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The Wind Power Market size was valued at USD 106.57 billion in 2023 and is expected to grow to USD 193.79 billion by 2032 with a growing CAGR of 6.87% over the forecast period of 2024-2032.
Wind energy harnesses the ambient wind and transforms the velocity of the air into mechanical energy. Different atmospheric pressures lead to the wind. Season, terrain, and geography all affect wind speed. As a result, certain places are more suitable for producing wind energy than others. In general, wind speeds are faster close to the coast and offshore because there are fewer obstructions to slow them down, such as vegetation, mountains, and buildings.
When some areas of the rocky surface of the Earth receive a different quantity of light than others nearby and cool or heat more quickly, wind is created. Air travels over the planet, gaining or losing speed as it crosses rivers and valleys, balancing the variations like mixing hot and cold water in a bathtub. You guessed it, that produces wind. Birds may be propelled through the air by wind, ships can travel across the ocean, and trees can even be uprooted by it. The act of moving wind turbine blades is simple in compared to all that. Electricity is produced by the turbines' rotation.
MARKET DYNAMICS
KEY DRIVERS:
Demand for renewable power sources.
Increasing need in a variety and industries
Growing the demand for offshore
Many governments all over the globe have implemented policies to encourage the growth of wind energy, including feed-in tariffs, tax rebates, and renewable portfolio standards. These regulations have significantly increased the industry's growth and made wind power a more appealing investment.
RESTRAIN:
Rising the cost of wind energy
Wind energy has become less expensive recently, it is still more expensive than certain other energy sources, such as coal or natural gas. Due to this, wind power may find it challenging to compete in the electricity market.
OPPORTUNITY:
Technological advancement for offshore installation
CHALLENGES:
Grid integration
Intermittency
Since wind energy is a fluctuating source of energy, its output might change depending on the wind's direction and speed. This can make it challenging to incorporate wind energy into the electrical grid and, if there is not enough wind energy to fulfill demand.
According to the Energy Information Administration, about half of the power produced in the United States from renewable sources last year came from wind energy. The country's use of wind energy has increased significantly over the past two decades, going from 0.2% to 9.2% of all power produced during that time. According to the International Energy Agency, the ongoing Russian invasion of Ukraine, which is in its seventh month, has shaken up the world's energy markets and increased worries about the security and availability of energy globally.
IMPACT OF ONGOING RECESSION
A decline in wind project completions by 2022, however despite a continued Chinese boom in both onshore and offshore wind, this decline was mostly caused by delays to US offshore projects, a slowdown in onshore permits in the US and Europe, and delays to US offshore projects. In September that China revealed rife offshore wind deployments, with increased capacity for the half-year coming in at 6.8 GW, accounting for 78% of all new additions worldwide. Further development was also seen in South Korea and Vietnam, two other countries in Asia.
By Location
Onshore
Offshore
By Application
Utility
Non-utility
More than 42.43% of global revenue in 2021 came from the Asia Pacific area, and this dominance is anticipated to persist throughout the projection period. Due to continued actions and expenditures made by the government to support industrial growth, China has the highest installation in the area.
China's onshore wind sector is expected to grow gradually over the next few years as the country's leadership promotes the development of renewable infrastructure in an effort to minimize the importance of thermal power and lower pollution levels in the nation's power production. This will probably affect how quickly wind energy projects are completed in the nation, which is expected to fuel industry expansion.
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Suzlon Group received a fresh order in October 2022 from the Aditya Birla Group to construct 144.9 MW wind power projects at locations in Gujarat and Madhya Pradesh. A total of 69 wind turbine generators (Wind Turbines) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW will be installed as part of the contract by the firm. It's anticipated to start up business before the end of 2023.
May 20222 saw the announcement by India's Minister for Power and New & Renewable Energy of intentions to have 30,000 MW of India's offshore wind energy.
In October 2021, USW Energy Ltd., a subsidiary of the regional conglomerate JSW Group, awarded GE Renewable Energy a contract. For its planned projects in Tamil Nadu, JSW has bought 810 MW of onshore wind turbines as part of the deal.
The Major Players are GE Wind, Vestas, Siemens Wind Power, Suzlon Group, Goldwind, United Power, Acciona, Nordex SE, Sinovel Wind Group, EDF Renewable Energy, ReGen Powertech, Vensys Energy, ABB Limited, NextEra Energy Inc., Northland Power Inc., DONG Energy, and other players are listed in a final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 106.57 Bn |
| Market Size by 2032 | US$ 193.79 Bn |
| CAGR | CAGR of 6.87% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Location (Onshore, Offshore), By Application (Utility, Non-utility) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | GE Wind, Vestas, Siemens Wind Power, Suzlon Group, Goldwind, United Power, Acciona, Nordex SE, Sinovel Wind Group, EDF Renewable Energy, ReGen Powertech, Vensys Energy, ABB Limited, NextEra Energy Inc., Northland Power Inc., DONG Energy |
| Key Drivers | • Demand for renewable power sources. • Increasing need in a variety and industries • Growing the demand for offshore |
| Market Restraints | • Rising the cost of wind energy |
Ans: Wind Power Market is anticipated to expand by 6.6 % from 2023 to 2030.
Ans: USD 165.91 billion is expected to grow by 2030.
Ans: Wind Power Market size was valued at USD 99.5 billion in 2022
Ans: Acia Pacific is dominating the market.
