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Distributed Wind Market 2024 - By Key Players, Regional Overview, Opportunities, Challenges And Outlook By 2033
Distributed Wind Market
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According to The Business Research Company's, The distributed wind market size has grown strongly in recent years. It will grow from $4.65 billion in 2023 to $4.93 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to rise in community and small-scale projects, rise in grid reliability and resilience, rise in public awareness and acceptance, rise in rural electrification, and increase in environmental concerns.
The distributed wind market size is expected to see strong growth in the next few years. It will grow to $6.23 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to rising decentralization of energy systems, increasing corporate sustainability goals, increasing research and development, rising energy storage solutions, and rising government policies and incentives. Major trends in the forecast period include technological advancements, advancements in capacity, adoption of hybrid energy systems, and advancements in vertical axis wind turbines.
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Market Drivers and Trends:
The increasing demand for renewable energy generation is expected to propel the growth of the distributed wind market going forward. Renewable energy generation refers to the process of producing electricity by using sources such as solar panels or wind turbines to improve reliability, reduce transmission losses, and increase energy independence. Renewable energy generation is primarily necessary due to environmental concerns, energy security, and economic benefits, enabling more sustainable and resilient energy systems. Renewable energy generation supports distributed wind by allowing the use of small-scale wind turbines closer to where the energy is consumed, reducing transmission losses, enhancing grid stability, and promoting energy independence and sustainability. For instance, in August 2023, according to the Energy Efficiency and Renewable Energy (EERE), a US-based government administration, the wind power sector added 29.5 megawatts (MW) of new capacity in 2022, installing 1,745 turbines. Additionally, by 2050, the sector is expected to grow substantially, with a projected increase of 112,286 MW in offshore wind capacity. Therefore, the increasing demand for renewable energy generation drives the distributed wind market.
Major companies operating in the distributed wind market are developing strategic partnerships to enhance their technological capabilities, expand market reach, and accelerate the adoption of distributed wind energy solutions. Strategic partnerships in the distributed wind market help by combining resources and expertise, enabling the development of more efficient technologies and expanding access to new markets, ultimately driving broader adoption of distributed wind energy. For instance, in March 2024, National Renewable Energy Laboratory (NREL), a US-based research institute, in collaboration with the Pacific Northwest National Laboratory (PNNL), a US-based laboratory, launched National Distributed Wind Network. This network aims to enhance the deployment of distributed wind energy across the United States by providing essential resources and support to various stakeholders, including farmers, municipalities, and businesses. The initiative will provide technical assistance to communities and organizations looking to implement distributed wind projects, helping to navigate regulatory and financial challenges.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Acciona S.A., Vestas Wind Systems A/S, Goldwind Science & Technology Co. Ltd., Nordex SE, Enercon GmbH, Suzlon Energy Ltd., Boralex Inc., AeroVironment Inc., Envision Group, Sinovel Wind Group Co. Ltd., Emergya Wind Technologies B.V., Ming Yang Wind Power Group Limited, MTU Onsite Energy Corp., Clipper Windpower Plc, Guodian United Power Technology Co. Ltd, Northern Power Systems, Pika Energy Inc., Kestrel Renewable Energy, Bergey Windpower Co., Helix Wind Corp., Vortex Bladeless Ltd., Windstream Energy Technologies India Pvt. Ltd, Senvion S.A.
Distributed Wind Market 2024 Key Insights:
• The distributed wind market size is expected to see strong growth in the next few years. It will grow to $6.23 billion in 2028 at a compound annual growth rate (CAGR) of 6%.
• Increasing Demand for Local Energy Generation Drives Growth in the Distributed Wind Market
• Strategic Partnerships Boost Technological Advancements and Market Expansion in the Distributed Wind Sector
• North America was the largest region in the distributed wind market in 2023
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