Wind Energy Market Analysis, Share, Trend, Industry Report Forecast till 2022 to 2028.
Renewable energy is an environmentally friendly and sustainable energy source that offers numerous benefits, including reducing reliance on imported fuels, diversifying the energy supply, and emitting no greenhouse gases. This has led to increased adoption of renewable energy by the residential, industrial, and commercial sectors. The US government has taken steps to increase offshore wind energy along the East Coast, such as approving a large wind farm off the New Jersey coast in March 2021. This initiative aims to generate electricity for over 10 million homes across the country by 2030, thereby boosting investment in renewable energy and driving the growth of the wind energy market.
similarly, the South Korean government has pledged to invest US$ 7.7 billion by 2025 in renewable energy projects, including wind, solar, and hydrogen, and establish 12GW of offshore wind capacity by 2030. In February 2021, the South Korean government also announced plans to build an 8.2GW offshore wind facility by 2030, with an investment worth US$ 43.2 billion. These positive developments in renewable energy are expected to contribute to the industry's growth over the forecast period.
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The List of Companies -
1. Vestas Wind Systems A/S
3. Siemens Gamesa Renewable Energy S.A.
4. ENVISION Group
5. GE Renewable Energy
6. Mingyang Smart Energy
7. Nordex SE
8. Shanghai Electric
9. China Shipbuilding Group Haizhuang Wind Power Co. Ltd.
10. Zhejiang Windey Co., Ltd.
The Asia Pacific region is experiencing significant growth in its wind energy market, primarily driven by increased investment in the renewable industry, industrialization, capacity expansion for wind energy generation, electrification projects, and grid-strengthening initiatives. According to Wood Mackenzie, China alone is expected to add 93 GW of offshore wind power capacity between 2021 and 2030, leading the way for the region's wind energy sector. The APAC region is predicted to contribute significantly to renewable energy production, with wind energy projected to constitute about a quarter of the region's power capacity mix in the coming years. Wood Mackenzie also forecasts that Taiwan, Japan, South Korea, Vietnam, and India will rank among the world's top twenty offshore wind markets, collectively adding 29 GW of new wind capacity from 2021 to 2030. Moreover, the APAC region is set to add 122 GW of new wind capacity by 2030, exceeding the estimated capacity growth in Europe and the US over the same period.
Floating wind technology involves mounting offshore wind turbines on floating structures, enabling power generation in deeper waters. This innovative technology boasts high efficiency even in harsh environmental conditions, generating substantial power. Numerous countries, including Germany, France, Japan, the UK, Belgium, Denmark, and China, have widely embraced floating wind technology. The growth potential for this technology is largely attributed to the ongoing technological advancements and turnkey solutions offered by various service providers. With an increased focus on achieving clean energy targets, several countries are becoming increasingly aware of the benefits of floating offshore wind power, which presents a promising opportunity for wind energy market growth.
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According to a Floating Offshore Wind Centre of Excellence report, 22 countries have been identified as the most well-equipped to emerge as key players in developing renewable energy technology. The UK government announced 11 renewable energy projects in January 2022, each receiving up to US$ 959.23 million in investment and US$ 2.97 billion in funding to bolster renewable energy production in the country. Moreover, Equinor selected Technip Energies to conduct the front-end engineering design (FEED) for the Firefly project, a floating wind project situated off the East Coast of South Korea, in April 2022.
A notable trend in developing economies is the escalation in power consumption, driven by population growth, industrialization prospects, and urbanization. The global electricity demand rose in 2021 due to an expanding population, leading to soaring energy prices and record-high emissions from the power sector. The mounting power consumption is propelling the necessity to generate more power while keeping emissions at a minimum, resulting in increased demand for power generation. After a slight dip in 2020, global electricity demand surged by approximately 6% in 2021.
In 2021, the electricity markets experienced robust growth in electricity demand, unfavorable renewable conditions, and rising gas prices. The IEA's Electricity Market Report revealed that thermal electricity generation would increase by approximately 6% (980 TWh) in 2021. The surge in electricity demand was primarily driven by China and India, which saw an increase of about 10% each after a low growth rate of 2% in 2020. Despite efforts to diversify its generation mix, China's electricity system remains heavily reliant on coal, which accounted for 64% of power generation in 2021. The remaining power generation came from hydropower (16%), wind (7%), and nuclear (5%). Consequently, the increasing demand for electricity from coal-fired plants places pressure on power producers to meet demand, leading to environmental concerns due to emissions production.
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The growth of the wind energy market is being supported by the rising investment in existing wind farms, which is leading to an increase in wind energy generation capacity. One such example is the Dulacca Wind Farm, which is one of the largest wind energy construction projects in APAC. The project involves the construction of a 180MW wind farm and has received an investment worth US$ 328 million. The construction is expected to be completed by Q3 2023. These developments are expected to drive the growth of the wind energy market in the coming years.
The wind energy market is categorized into two segments, namely capacity and installation. In terms of capacity, the wind energy market is divided into four sub-segments, namely upto 1MW, 1-3 MW, 3-5 MW, and above 5MW. On the other hand, based on installation, the wind energy market is classified into two categories, namely onshore and offshore.
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