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Wind Power Generator Market Expected to Reach $35.4 Billion by 2032 — Allied Market Research wind turbine tower
WILMINGTON, DELAWARE, UNITED STATES, February 13, 2024 /EINPresswire.com/ -- The global wind power generator market is expected to possess high growth potential in the coming years. Wind power generators are extensively used in hospitals, hotels, hostels, schools, educational institutions, and restaurants for utility purposes. In addition, a rise in concerns from governments across emerging nations, such as China, India, and South Korea, regarding zero-emission norms is expected to drive market growth. Governments across different countries implement new rebate and energy schemes on excess amount of energy for residential as well as commercial users.” However, the outbreak of the COVID-19 pandemic had negative impacts on the global wind power generator market. The wind power generator market size was valued at $21.4 billion in 2022 and is estimated to reach $35.4 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
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A wind power generator, also known as a wind turbine or wind energy converter, is a device that harnesses the kinetic energy of the wind and converts it into electrical power. Wind turbines are a crucial component of wind power systems, which generate renewable energy from the wind, which is a sustainable resource.
Wind power generators are available in various sizes, from small turbines used for residential or rural applications to large-scale utility-grade turbines installed in wind farms. The efficiency and energy output of wind turbines depends on factors such as wind speed, turbine size, design, and location.
The wide range of applications of wind power generators in the renewable energy sector, electrical, commercial, industrial, and others is the key market trend for the wind power generator market. One of the important applications of wind power generators is to generate electricity. Wind turbines, both onshore and offshore, are used to produce renewable energy on a commercial scale. The electricity generated is fed into the power grid and distributed to homes, businesses, and industries. These factors contribute to the growth of the wind power generator industry during the forecast period.
However, wind is an intermittent energy source, as it relies on weather conditions. Wind power generation is not constant, and its output can vary significantly from day to day or even within hours. This variability can create challenges for grid operators in maintaining a stable and reliable electricity supply.
In addition, wind farms require substantial land areas to accommodate multiple wind turbines. This leads to concerns over land use and potential conflicts with other land uses, such as agriculture or natural habitats. These factors together are expected to restrain the market growth during the forecast period.
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Wind power generators installed in tourist destinations can provide renewable energy and educational opportunities for visitors. In addition, wind power generators equipped with sensors can be used for environmental monitoring, collecting data on weather conditions and air quality.
Furthermore, communities and municipalities invest in wind power generators to supply electricity to their residents and generate revenue. These factors together are projected to create remunerative opportunities for the expansion of the wind power generator market during the forecast period.
The wind power generator market analysis is segmented based on type, application, and region. By installation, the market is segregated into on-shore and off-shore. The on-shore segment dominated the global market in terms of revenue in 2022, with 5.4% of the total share.
As countries and regions seek to transition to cleaner and more sustainable energy sources, onshore wind power provides a readily available option to replace fossil fuels and reduce carbon emissions. These factors are projected to boost the wind power generator market growth; thus, offering the most lucrative opportunities during the forecast period.
By application, the wind power generator market is segmented into horizontal-axis wind power generators and vertical-axis wind power generators. The horizontal axis wind power generator application dominated the global market in terms of revenue in 2022, with 5.3% of the total share.
Furthermore, technological advancements, such as ongoing advancements in materials, aerodynamics, and control systems continue to improve the efficiency and performance of HAWTs. HAWTs are well-suited for integration into existing electricity grids, helping to meet energy demand and stabilize the grid.
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Increased public awareness of environmental issues and the benefits of renewable energy sources has led to growing support for wind power installations.
These driving factors, combined with the continuous advancement of wind turbine technology and ongoing research, continue to make horizontal axis wind power generators an important and prominent component of the global renewable energy landscape. These regulations act as driving forces for businesses to seek more sustainable energy solutions.
By end-use industry, the market is categorized into commercial and industrial, utility and power generation, and others. The utility and power end-use industry dominated the global market in terms of revenue in 2022. In regions with consistent and strong wind resources, wind power can serve as a reliable source of base load generation, complementing other forms of power generation. Wind power generators can contribute to grid stability by providing a consistent source of electricity, helping balance supply and demand. These factors are expected to offer remunerative opportunities for the wind power generator market forecast.
Region-wise, the wind power generator market scope is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific wind power generator market is projected to grow at the highest CAGR during the forecast period. This is attributed to the fact that Wind power generators are gaining traction as a more environmentally responsible packaging solution. India is actively exploring diverse energy sources, including wind power, to meet its requirements. Wind power's declining costs and competitive tariffs make it an attractive option for addressing India's energy needs. Wind power projects have provided income to rural communities through land lease agreements and job opportunities.
Moreover, South Korea is investing in technological advancements, including offshore wind technology, to tap into its coastal resources. Public awareness of environmental issues and the benefits of clean energy drive interest in wind power projects. These factors are anticipated to boost the Asia-Pacific wind power generator market opportunities during the forecast period.
The global wind power generator market profiles leading players such as Siemens, GE, Vestas, Goldwind, Enercon, Samsung Electronics, United Power, Inc., Ming Yang, Senvion, and Nordex Group.
Other key players include Mitsubishi Heavy Industries, Repower, Alstom, Sinovel Wind Group Co Ltd., and Orano. The global wind power generator market trends report provides an in-depth competitive analysis as well as profiles of these major players.
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- Based on installation, the on-shore segment is expected to grow at a CAGR of 5.4%, in terms of revenue, during the forecast period. - Based on application, the horizontal axis wind power generator segment is expected to grow at a high CAGR, in terms of revenue, during the forecast period. - Depending on the end-use industry, the utility and power segment is expected to grow at a high CAGR. - Wind power generator market share, Region-wise, Asia-Pacific garnered a share of more than 40% in 2022 in terms of revenue.
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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