Emerging Trends to Drive Wind Energy Market Growth at 11.7% CAGR Through 2029

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How Large Will the Wind Energy Market Size By 2025?
The scale of the wind energy market has expanded significantly in the past few years. There is expected to be growth from $126.77 billion in 2024 to $141.16 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.4%. The hike in growth during the historical period is due to the rise of emerging markets, heightened demand for renewable energy sources, significant environmental impact from traditional power generation sources, and escalating fuel costs.

How Big Is the Wind Energy Market Size Expected to Grow by 2029?
In the coming years, the wind energy market is projected to undergo a significant expansion. By 2029, the market is expected to reach a valuation of $219.67 billion at a Compound Annual Growth Rate (CAGR) of 11.7%. The anticipated growth can be traced back to various factors such as global population increase, urbanization, the rising demands for electricity and a growing interest in alternative energy sources. Key trends expected to shape the forecast period include the emergence of wind-solar hybrid systems, robot inspection systems, recyclable wind turbines, the integration of artificial intelligence (AI), the establishment of new plants, product innovations, and collaborations and acquisitions.

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Which Key Market Drivers Powering Wind Energy Market Expansion and Growth?
The wind energy market is forecasted to grow due to the heightened adoption of renewable energy sources. Renewable energy is termed as the power generated from naturally replenishing yet flow-constrained sources. The demand for wind energy is escalating due to its properties of being clean, cost-free, and an easily accessible renewable energy source. For example, according to a report from the U.S. Energy Information Administration in June 2022, biomass was the major source of the entire annual energy consumption in the U.S. Around 5 quadrillion British thermal units (Btu) and 5% of all basic energy in the United States were contributed by biomass in 2021. Biofuels, primarily ethanol, made up about 2,316 TBtu of the total; 2,087 TBtu came from wood and wood-derived biomass while, 431 TBtu was from biomass discovered in municipal solid waste and sewage, as well as animal manure, and agricultural residuals. Therefore, the rise in the usage of renewable energy sources is fueling the expansion of the wind energy market.

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Which Fast-Growing Trends Are Poised to Disrupt the Wind Energy Market?
Advancements in technology have been identified as an emerging key trend in the wind energy market. Major players in this sector are leveraging innovative technologies to maintain their standing in the industry. In July 2022, for example, the Brazil-based electric engineering firm, WEG Industries, rolled out a new wind turbine platform equipped with Medium-Speed Geared (MSG) drive technology. This new platform, boasting a 7 MW and 172-meter rotor diameter, comes with unique features that enable smooth electrical grid connection. It also offers the agility to conform to diverse grid codes in different regions, thanks to its full power drive integration. Notably, this platform can generate reactive energy even in the absence of wind, providing additional benefits beyond power production. Its updated design incorporates modular components, like an elevated tower, in order to simplify logistical processes and make assembly easier, particularly in varied geographical areas.

What Are the Emerging Segments in the Wind Energy Market?
The wind energy market covered in this report is segmented -

1) By Turbine Type: Horizontal Axis, Vertical Axis
2) By Component: Turbine, Support Structure, Electrical Infrastructure, Other Components
3) By Location: Onshore, Offshore
4) By Application: Utility, Non-Utility

Subsegments:
1) By Horizontal Axis Turbine (HAT): Small Horizontal Axis Turbines, Medium Horizontal Axis Turbines, Large Horizontal Axis Turbines
2) By Vertical Axis Turbine (VAT): Darrieus Vertical Axis Turbines, Savonius Vertical Axis Turbines

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Who Are the Global Leaders in the Wind Energy Market?
Major companies operating in the wind energy market include Siemens Energy AG, Xinjiang Goldwind Science & Technology Co. Ltd, General Electric Company, Vestas Wind Systems A/S, Nordex SE,Enercon GmbH, China Ming Yang, Suzlon Energy Ltd., Dongfang Electric Corporation Limited, ABB Limited, Goldwind, Envision Energy, MINGYANG, Gamesa, SHANGHAI ELECTRIC, CSSC, Suzlon Energy Limited, Adani Green Energy Limited, NTPC Limited, Teroc AB, ENO Energy GmbH, Greenbyte AB, ENS Energy GmbH, MOWEA GmbH, Voltalia, EuroCape, Kola Wind Farm, Rosatom, Venture Round - NabraWind Technologies, NovaWind, NextEra Energy, TPI Composites, Clearway Energy, Pampa Energia SA, YPF Luz, Enel Green Power S.p.A., Genneia SA, 360 Energy SA, CPFL Energias Renovaveis SA, ENGIE Brazil, Eletrobras Furnas, Omega Geracao SA, Allegheny Technologies Incorporated (ATI), meteocontrol AMEA DMCC, BELECTRIC Gulf, NNQ Energy, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N'diaye Wind Farm, Kangnas Wind Farm

Which are the Top Profitable Regional Markets for the Wind Energy Industry?
Asia-Pacific was the largest region in the wind energy market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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