Future of the Wind Energy Market: Trends, Innovations, and Key Forecasts Through 2034

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Wind Energy Market Size Growth Forecast: What to Expect by 2025?
The size of the wind energy market has expanded significantly in recent years. It is predicted it will increase from $126.77 billion in 2024 to $139.68 billion in 2025 with a compound annual growth rate (CAGR) of 10.2%. This growth in the historical timeline can be traced back to the development in emerging markets, surging demand for cleaner energy resources, the extensive environmental impact of traditional power generation sources and the rise in fuel expenses.

How Will the Wind Energy Market Size Evolve and Grow by 2029?
The expected market size of wind energy is set to experience a rapid increase in the forthcoming years. A monumental growth to $213.98 billion is projected by 2029, representing a compound annual growth rate (CAGR) of 11.3%. The significant expansion during the forecast period is mainly due to the global population surge and urban expansion. It's also influenced by escalating electricity requirements and heightened emphasis on alternate power generation sources. Key forthcoming trends include the integration of wind-solar hybrid systems, robot inspection mechanisms, wind turbines that can be recycled, the application of artificial intelligence (AI), expansion of new plants, innovative product introductions, and strategic collaborations and acquisitions.

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What Drivers Are Propelling the Growth of Wind Energy Market Forward?
The wind energy market is projected to grow exponentially due to escalating acceptance of renewable energy sources. This type of energy hails from naturally replenishing yet flow-restricted resources. Wind energy, a freely available, clean, and costless form of renewable energy, is seeing heightened demand because of the boom in renewable energy consumption. In a 2022 report from the U.S. Energy Information Administration, a prominent energy body in the states, biomass was revealed to be the primary energy source for the year's entire U.S. consumption. Biomass supplied roughly 5 quadrillion British thermal units (Btu) and made up 5% of the country's primary energy usage in 2021. This consists of about 2,316 TBtu (primarily ethanol) of the total contribution, with 2,087 TBtu from wood and wood-derived biomass and 431 TBtu from biomass sourced from municipal solid waste and sewage, animal manure, and agricultural remnants. Consequently, this surge in renewable energy source acceptance is fueling the expansion of the wind energy market.

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Which Emerging Trends Are Transforming the Wind Energy Market in 2025?
Rapid advancements in technology mark a dominant trend gaining traction in the wind energy market. Major players in this arena are innovating and creating products featuring cutting-edge technologies to fortify their stand. One such example can be seen in July, 2022, when WEG Industries, an electric engineering company based in Brazil, took the wraps off a fresh wind turbine platform complete with Medium-Speed Geared (MSG) drive technology, along with a 7 MW and a 172-meter rotor diameter. This exclusive platform is designed to seamlessly connect to electrical grids and provides the flexibility to conform to diverse grid codes in each region as it hosts a full power drive. It is additionally able to generate reactive energy even in windless conditions, providing benefits beyond mere power production. This revamped design incorporates modular elements, like taller towers, to enhance logistical operations and simplify the assembly process - an ideal solution, particularly for geologically uneven terrains.

What Are the Key Segments in the Wind Energy Market?
The wind energymarket 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 Key Players Shaping the Wind Energy Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in the Wind Energy Market?
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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