Wind Energy Market Size, Share, By Component [(Electrical Infrastructure (Substation, wire & Cables, Others), Support Structure (Foundation, Substructure, Others), Turbine (Blades, Tower, Others), and Others)], By Type (Onshore Wind Energy, and Offshore Wind Energy), By Rating, By Technology, By Application, By End User and By Region - Trends, Analysis, and Forecast till 2034

Report Code: PMI565924 | Publish Date: October 2024 | No. of Pages: 199

Wind Energy Market Overview

  • In 2023, Wind Energy market was estimated to be worth USD 119.9 Billion.
  • By 2034, the target market is expected to grow to USD 314.2 Billion.
  • Target market is expanding at a CAGR of 10.3%

Market Overview:

Wind energy market is one of the fastest-growing industry of the renewable energy sector. This target market uses wind turbines to harness wind energy and generate electricity, which makes a substantial contribution to the global effort to switch to sustainable energy sources and lower carbon emissions.        

Key Takeaways:

  • Asia-Pacific held the largest share of the market in 2024.
  • Europe is projected to be the fastest-growing market in the coming years.
  • By Component, the turbine segment accounted for the largest share of the Wind Energy market in 2024.
  • Electrical Energy Production wind projects dominated the target market in 2023, reflecting significant investments and extensive infrastructure
  • By Rating, the >10 ≤ 12 MW segment dominated the market globally in 2024.

Wind Energy Market Report

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Wind Energy Market Drivers & Restraints

Key Drivers of Target Market:

Increasing Demand for Clean Energy:

The residential as well as commercial construction sectors are primary drivers of Wind Energy demand. 

  • For instance, in October 2024, Indian government approved a Viability Gap Funding scheme for offshore wind energy projects allocation allocating approximately INR 7453 crore to support the installation of 1 GW of offshore wind capacity.

Increasing Infrastructure Development:

The global shift towards renewable energy sources is driven by the need to reduce carbon emissions and combat change.

  • For instance, in September 2024, Energy Ready Program Launches to Accelerate Local Clean Energy Deployment. It is a new integrated effort funded by the U.S. Department of Energy (DOE) that supports local governments with free technical assistance and recognizes their improvements in planning, zoning, and for permitting distributed energy generation.

Restrains:

Logistical Concerns:

The construction and maintenance of wind farms particularly offshore which involves complex logistics due to their remote locations and harsh environmental conditions.

  • Counterbalance Statements: However advancements in logistics management and innovative transportation solutions such modular transport systems and specialized vehicles are being developed to efficiently manage the movement of these oversized components. 

Wind Energy Market Segmentations & Regional Insights

The market is segmented based on Component, Types, Rating, Technology, Application, and End User.

By Component

By Type

By Rating

By Technology

By Application

By End User

  • Electrical Infrastructure (Substation, wire & Cables, Others)
  • Support Structure (Foundation, Substructure, Others)
  • Turbine (Blades, Tower, Others)
  • Others
  • Onshore Wind Energy
  • Offshore Wind Energy
  • ≤ 2 MW
  • >2 ≤ 5 MW
  • >5 ≤ 8 MW
  • >8 ≤ 10 MW
  • >10 ≤ 12 MW
  • >12 MW
  • Horizontal Axis Wind Turbines
  • Vertical Axis Wind Turbines
  • Electrical Energy Production
  • Pumping Water
  • Renewable Hydrogen
  • Others
  • Residential
  • Industrial
  • Commercial

 

 

Component Insights:

On the basis of Component, Wind Energy Market is segmented into Electrical Infrastructure (Substation, wire & Cables, Others), Support Structure (Foundation, Substructure, Others), Turbine (Blades, Tower, Others), and others. Turbine is expected to dominate the target market growth as for instance, in September 2024, Senvion India has launched a 4.2MW wind turbine that will be one of the most powerful machines in its home market. The new model have hub heights of up to 140 meters and rotor sizes of 160 meters. Low wind conditions are intended for the 78.5-meter blades.

Type Insights:

The Wind Energy market by Type is segmented into Onshore Wind Energy, and Offshore Wind Energy. Untreated Softwood is expected to dominate the target market growth as for instance, in September 2024, Solar Energy Corporation of India Ltd (SECI) launched a tender for a 500-MW offshore wind project off the coast of the western Indian state of Gujarat.

Rating Insights:

The Wind Energy market by Rating is segmented into ≤ 2 MW, >2 ≤ 5 MW, >5 ≤ 8 MW, >8 ≤ 10 MW, >10 ≤ 12 MW, and >12 MW. >10 ≤ 12 MW is expected to dominate the target market growth as less than 10 MW turbines are driven by advancements in technology that enables the installation of larger turbines capable of generating more power.

Technology Insights:

The Wind Energy market by Technology is segmented into Horizontal Axis Wind Turbines, and Vertical Axis Wind Turbines. Horizontal Axis Wind Turbines is expected to dominate the target market growth as it appears by the general emphasis on onshore wind energy, which uses horizontal axis turbines primarily because of their proven technology and efficiency.

Application Insights:

The Wind Energy market by Application is segmented into Electrical Energy Production, Pumping Water, Renewable Hydrogen, and Others. Electrical Energy Production is expected to dominate the target market growth as this segment encompasses utility scale wind projects which have been highlighted as leading the target market due to significant investments and the extensive infrastructure required for large scale energy generation.

End User Insights:

The Wind Energy market by End User is segmented into Residential, Industrial, and Commercial. Industrial is expected to dominate the target market growth as this segment includes significant demand from industrial power sectors which are increasingly adopting wind energy solutions to meet their energy needs.