Ans: Demand for renewable power sources, increasing need in variety and industries, and growing the demand for offshore.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Wind Power Market Segmentation, By Location
8.1 Onshore
8.2 Offshore
9. Wind Power Market Segmentation, By Application
9.1 Utility
9.2 Non-utility
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Wind Power Market by Country
10.2.2North America Wind Power Market by Location
10.2.3 North America Wind Power Market by Application
10.2.4 USA
10.2.4.1 USA Wind Power Market by Location
10.2.4.2 USA Wind Power Market by Application
10.2.5 Canada
10.2.5.1 Canada Wind Power Market by Location
10.2.5.2 Canada Wind Power Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Wind Power Market by Location
10.2.6.2 Mexico Wind Power Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Wind Power Market by Country
10.3.1.2 Eastern Europe Wind Power Market by Location
10.3.1.3 Eastern Europe Wind Power Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Wind Power Market by Location
10.3.1.4.2 Poland Wind Power Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Wind Power Market by Location
10.3.1.5.2 Romania Wind Power Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Wind Power Market by Location
10.3.1.6.2 Hungary Wind Power Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Wind Power Market by Location
10.3.1.7.2 Turkey Wind Power Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Wind Power Market by Location
10.3.1.8.2 Rest of Eastern Europe Wind Power Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Wind Power Market by Country
10.3.2.2 Western Europe Wind Power Market by Location
10.3.2.3 Western Europe Wind Power Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Wind Power Market by Location
10.3.2.4.2 Germany Wind Power Market by Application
10.3.2.5 France
10.3.2.5.1 France Wind Power Market by Location
10.3.2.5.2 France Wind Power Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Wind Power Market by Location
10.3.2.6.2 UK Wind Power Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Wind Power Market by Location
10.3.2.7.2 Italy Wind Power Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Wind Power Market by Location
10.3.2.8.2 Spain Wind Power Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Wind Power Market by Location
10.3.2.9.2 Netherlands Wind Power Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Wind Power Market by Location
10.3.2.10.2 Switzerland Wind Power Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Wind Power Market by Location
10.3.2.11.2 Austria Wind Power Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Wind Power Market by Location
10.3.2.12.2 Rest of Western Europe Wind Power Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Wind Power Market by Country
10.4.2 Asia Pacific Wind Power Market by Location
10.4.3 Asia Pacific Wind Power Market by Application
10.4.4 China
10.4.4.1 China Wind Power Market by Location
10.4.4.2 China Wind Power Market by Application
10.4.5 India
10.4.5.1 India Wind Power Market by Location
10.4.5.2 India Wind Power Market by Application
10.4.6 Japan
10.4.6.1 Japan Wind Power Market by Location
10.4.6.2 Japan Wind Power Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Wind Power Market by Location
10.4.7.2 South Korea Wind Power Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Wind Power Market by Location
10.4.8.2 Vietnam Wind Power Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Wind Power Market by Location
10.4.9.2 Singapore Wind Power Market by Application
10.4.10 Australia
10.4.10.1 Australia Wind Power Market by Location
10.4.10.2 Australia Wind Power Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Wind Power Market by Location
10.4.11.2 Rest of Asia-Pacific APAC Wind Power Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Wind Power Market by Country
10.5.1.2 Middle East Wind Power Market by Location
10.5.1.3 Middle East Wind Power Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Wind Power Market by Location
10.5.1.4.2 UAE Wind Power Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Wind Power Market by Location
10.5.1.5.2 Egypt Wind Power Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Wind Power Market by Location
10.5.1.6.2 Saudi Arabia Wind Power Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Wind Power Market by Location
10.5.1.7.2 Qatar Wind Power Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Wind Power Market by Location
10.5.1.8.2 Rest of Middle East Wind Power Market by Application
10.5.2 Africa
10.5.2.1 Africa Wind Power Market by Country
10.5.2.2 Africa Wind Power Market by Location
10.5.2.3 Africa Wind Power Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Wind Power Market by Location
10.5.2.4.2 Nigeria Wind Power Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Wind Power Market by Location
10.5.2.5.2 South Africa Wind Power Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Wind Power Market by Location
10.5.2.6.2 Rest of Africa Wind Power Market by Application
10.6 Latin America
10.6.1 Latin America Wind Power Market by Country
10.6.2 Latin America Wind Power Market by Location
10.6.3 Latin America Wind Power Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Wind Power Market by Location
10.6.4.2 Brazil Africa Wind Power Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Wind Power Market by Location
10.6.5.2 Argentina Wind Power Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Wind Power Market by Location
10.6.6.2 Colombia Wind Power Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Wind Power Market by Location
10.6.7.2 Rest of Latin America Wind Power Market by Application
11 Company Profile
11.1 GE Wind
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Vestas
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Siemens Wind Power
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Suzlon Group
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Goldwind
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 United Power
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Acciona
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Nordex SE
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Sinovel Wind Group
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 EDF Renewable Energy
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 ReGen Powertech
11.11.1 Company Overview
11.11.2 Financials
11.11.3 Product/Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View
11.12 Vensys Energy
11.12.1 Company Overview
11.12.2 Financials
11.12.3 Product/Services Offered
11.12.4 SWOT Analysis
11.12.5 The SNS View
11.13 ABB Limited
11.13.1 Company Overview
11.13.2 Financials
11.13.3 Product/Services Offered
11.13.4 SWOT Analysis
11.13.5 The SNS View
11.14 NextEra Energy Inc.
11.14.1 Company Overview
11.14.2 Financials
11.14.3 Product/Services Offered
11.14.4 SWOT Analysis
11.14.5 The SNS View
11.15 Northland Power Inc.
11.15.1 Company Overview
11.15.2 Financials
11.15.3 Product/Services Offered
11.15.4 SWOT Analysis
11.15.5 The SNS View
11.16 DONG Energy
11.16.1 Company Overview
11.16.2 Financials
11.16.3 Product/Services Offered
11.16.4 SWOT Analysis
11.16.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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