical role in environmental protection. Burning fossil fuels for energy is the primary and most significant source of greenhouse gas emissions causing climate change. These countries have committed to achieving net-zero emissions by 2050 to 2070. Renewable and clean energy must meet the population's rising energy needs if these promises and pledges are to be kept. As a result, it is anticipated that more wind energy will be used to generate electricity, supporting the expansion of the global wind energy market.

Contact Us

Avinash D

Head of Business Development

Phone: +1-315-215-1633

Email: sales@thebrainyinsights.com

Web: www.thebrainyinsights.com

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

This release was published on openPR.