Distributed Wind Global Market Projected to Reach $6.23 Billion At a CAGR of 6% By 2028
Distributed Wind Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has the Distributed Wind Market Grown Over Recent Years?
The distributed wind market has demonstrated vigorous growth in recent years, as it's projected to grow from $4.65 billion in 2023 to $4.93 billion in 2024, reflecting a compound annual growth rate CAGR of 5.9%. This growth within the historic period can be ascribed to the rise in community and small-scale projects, improvement in grid reliability and resilience, growing public awareness and acceptance, increased rural electrification, and mounting environmental concerns.
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What is the Expected Market Size and Growth Rate of the Distributed Wind Market in the Upcoming Years?
Looking forward, the distributed wind market is slated to witness strong growth trends. It's expected to escalate to $6.23 billion in 2028 at a sturdy compound annual growth rate CAGR of 6%. The growth in the forecast period can be attributed to the rising decentralization of energy systems, surging corporate sustainability goals, increased research and development, expanded energy storage solutions, and growing government policies and incentives. Major trends in the forecast period include technological advancements, increased capacity, the adoption of hybrid energy systems, and advancements in vertical axis wind turbines.
How is Renewable Energy Generation Boosting the Growth of the Distributed Wind Market?
Growth in the distributed wind market is largely fueled by the increasing demand for renewable energy generation. Renewable energy generation involves creating electricity through sources such as solar panels or wind turbines, enhancing reliability, reducing transmission losses, and fostering energy independence. This method of electricity generation is increasingly crucial due to environmental concerns, energy security, and the economic benefits it offers. The distributed wind model allows the use of small-scale wind turbines closer to where the energy is used, thereby reducing transmission losses, enhancing grid stability, and promoting energy independence and sustainability.
Concerning recent industry achievements, in August 2023, the Energy Efficiency and Renewable Energy EERE, a US-based government administration, reported that the wind power sector added 29.5 megawatts MW of new capacity in 2022, installing 1,745 turbines. It's also projected that by 2050, the sector will experience substantial growth, with an expected increase of 112,286 MW in offshore wind capacity.
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Who Are The Major Players in The Distributed Wind Market?
The distributed wind market is supported by major companies such as Siemens AG, General Electric Company, Acciona S.A., Vestas Wind Systems A/S, Goldwind Science & Technology Co. Ltd., Nordex SE, Enercon GmbH, Suzlon Energy Ltd., Boralex Inc., AeroVironment Inc., Envision Group, Sinovel Wind Group Co. Ltd., Emergya Wind Technologies B.V., Ming Yang Wind Power Group Limited, MTU Onsite Energy Corp., Clipper Windpower Plc, Guodian United Power Technology Co. Ltd, Northern Power Systems, Pika Energy Inc., Kestrel Renewable Energy, Bergey Windpower Co., Helix Wind Corp., Vortex Bladeless Ltd., Windstream Energy Technologies India Pvt. Ltd, Senvion S.A. These leading companies are advancing their technological capabilities and broadening market reach through strategic partnerships.
A Paradigm Shift in The Distributed Wind Market:
Key players operating in the distributed wind market are forming strategic partnerships to enhance their technological strength, expand market reach, and accelerate the adoption of distributed wind energy solutions. These partnerships offer resources and expertise, enabling the development of more efficient technologies, and extending access to new markets, ultimately driving broader adoption of distributed wind energy.
A notable instance is the launch of the National Distributed Wind Network in March 2024 by the National Renewable Energy Laboratory NREL, a US-based research institute, in collaboration with the Pacific Northwest National Laboratory PNNL, a US-based laboratory. This network aims to enhance the deployment of distributed wind energy across the United States by providing essential resources and support to stakeholders, including farmers, municipalities, and businesses. The initiative will provide technical assistance to communities and organizations looking to implement distributed wind projects, helping to navigate regulatory and financial challenges.
Detailed Segmentation of the Distributed Wind Market:
The distributed wind market report covered the following segments:
1 By Turbine Type: Small Under 100 kW, Mid-Size 100 kW - 500 MW, Large-Scale Over 500 kW
2 By Installation Type: On-Grid, Off-Grid
3 By Application: Residential, Agricultural, Industrial, Government, Institutional, Commercial
What are the Regional Insights into the Distributed Wind Market?
North America took the lead as the largest region in the distributed wind market in 2023, with other regions of focus identified as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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