Saturday, 25 May 2024

Wind Power Installation Market is expected to reach US$ 275.9 billion by 2030

Published: Thursday, 22 Feb 2024 by The Insight Partners Share on :

Rising Investment for Clean Power Generation

According to our latest market study on "Wind Power Installation Market Forecast to 2030 – Global Analysis – by Deployment Type and Power Capacity," the Wind Power Installation Market size is expected to grow from US$ 114.5 billion in 2022 to US$ 275.9 billion by 2030. It is expected to register a CAGR of 11.6% from 2022 to 2030.

Many countries have turned to clean, renewable energy sources owing to ever-increasing energy needs, increasing pollution, fears of global warming, fossil fuel scarcity, and increasing greenhouse gas (GHG) emissions. Many countries have signed protocols with predefined emission reduction targets. The Paris Agreement is the latest step by several countries. Each country voluntarily set its emissions reduction targets, submitted them, and committed to achieving greenhouse gas reductions in line with those targets. Several countries that joined the Paris Agreement have drawn up plans to reduce conventional electricity and promote the expansion of renewable energy to reduce emissions. The main renewable energy sources are hydropower, geothermal energy, wind, solar, and biopower.

Wind Power Installation Market Share — by Region, 2022

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Source: The Insight Partners Analysis

Onshore wind power is a proven, mature technology with an extensive global supply chain. Onshore wind energy has evolved over the past five years to maximize electricity production per installed megawatt capacity, opening more locations with lower wind speeds. Wind turbines have become increasingly larger, with larger hub heights and rotor diameters. Offshore wind power is projected to grow rapidly in the coming years as the use of turbines at sea takes advantage of stronger winds.

The primary driving factor contributing to the growing wind power installation market size includes the rise in investment toward the installation of wind power in regions such as Europe, Asia Pacific, and North America. In addition, government initiatives toward the promotion of wind farm installations are the key factors driving the wind power installation market. However, an increase in growth toward competitive renewable energy technologies such as solar, geothermal, and wave energy is expected to hamper the wind power installation market share in overall renewable energy in the coming years. In addition, the high capital cost associated with the installation of wind power projects is anticipated to restrain the wind power installation market growth in the coming years.

Asia Pacific and Europe are anticipated to contribute significantly to the wind power installation market growth during the forecast period. This is owing to the rise in investment toward onshore and offshore wind power installations in the regions. The strong onshore wind investments support Europe’s need to reach its new climate change and energy security targets. The REPowerEU agenda strategizes to expand the European wind capacity from 190 GW in May 2022 to 480 GW by 2030. According to the agenda, building 35 GW of new wind turbines every year until 2030 will help achieve the goal. The new wind investments in Europe in 2021 covered only 19 GW of new capacity. As per the WindEurope Association, Europe invested US$ 42 billion in new wind farms in May 2021, financing 25 GW of new capacity. The increase in investment in renewable energy has surged the installation of wind farms, contracts from turbine manufacturers, and competitiveness in the market.

Asia Pacific wind power installation market analysis has been carried out by considering the following regions: China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Asia Pacific accounted for 52.8% of the total wind power installation market share in 2022 and is expected to maintain its dominance during the forecast period. The onshore wind power projects are expected to continue to grow to meet the region's growing electricity demand and electricity export opportunities and to maximize the benefits of a cost-effective and flexible low-carbon energy source. However, climate change, rising temperatures, extreme precipitation patterns, melting glaciers, and the increasing occurrence of extreme weather events pose an increasing challenge to the hydropower of South and Southeast Asia in Asia Pacific.

According to the Institute for Energy Economics and Financial Analysis, an investment worth US$ 14.5 billion was invested in India’s renewable energy during 2021–2022, up by 125% compared to previous financial years. In addition, as per the Japan Wind Power Association, Japan installed 87 new wind turbines at 16 different sites, totaling 221 MW capacity in 2021 and targeting ~28 GW of wind power capacity by 2030. Similarly, as per the Global Wind Energy Council, India is expected to install more than 20GW of wind power capacity between 2021 and 2025. Spain aims to generate 22 GW of new wind energy capacity installations by 2030. Thus, to achieve such ambitious targets, significant investment is needed to help drive the market outlook during the forecast period.

Siemens Gamesa Renewable Energy SA, General Electric, Mitsubishi Heavy Industries, Vestas Wind Systems, Senvion SA, Wind World Limited, Indowind, DNV GL, Goldwind, and Bergey Wind Power are among the key players profiled in the wind power installation market report. In addition, several other important market players have also been studied and analyzed during the study to get a holistic view of the market and management and its ecosystem. Inorganic and organic strategies such as M&As are highly adopted by players analyzed in the wind power installation market report.

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