Market size was valued at USD 24.04 Billion in 2023 and is anticipated to grow at a CAGR of 5.7% up to 2032.
Wind power generated in North America increased by 5.8%, from 154,436 megawatts in 2021 to 163,428 megawatts in 2022 and it is expected to further increase in the forecast period due to increasing investments.
The market has experienced consistent growth, fueled by the increasing adoption of wind energy as a clean and sustainable alternative to fossil fuels.
The total installed capacity of wind power in North America has risen significantly, with both onshore and offshore projects contributing to the expansion.
Innovations in turbine design, materials, and control systems have led to more efficient and cost-effective wind power generation.
Government policies, such as tax incentives and renewable energy mandates, have played a crucial role in driving market growth.
Growing awareness of climate change and the need to reduce greenhouse gas emissions has increased the demand for renewable energy sources.
Wind power projects can create jobs, stimulate local economies, and reduce dependence on imported fossil fuels.
The North American wind power equipment market is expected to continue expanding as governments and businesses seek to decarbonize their energy supply.
Offshore wind power is gaining momentum, with significant investments being made in projects along the East Coast of the United States and Canada.
Ongoing research and development will likely lead to further advancements in wind turbine technology, improving efficiency and reducing costs.
NORTH AMERICA WIND POWER EQUIPMENT MARKET DYNAMICS
Technological Advancements
Turbine Efficiency:Continuous advancements in turbine design, materials, and control systems have led to increased efficiency and reduced costs.
Blade Technology:Innovations in blade design, including longer, lighter, and more efficient blades, have improved energy capture.
Digitalization:The integration of digital technologies, such as sensors, data analytics, and predictive maintenance, has enhanced turbine performance and reliability.
Government Policies and Regulations
Renewable Portfolio Standards (RPS):Many states in the United States and provinces in Canada have implemented RPS, mandating a certain percentage of electricity to be generated from renewable sources, driving demand for wind power.
Tax Incentives:Government-provided tax credits and subsidies have made wind power projects more economically attractive.
Grid Integration:Regulations and standards governing the integration of wind power into the existing electricity grid have evolved to address technical challenges and ensure system stability.
Environmental and Social Factors
Land Use and Permitting:The development of wind farms can face challenges related to land use, wildlife impact, and community opposition.
Public Acceptance:Public perception and support for wind energy projects can influence their development and success.
Environmental Impact Assessment:Rigorous environmental impact assessments are required for wind projects, ensuring that they are developed in a sustainable manner.
INTRODUCTION TO NORTH AMERICA WIND POWER EQUIPMENT MARKET
Wind power is a renewable energy source that harnesses the energy of the wind to generate electricity. The primary equipment used in wind power generation is the wind turbine. A collection of wind turbines in a specific location is called a wind farm. Wind farms can be located onshore or offshore. Offshore wind farms are becoming increasingly popular due to their access to stronger and more consistent winds. Wind power has seen significant growth in recent years, and it is expected to play a crucial role in meeting the world's energy needs while reducing greenhouse gas emissions.
The North American wind power equipment market has witnessed significant growth in recent years, driven by a combination of factors including government policies, technological advancements, and increasing demand for renewable energy. As a major player in the global wind energy landscape, North America offers a lucrative market for wind turbine manufacturers, component suppliers, and project developers. The North American wind power equipment market is a dynamic and growing industry with significant potential. As governments and businesses continue to prioritize renewable energy, the demand for wind power equipment is expected to remain strong in the years to come.
NORTH AMERICA WIND POWER EQUIPMENT MARKET TRENDS
Diverse Geography:North America encompasses a wide range of geographic conditions, from coastal regions with strong, consistent winds to inland areas with more variable wind patterns. This diversity presents opportunities for various wind turbine technologies and project types.
Strong Policy Support:Governments in both the United States and Canada have implemented supportive policies, such as renewable portfolio standards (RPS) and tax incentives, to promote the development of wind energy.
Technological Advancements:The wind power industry has experienced rapid technological progress, leading to more efficient, reliable, and cost-effective wind turbines.
Competitive Market:The North American market is highly competitive, with a mix of global and domestic players vying for market share.
NEW DEVELOPMENT
November 2022: TPI Composites, Inc. (TPI) signed an agreement with GE Renewable Energy (GE) to allow the former company to secure a ten-year lease extension for its rotor blade manufacturing facility in Newton, Iowa, United States. Under the agreement, GE and TPI planned to develop competitive rotor blade manufacturing options to meet GE's commitments in the United States market, with production expected to commence in 2024. The agreement is a component of the Inflation Reduction Act of 2022's support for important American industries working in the domestic renewable energy sector.
May 2022: BW Ideolhas signed an agreement with EDF Renewables and Maple Power to cooperate on the design of floating foundations for the AO6 floating offshore wind tender. This call for tender related to two sites with a capacity of 250 MW each. Combined, these two projects should produce the equivalent of the domestic electricity consumption of approximately one million inhabitants.
