Wind Energy Market to Witness Huge Growth by Premium Market Insights

The Wind Energy Market was valued at US$ 85,375.22 million in 2022 to US$ 1,36,544.05 million by 2028; it is anticipated to grow at a CAGR of 8.1% from 2022 to 2028.

Renewable energy is an environmentally friendly and sustainable energy source that offers numerous benefits, including reducing reliance on imported fuels, diversifying the energy supply, and emitting no greenhouse gases. This has led to increased adoption of renewable energy by the residential, industrial, and commercial sectors. The US government has taken steps to increase offshore wind energy along the East Coast, such as approving a large wind farm off the New Jersey coast in March 2021. This initiative aims to generate electricity for over 10 million homes across the country by 2030, thereby boosting investment in renewable energy and driving the growth of the wind energy market.

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The List of Companies -
1. Vestas Wind Systems A/S
2. Goldwind.com
3. Siemens Gamesa Renewable Energy S.A.
4. ENVISION Group
5. GE Renewable Energy
6. Mingyang Smart Energy
7. Nordex SE
8. Shanghai Electric
9. China Shipbuilding Group Haizhuang Wind Power Co. Ltd.
10. Zhejiang Windey Co., Ltd.

The Asia Pacific region is experiencing significant growth in its wind energy market, primarily driven by increased investment in the renewable industry, industrialization, capacity expansion for wind energy generation, electrification projects, and grid-strengthening initiatives. According to Wood Mackenzie, China alone is expected to add 93 GW of offshore wind power capacity between 2021 and 2030, leading the way for the region's wind energy sector. The APAC region is predicted to contribute significantly to renewable energy production, with wind energy projected to constitute about a quarter of the region's power capacity mix in the coming years. Wood Mackenzie also forecasts that Taiwan, Japan, South Korea, Vietnam, and India will rank among the world's top twenty offshore wind markets, collectively adding 29 GW of new wind capacity from 2021 to 2030. Moreover, the APAC region is set to add 122 GW of new wind capacity by 2030, exceeding the estimated capacity growth in Europe and the US over the same period.

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According to a Floating Offshore Wind Centre of Excellence report, 22 countries have been identified as the most well-equipped to emerge as key players in developing renewable energy technology. The UK government announced 11 renewable energy projects in January 2022, each receiving up to US$ 959.23 million in investment and US$ 2.97 billion in funding to bolster renewable energy production in the country. Moreover, Equinor selected Technip Energies to conduct the front-end engineering design (FEED) for the Firefly project, a floating wind project situated off the East Coast of South Korea, in April 2022.

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