Wind Energy Market: Size, Share, Trends & Forecast (2024-2029)
The market report offers a detailed analysis segmented by Installation Type (Onshore, Offshore); by Application (Residential, Industrial, Commercial); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Outlook
- The wind energy market is estimated to be at USD 98.67 Bn in 2024 and is anticipated to reach USD 161.33 Bn in 2029.
- The wind energy market is registering a CAGR of 10.33% during the forecast period of 2024-2029.
- The global wind energy market’s expansion is driven by the increasing demand for renewable energy and governmental commitments to reduce carbon emissions globally.
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Ecosystem
- The participants in the global wind energy industry are focusing on expanding their turbine portfolios, improving offshore capabilities, and investing in digital solutions to maintain a competitive edge.
- These companies primarily focus on sustainability, investment in R&D to innovate and improve wind turbine technology, along with strategic partnerships to maintain a competitive edge in the market.
- Several important entities in the wind energy market include Dongfang Electric Corp.; Enercon Global GmbH; General Electric Co.; Goldwind Science & Technology Co., Ltd.; Nordex Group; and others.
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Findings
| Attributes | Values |
|---|---|
| Historical Period | 2018-2022 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Market Size (2024) | USD 98.67 Bn |
| Market Size (2029) | USD 161.33 Bn |
| Growth Rate | 10.33% CAGR from 2024 to 2029 |
| Key Segments | Installation Type (Onshore, Offshore); Application (Residential, Industrial, Commercial); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) |
| Key Vendors | Dongfang Electric Corp.; Enercon Global GmbH; General Electric Co.; Goldwind Science & Technology Co., Ltd.; Nordex Group |
| Key Countries | The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa |
| Largest Market | Asia Pacific |
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Trends
- Floating Offshore Wind Farms: Floating wind farms are an emerging trend in the wind energy sector, allowing turbines to be placed in deeper waters where winds are stronger and more consistent. In 2023, the Hywind Tampen project in Norway became the largest floating wind farm globally, with an installed capacity of 88 MW, setting a new standard for future offshore wind projects.
- Hybrid Renewable Energy Systems: There is a growing interest in hybrid renewable energy systems that combine wind energy with other sources such as solar and battery storage. In 2023, Orsted launched a hybrid project in Taiwan that integrated offshore wind with solar power and energy storage, demonstrating how such systems can provide a more stable and reliable power supply.
- Smart Wind Farms: Digitalization is transforming wind farm operations through the use of advanced analytics, IoT (Internet of Things), and AI (artificial intelligence). These technologies enable predictive maintenance, optimize turbine performance, and reduce operational costs. In 2023, Siemens Gamesa introduced a new AI-powered platform that monitors wind turbine performance in real-time, helping operators increase efficiency by up to 10%.
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Catalysts
- Government Policies: Government support in the form of subsidies, tax incentives, and renewable energy targets is a major driver of the wind energy market. In 2023, the European Union extended its Green Deal policies, including substantial funding and incentives for wind energy projects across member states, significantly boosting market growth.
- Declining Costs of Wind Energy: The cost of wind energy has been steadily decreasing due to advancements in technology and economies of scale. In 2023, the International Renewable Energy Agency (IRENA) reported that the levelized cost of energy (LCOE) for onshore wind had dropped to USD 0.033 per kWh, making it one of the most cost-effective sources of renewable energy.
- Global Push for Decarbonization: The global push to reduce carbon emissions and combat climate change is a key driver for the wind energy market. In 2023, China, the world’s largest carbon emitter, announced plans to increase its wind energy capacity to 800 GW by 2030 as part of its commitment to achieve carbon neutrality by 2060.
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Restraints
- Wind Intermittency: One of the major challenges for wind energy is its intermittency, as wind is not always available when energy demand is high. In 2023, several European countries, including the UK, faced grid stability issues due to the variability of wind power, highlighting the need for better grid integration and energy storage solutions.
