According to a recent report published by Kings Research, the global Wind Power Market size reached $112.23 billion in 2022 and is projected to register $278.43 billion by 2030, growing at a CAGR of 13.67% from 2023 to 2030. The market growth is propelled by growing awareness of the benefits of renewable sources and the increasing demand to replace conventional sources of power with renewable sources.
Wind power, a reliable energy source, drives the demand for onshore and offshore wind energies. Technological advancements facilitate efficient energy system management in response to high market demand. Wind turbines offer flexibility, operating at lower speeds to match energy needs and aiding grid voltage and frequency control. These benefits also enhance wind farm and turbine design for easier maintenance, prolonging equipment life, and boosting market demand. Furthermore, the economic and environmental advantages of renewable energy, including emission-free power generation and reduced air pollution, are driving its adoption in the market.
In October 2023, Norway and Poland strengthened their collaboration in the offshore wind industry, with the signing of two memorandums of understanding (MoUs) between the Norwegian Offshore Wind and the Polish Offshore Wind Energy Society (PTMEW). The MoUs will promote knowledge sharing and collaboration on offshore wind projects in both countries.
The increasing demand for reliable, clean, and affordable energy is poised to propel market growth. Furthermore, favorable government policies and regulatory frameworks worldwide, aimed at promoting renewable power generation, are expected to boost market growth.