Wind Power Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 112.23 Billion
Forecasted Value (2030)
USD 278.43 Billion
CAGR (2023 - 2030)
Fastest Growing Region (2023 - 2030)
The global Wind Power Market was valued at USD 112.23 billion in 2022 and is projected to reach USD 278.43 billion by 2030, growing at a CAGR of 13.67% from 2023 to 2030.
The increasing awareness about the benefits of renewable sources and the urge to replace conventional sources of power with renewable sources is expected to drive the growth of the market.
In addition, the growing desire for clean, low-cost energy and power sources is expected to drive up demand for wind power in the future years. Furthermore, beneficial policies and initiatives implemented by various government and regulatory frameworks around the world are strengthening the market's encouragement and boosting the growth of the market in the coming years.
For instance, in 2021, 9.2% of total U.S. power generation was from wind energy. The demand for wind power is expected to increase during the forecast period owing to the increasing viability of onshore and offshore wind farms. Moreover, increasing awareness about the need for renewable energy sources, advancements in wind turbine technology, and government initiatives promoting clean energy is driving the wind power market growth in the forecast period.
Analyst’s Review on Wind Power Market
Wind power is considered as the stable form of power supply, that has bolstered the need for onshore & offshore wind energies. In addition, advances in technology make it easier to manage energy systems with high demand of wind energy in the market.
Furthermore, wind turbines are highly flexible, as these are able to operate at lower wind speeds and also to be more aligned with the energy demand. The wind power also helps control the voltage and frequency in the grid. Moreover, the advantages of wind power in order to improve the design of wind farms and turbines that are easier to maintain and extend the life of the equipment thereby increasing its demand in the market.
Zero carbon emissions and less consumption of water add to the appeal of wind power for customers and is set to drive their demand in the forecast period.
Wind power is a form of energy conversion where the turbines convert the kinetic energy of wind into electrical and mechanical energy, which can be used for power generation. Wind power is a renewable energy source and is used in the forms of windmills, which has been in use for centuries for various tasks such as pumping water and grinding grain.
Wind power is considered as renewable, and sustainable, form of energy source, which has less impact on the environment as compared to other fuels. Wind power is variable, thus, it needs energy storage in order to attain a reliable supply of electricity.
Furthermore, land-based wind farms have a greater visual impact on the landscape, than the other power stations. Moreover, low costs associated with wind increases its demand in the market and drive market growth.
The increasing demand for renewable power sources such as wind power is expected to drive the growth of the market. Wind power is considered a clean and renewable energy source, as the wind turbines harness the energy from the wind by using mechanical power in order to create electricity.
In addition, wind power is considered to be an inexhaustible and abundant resource, & also provides electricity without polluting air or burning fuel. Thus, it is continued to be the largest source of renewable power in developing countries such as United States, that helps to reduce the reliance on fossil fuels. For instance, wind energy can help reduce 329 million metric tons of carbon dioxide emissions annually, which is equivalent to 71 million cars along with other atmospheric emissions cause acid rain, smog, and greenhouse gases.
Thus, the economic and environmental benefits associated with renewable energy, such as the generation of energy that emits no greenhouse gas emissions from fossil fuels is increasing its application in the market Furthermore, it also minimizes the forms of air pollution, that raise its market demand and drive market expansion in the coming years.
The global wind power market is segmented based on location, application, and geography.
Based on location, the wind power market is bifurcated into onshore, and offshore. The onshore segment dominated the market owing to its cost-effective nature as compared to offshore wind power. In addition, the reduction in greenhouse gases, easy installation process also increases the demand for the onshore wind power market. In addition, onshore wind farms benefit from economies of scale, as larger projects can generate more electricity at a lower cost per unit. This makes onshore wind power an attractive option for utility companies and governments looking to increase their renewable energy capacity. Furthermore, onshore wind farms have a relatively short development timeline compared to other renewable energy sources, such as offshore wind
Based on application, the wind power market is bifurcated into utility and non-utility. The utility segment is expected to dominate the market. This is due to the infeasibility of applying the wind turbines due to the land constraints. In addition, the high costs associated with the non-utility enable the industries to incorporate wind power into the utility sector is likely to boost the growth of the segment. Furthermore, the advancements in wind turbine technology have significantly improved the efficiency and reliability of utility-scale wind farms. These technological developments have made wind power more cost-effective, making it an attractive option for utilities looking to diversify their energy portfolios.
Based on regional analysis, the global wind power market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
The Asia-Pacific will dominate the market due to the increased highest installation of wind power in developing countries such as China, and India due to the ongoing investments and initiatives taken by the government to augment the industry growth. In addition, China’s onshore wind power industry is projected to rise steadily in the coming years due to the growing expansions of renewable infrastructure by the governments in order to reduce the stake of thermal power and pollution in the country’s power generation. This is likely to determine the progress of wind power projects in the country as well as in the region, which, in turn, is projected to drive the growth of the overall market.
Furthermore, the Asia-Pacific region has made significant investments in wind power infrastructure, with governments implementing favorable policies and incentives to attract both domestic and foreign investors. These measures have not only spurred the growth of the wind power market but have also created a supportive environment for research and development in renewable energy technologies.
The global wind power industry study will provide valuable insights with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. The major players in the wind power market are:
- GE Wind
- DONG Energy
- NextEra Energy Inc.
- United Power
- Nordex SE
- Sinovel Wind Group
- EDF Renewable Energy
- ReGen Powertech
- Vensys Energy
- ABB Limited
- February 2021 (Investment): Continuum Wind Energy Ltd, partnered with the indirect wholly-owned subsidiary of a Morgan Stanley fund entity, New Haven Infrastructure, and issued its maiden green bond of USD 500-600 million to be listed on the SGX. The proceeds were to be used to refinance the project debt at six of its operating entities and to set up wind projects in India.
The global Wind Power Market is segmented as:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America