Wind Power Market Size, Share, Growth, Trends | Report 2022-2030
The global wind power market was estimated at USD 99.44 billion in 2021 and it is expected to surpass around USD 166.2 billion by 2030, poised to grow at a CAGR of 5.87% from 2022 to 2030
Report Highlights
The increasing demand for clean and affordable energy is expected to drive the growth of the market. The adoption of wind power is increasing at a significant pace owing to the increasing viability of wind power for large-scale energy production.
Governments across various nations have been supporting the use of renewable energy sources including solar power, hydropower, wind power, and biomass. Regulatory bodies are emphasizing on reducing carbon footprints and reducing reliance on conventional energy sources which in turn promotes power generation using wind turbines. Increasing energy needs in countries such as India, China, the U.K., and Brazil, owing to rapid industrialization is projected to have a positive impact on the market growth.
Wind power energy finds wide use in numerous sectors such as commercial and residential. The Onshore wind power sector has emerged as a valued renewable energy source, across the world. The cumulative installed onshore and offshore wind power capacity is projected to observe a count of 837 GW in 2021. The offshore wind power sector has been gaining thrust in the global market for wind power.
Regions such as South America and Middle East & Africa offer a robust business opportunity for the market with countries, such as Brazil, Chile, and South Africa playing a vital role in the development of the growth. The increasing demand for electricity generation from green and clean sources is likely to drive the growth of the market in the forthcoming years. Besides, the massive wind power potential, coupled with a continuous decrease in the cost of installation, is expected to offer extensive business opportunities to the market.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 99.44 billion |
| Revenue Forecast by 2030 | USD 166.2 billion |
| Growth rate from 2022 to 2030 | CAGR of 5.87% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Location, application, region |
| Companies Covered | 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 |
Location Insights
The onshore segment dominated the market and held a revenue share of 71.73% in 2021. Onshore wind power has emerged as the most appreciated renewable source of energy, across the regions owing to its low cost over offshore wind power coupled with easy installations process and reduction in Greenhouse Gases (GHG). However, the offshore wind power generation is gradually gaining importance in driving the world’s wind energy installations and was 28.34% of the market in 2021
Globally, the cost of installation of the onshore and offshore wind power projects has declined and is projected to be declined in the upcoming years which is further expected to drive the market growth. The Levelized Cost of Electricity (LCOE) for installed onshore wind projects is already modest as compared to the fossil fuel source of generation and is further set to decrease the installed cost and will help to improve the performance of the wind power plants in the future.
China, in the Asia Pacific region, will continue to dominate the onshore wind power industry, followed by North America. Brazil, India, Vietnam, and Australia are expected to be the potential markets for offshore wind power installation however varying political support in these countries is expected to propel the growth of the market.
Application Insights
The utility sector dominates the industry, accounting for more than 85.94% of total market value in 2021. The non-utility sector includes both commercial and residential wind power installations. Non-utility applications counted for a lower market share than utility on account of the infeasibility of applying wind turbines due to land constraints. Another major factor affecting the application of wind turbines in non-utility projects is the high cost associated with them.
Wind turbines for utility scale applications are typically installed in large, multi-turbine wind farms which are connected to the nation's transmission system. Large scale utility-scale wind power projects involve multiple land, construction, and other permits, as well as careful management of relationships with different stakeholders involved in the process. The easing of barriers to the installation of utility scale projects is expected to drive the growth of the utility scale segment.
Regional Insights
The Asia Pacific region accounted for the largest revenue share of more than 42.66% share in 2021 and is expected to continue its dominance over the forecast period. China accounted for the highest installation in the region due to ongoing initiatives and investments undertaken by the government to augment the industry growth.
China’s onshore wind power industry is projected to rise steadily in the coming years as the government is encouraging the expansion of renewable infrastructure, to reduce the stake of thermal power and reduce pollution in the country’s power generation. This is likely to determine the progress of wind power projects in the country which, in turn, is projected to drive the growth of the overall market.
North America and Europe are recognized as the competitive and mature regions in the wind power market. In 2017, IKEA Systems B.V. had amplified its direct ownership of wind power energy assets for self-generation purposes in North America to almost 0.4 GW. The Levelized Cost of Electricity (LCOE) of an offshore wind power plant is already viable in European markets.
For instance, the Netherlands and Germany have zero-subsidy wind power projects and lower auction prices. Thus, offshore wind farms would be competitive in other markets across the region in upcoming years, dropping in the short range of costs for fossil fuels such as gas and coal.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Wind Power Market
5.1. COVID-19 Landscape: Wind Power Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Wind Power Market, By Location
8.1. Wind Power Market, by Location, 2022-2030
8.1.1. Onshore
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Offshore
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Wind Power Market, By Application
9.1. Wind Power Market, by Application, 2022-2030
9.1.1. Utility
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Non-utility
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Wind Power Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Location (2017-2030)
10.1.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Location (2017-2030)
10.1.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Location (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Location (2017-2030)
10.2.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Location (2017-2030)
10.2.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Location (2017-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Location (2017-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Location (2017-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Location (2017-2030)
10.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Location (2017-2030)
10.3.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Location (2017-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Location (2017-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Location (2017-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Location (2017-2030)
10.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Location (2017-2030)
10.4.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Location (2017-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Location (2017-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Location (2017-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Location (2017-2030)
10.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Location (2017-2030)
10.5.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Location (2017-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
Chapter 11. Company Profiles
11.1. GE Wind
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Vestas, Siemens Wind Power,
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Suzlon Group, Goldwind
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. United Power,
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Acciona, Nordex SE,
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Sinovel Wind Group
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. EDF Renewable Energy
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. ReGen Powertech
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Vensys Energy
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. ABB Limited
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers