The wind power industry is breezing ahead at full gale. According to the Global Wind Energy Council, worldwide wind capacity grew by 93 GW in 2020, representing a 53% year-over-year increase.

The Wind Turbine Market was estimated at US$ 81.55 billion in 2022 and is expected to grow at a CAGR of 6.7% during 2023-2028 to reach US$ 121.35 billion in 2028.

What factors are powering this rapid growth?

Government policies like renewable portfolio standards, carbon pricing mechanisms, and clean energy incentives are driving wind farm investments. Corporations are also procuring more wind energy to meet sustainability targets. Moreover, the Levelized Cost of Energy for wind power has declined by over 70% in the last decade, increasing price competitiveness with fossil fuels.

Offshore wind is a particularly promising sector. Floating turbine foundations are opening up deeper water sites. Reports project offshore installations will rise from 35 GW today to over 234 GW by 2030. Developments in turbine architecture like segmented blades, airborne systems, and vertical-axis designs also boost efficiency and output.

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Key Players

Some of the major wind turbine manufacturers are-

Enercon GmbH, Vestas Wind Systems A/S, GE Renewable Energy, Nordex SE, Siemens Gamesa Renewable Energy, S.A., Dongfang Electric Corporation, Goldwind Science & Technology Co., Ltd., Ming Yang Wind Power Group Limited, Windey Co., Ltd., Envision Group.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to be the largest market and is also expected to witness the highest growth in the market fueled by high demand in China, India, and Japan. The dominance of the region is attributed to the presence of a large number of wind turbine installers across the region. Out of the top fifteen wind turbine manufacturers in the world, eight are from China.

Conclusion:

With compelling economics and environmental benefits, wind power is slated to play a starring role in the global energy transition. Advancements in turbine tech will enable wind to supply over 50% of the world's electricity by mid-century. The outlook for this renewable energy sector remains bullish.

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