Regional Insights

Asia Pacific: This region is the largest market for wind energy which is driven by significant investments in renewable energy infrastructure and ambitious government targets for clean energy adoption.

Europe: This region is also considered to dominate the target market growth with a robust framework that supports the development of both onshore and offshore wind projects.  

Wind Energy Market Report Scope:

Attribute

Details

Market Size 2024

USD 128.8 Billion 

Projected Market Size 2034

USD 314.2 Billion

CAGR Growth Rate

10.3% (2024-2034)

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels, analyzing industry trends and opportunities across sub-segments from 2024 to 2034. It segments the market by Component, Type, Rating, Technology, Application, End User, and Region.

Segmentation:

By Component:

  • Electrical Infrastructure (Substation, wire & Cables, Others)
  • Support Structure (Foundation, Substructure, Others)
  • Turbine (Blades, Tower, Others)
  • Others

By Type:

  • Onshore Wind Energy
  • Offshore Wind Energy

By Rating:

  • ≤ 2 MW
  • >2 ≤ 5 MW
  • >5 ≤ 8 MW
  • >8 ≤ 10 MW
  • >10 ≤ 12 MW
  • >12 MW

By Technology:

  • Horizontal Axis Wind Turbines
  • Vertical Axis Wind Turbines

By Application:

  • Electrical Energy Production
  • Pumping Water
  • Renewable Hydrogen
  • Others

By End User:

  • Residential
  • Industrial
  • Commercial

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Wind Energy Market Competitive Landscape & Key Players

The key players operating in the Wind Energy Market include GE Renewable Energy, Siemens, Gamesa Renewable Energy, Vestas Wind Systems A/S, Suzlon Energy Limited, Goldwind, NextEra Energy Inc., RWE Renewables, Acciona, Nordex SE, Enercon GmbH, Mitsubishi Heavy Industries, Ltd., Envision Group, Sinovel Wind Group, EDF Renewables, Inox Wind Limited, Tata Power Company, and United Power.

Wind Energy Market Key Players

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Wind Energy Market Recent News

  • In October 2024, The National Energy Secretariat of Panama has launched an energy auction aimed at contracting power for the 2025-30 period. Energy supply is set to begin on March 1, 2025, with a specific implementation deadline. The auction is open to renewable generators, including hydroelectric, wind, solar, and biomass projects.
  • In October 2024, Beam, a company created by the merger of Rovco and Vaarst, has unveiled SubSLAM X3, a new underwater perception system designed to enhance the monitoring and maintenance of offshore wind farms. Advanced simultaneous localisation and mapping (SLAM) technologies, robotics, and artificial intelligence (AI) are all integrated into the system.
  • In October 2024, Morocco Advances Renewable Energy with 270 MW Jbel Lahdid Wind Farm Launch. In addition to producing 952 gigawatt hours (GWh) annually, the farm is anticipated to cut Morocco's CO2 emissions by 580,000 tonnes annually.
  • In September 2024, Tamil Nadu has introduced its first policy focused on repowering wind energy projects, known as the Repowering, Refurbishment, and Life Extension Policy 2024. Tamil Nadu is now the first state in India to put into effect a strategy like this, with the goal of increasing the effectiveness of wind energy resources. Since 2016, the necessity of this policy has been emphasized, and now that the Cabinet has approved it, the administration has finalized it following the release of a draft earlier this year.
  • In July 2023, The Phase VI Wind Tender was released by Gujarat Urja Vikas Nigam Limited (GUVNL) with the goal of increasing the state's capability for producing wind energy. Participating in this competitive process, Juniper Green Energy was able to get 90 MW of wind power capacity.
  • In May 2024, In the Zakarpattia Region, Friendly Wind Technology, a member of the Ukrainian Wind Energy Association (UWEA), just opened a brand-new wind turbine production facility. With an inventive approach and state-of-the-art technologies, the company intends to construct up to 20 wind turbines each year, with a capacity ranging from 4.8 to 5.5 megawatts (MW).

Analyst View of wind energy market:

The industry for Wind Energy plays a crucial role in the global transition towards cleaner energy sources supported by favorable policy frameworks and technological advancements that continues to lower costs and improve efficiency.

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Wind Energy Market Company Profile

  • GE Renewable Energy
  • Siemens Gamesa Renewable Energy
  • Vestas Wind Systems A/S
  • Suzlon Energy Limited
  • Goldwind
  • NextEra Energy Inc.
  • RWE
  • Acciona
  • Nordex SE
  • Enercon GmbH
  • Mitsubishi Heavy Industries, Ltd.
  • Envision Group
  • Sinovel Wind Group
  • EDF Renewables
  • Inoxwind
  • Tata Power Company
  • United Power

FAQs

Wind Energy Market Size was valued at USD 128.8 Billion in 2024 and is expected to reach USD 314.2 Billion by 2034 growing at a CAGR of 10.3%

The Market is segmented into Component, Type, Rating, Technology, Application, End User and Region.

The Market is segmented by region North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. Asia Pacific is expected to dominate the Market.

The key players operating in the Wind Energy Market include GE Renewable Energy, Siemens, Gamesa Renewable Energy, Vestas Wind Systems A/S, Suzlon Energy Limited, Goldwind, NextEra Energy Inc., RWE Renewables, Acciona, Nordex SE, Enercon GmbH, Mitsubishi Heavy Industries, Ltd., Envision Group, Sinovel Wind Group, EDF Renewables, Inox Wind Limited, Tata Power Company, and United Power.