Global Wind EPC Market Size To Worth USD 131.85 Billion By 2032 | CAGR of 7.4%

The Global Wind EPC Market Size was valued at USD 64.57 billion in 2022 and the worldwide wind EPC market Size is expected to reach USD 131.85 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: General Electric (GE), Siemens Gamesa Renewable Energy, Vestas Wind Systems, Nordex Group, Enercon GmbH, Goldwind, Suzlon Energy, Sinovel Wind Group, Senvion SE, Enel Green Power, ABB, LM Wind Power, MHI Vestas Offshore Wind, Ørsted A/S, TPI Composites Inc. and among others.

New York, United States , May 17, 2023 (GLOBE NEWSWIRE) -- The Global Wind EPC Market Size is to grow from USD 64.57 billion in 2022 to USD 131.85 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period.

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Wind EPC (Engineering, Procurement, and Construction) refers to the process of designing, procuring materials and equipment, and constructing wind energy projects. This includes everything from feasibility studies and site selection to the installation and commissioning of wind turbines, substations, and transmission lines. The goal of a Wind EPC project is to deliver a fully operational wind farm that generates electricity reliably and cost-effectively. They also play a crucial role in ensuring compliance with regulatory requirements and safety standards. Wind EPC projects are a critical component of the transition towards a more sustainable energy system, helping to reduce greenhouse gas emissions and mitigate climate change.

Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Wind EPC Market Size, Share, and COVID-19 Impact Analysis, By Type (Offshore Wind EPC and Onshore Wind EPC), By Application (Utility-Scale Wind EPC, Distributed Wind EPC, and Hybrid Wind EPC), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here

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The offshore wind EPC segment is expected to grow at a CAGR of 8.1% during the forecast period

Based on type, the global wind EPC market is segmented into offshore wind EPC and onshore wind EPC. The offshore wind EPC (Engineering, Procurement, and Construction) segment is the fastest growing in the wind EPC market due to several factors. Offshore wind projects are gaining popularity due to their potential for higher energy generation capacity and reduced visual and noise pollution. Moreover, advancements in offshore wind turbine technology have made it more cost-effective and efficient, further driving the market growth. The segment is also supported by favorable government initiatives to promote offshore wind projects and increasing investments in offshore wind energy projects globally. As a result, the offshore wind EPC segment is expected to continue its rapid growth in the coming years.

The distributed wind EPC segment is expected to grow at a CAGR of around 7.8% during the forecast period

Based on application, the global wind EPC market is segmented into utility-scale wind EPC, distributed wind EPC, and hybrid wind EPC. The distributed wind EPC (Engineering, Procurement, and Construction) segment is the fastest growing in the Wind EPC market due to several reasons. Distributed wind energy projects are gaining popularity due to their potential to provide a localized energy supply and reduce dependence on traditional energy sources. Moreover, advancements in technology and favorable government initiatives are making distributed wind energy more cost effective and efficient, further driving the market growth. The segment is also supported by the increasing adoption of distributed wind energy projects by residential and commercial consumers.

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Europe is predicted to grow at a significant CAGR of around 7.5% over the projected period

Based on region, Europe is expected to grow in the wind EPC (Engineering, Procurement, and Construction) market due to a combination of factors. The European Union has set ambitious targets for reducing carbon emissions and increasing the share of renewable energy sources in the energy mix, driving significant investments in wind energy projects. Moreover, the region has favorable regulatory frameworks and financial incentives to support the growth of the wind energy sector. The increasing adoption of offshore wind power projects, advancements in wind turbine technology, and the presence of leading wind EPC companies in the region are also expected to contribute to market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global wind EPC market include General Electric (GE), Siemens Gamesa Renewable Energy, Vestas Wind Systems, Nordex Group, Enercon GmbH, Goldwind, Suzlon Energy, Sinovel Wind Group, Senvion SE, Enel Green Power, ABB, LM Wind Power, MHI Vestas Offshore Wind, Ørsted A/S, and TPI Composites Inc.

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Recent Developments

In February 2023, German company wpd has selected GE Renewable Energy to supply 16 onshore wind turbines to three wind farms located in Landkreis Uelzen, Niedersachsen. With a combined capacity of 88MW, the projects will be equipped with GE's 5.5MW turbines featuring a rotor diameter of 158m. The implementation of these wind farms is expected to help Germany achieve a more sustainable and eco-friendly energy mix by increasing its renewable energy capacity. By utilizing GE's advanced wind energy technology and full-service capabilities, wpd will have access to dependable and efficient wind energy generation over the course of the projects' lifespan.

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