- Environmental Concerns: Wind energy projects often face opposition due to environmental concerns, such as the impact on local wildlife and landscapes. In 2023, the proposed offshore wind project near Martha’s Vineyard in the U.S. was delayed due to legal challenges from local communities and environmental groups concerned about the impact on marine life.
- High Initial Investment: Despite the decreasing costs of wind energy, the initial capital required for wind farm development remains high. In 2023, financing challenges were reported in emerging markets like Brazil, where fluctuating currency exchange rates and high interest rates made it difficult to secure funding for new wind energy projects.
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Table of Contents
| 1.       Introduction 1.1.    Research Methodology 1.2.    Scope of the Study 2.       Market Overview / Executive Summary 2.1.    Global Wind Energy Market (2018 – 2022) 2.2.    Global Wind Energy Market (2023 – 2029) 3.       Market Segmentation 3.1.    Global Wind Energy Market by Installation Type 3.1.1. Onshore 3.1.2. Offshore 3.2.    Global Wind Energy Market by Application 3.2.1. Residential 3.2.2. Industrial 3.2.3. Commercial 4.       Regional Segmentation 4.1.    North America 4.1.1. The US 4.1.2. Canada 4.1.3. Mexico 4.2.    South America 4.2.1. Brazil 4.2.2. Argentina 4.2.3. Colombia 4.2.4. Chile 4.2.5. Rest of South America 4.3.    Asia Pacific 4.3.1. China 4.3.2. India 4.3.3. Japan 4.3.4. South Korea 4.3.5. Rest of Asia Pacific 4.4.    Europe 4.4.1. The UK 4.4.2. Germany 4.4.3. Italy 4.4.4. France 4.4.5. Spain 4.4.6. Rest of Europe 4.5.    The Middle East 4.5.1. Turkey 4.5.2. UAE 4.5.3. Saudi Arabia 4.5.4. Rest of the Middle East 4.6.    Africa 4.6.1. Egypt 4.6.2. South Africa 4.6.3. Rest of Africa 5.       Value Chain Analysis of the Global Wind Energy Market 6.       Porter Five Forces Analysis 6.1.    Threats of New Entrants 6.2.    Threats of Substitutes 6.3.    Bargaining Power of Buyers 6.4.    Bargaining Power of Suppliers 6.5.    Competition in the Industry 7.       Trends, Drivers and Challenges Analysis 7.1.    Market Trends 7.1.1.    Market Trend 1 7.1.2.    Market Trend 2 7.1.3.    Market Trend 3 7.2.    Market Drivers 7.2.1.    Market Driver 1 7.2.2.    Market Driver 2 7.2.3.    Market Driver 3 7.3.    Market Challenges 7.3.1.    Market Challenge 1 7.3.2.    Market Challenge 2 7.3.3.    Market Challenge 3 8.       Opportunities Analysis 8.1.    Market Opportunity 1 8.2.    Market Opportunity 2 8.3.    Market Opportunity 3 9.       Competitive Landscape 9.1.    Dongfang Electric Corp. 9.2.    Enercon Global GmbH 9.3.    General Electric Co. 9.4.    Goldwind Science & Technology Co., Ltd. 9.5.    Nordex Group 9.6.    Company 6 9.7.    Company 7 9.8.    Company 8 9.9.    Company 9 9.10.  Company 10 |
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Wind Energy Market – FAQs
1. What is the current size of the wind energy market?
Ans. In 2024, the wind energy market size is USD 98.67 Bn.
2. Who are the major vendors in the wind energy market?
Ans. The major vendors in the wind energy market are Dongfang Electric Corp.; Enercon Global GmbH; General Electric Co.; Goldwind Science & Technology Co., Ltd.; Nordex Group.
3. Which segments are covered under the wind energy market segments analysis?
Ans. The wind energy market report offers in-depth insights into Installation Type, Application, and Geography.