Wind energy equipment market expansion anticipated to reach an impressive USD 140.3 billion by 2034.
The wind energy sector is poised for continued growth as the world's demand for renewable energy sources escalates. This shift is particularly evident in the Asia-Pacific (APAC) region, which accounted for over 47.20% of the global share in the wind energy equipment market in 2024, with a valuation of approximately USD 33.9 billion.
Onshore wind farms have retained their dominance in the market, securing over 78.20% of the share in 2024. Utility companies have held a significant position in this market, capturing more than a 44.60% share. Turbines, specifically Horizontal Axis Wind Turbines (HAWTs), have commanded a dominant market position, capturing over 67.30% of the share in 2024.
Medium-scale wind farms have emerged as the frontrunner in the global wind energy equipment market, holding over 42.30% of the share in 2024. Notable developments in this sector include Ming Yang's introduction of the world's largest hybrid-drive offshore wind turbine, the MySE 16.0-242, and General Electric (GE) Renewable Energy's upgraded Haliade-X offshore wind turbine, now with a capacity of 14.7 MW.
Innovation in the wind energy sector is not limited to turbine technology. Companies like ENERCON have introduced E-STORAGE solutions, combining wind energy with battery storage for grid balancing. ABB has launched its Next-Level Wind Power Converter for offshore wind farms, while Eaton has partnered with a major wind farm developer to improve grid stability using its Voltage Regulation System.
Looking ahead, the Wind Energy Equipment Market is projected to be worth around USD 140.3 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 6.9%. Mingyang's introduction of the OceanX, a large hybrid offshore wind turbine, symbolizes the industry's commitment to pushing the limits of wind technology and advancing renewable energy. The company's focus on large-scale offshore wind projects and technological innovation, particularly in China and potentially other deep-water markets worldwide, bodes well for the future of the wind energy sector.
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