Growing need to replace conventional sources of energy with renewable sources is expected to drive market expansion in the near future at a CAGR of 10.50% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published on the “Global Wind Energy Market”.

The wind energy market is estimated to register a CAGR of 10.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global wind energy market— Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group and others.

Market Highlights

The global wind energy market is accounted to register a CAGR of 10.50% during the forecast period and is estimated to reach USD 183.72 billion by 2032.

The wind energy market's growth is driven by increasing global demand for sustainable energy, supportive government policies, and technological advancements. However, challenges include intermittency issues, environmental concerns, and high initial costs. Opportunities lie in expanding offshore wind capacity, emerging markets, and ongoing innovation. The market's future success hinges on overcoming grid integration challenges, securing consistent investment, and addressing regulatory uncertainties in different regions.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Wind Energy Market Trends

Segment Analysis

The global wind energy market has been segmented based on location, application, component, and rating.

On the basis of location, the market is segmented into Onshore and Offshore. The onshore segment was attributed to holding the largest market share in 2022. Onshore sites are leading the industry because of their well-established infrastructure, lower installation expenses, and easy access. Onshore wind farms are more affordable to establish, making them the top pick for many energy developers. The current technology and regulatory structures also play a role in the prevalence of onshore wind energy projects. In contrast, offshore wind energy is a rapidly expanding sector driven by technological advancements, growing demand for renewable energy, and the potential for greater energy output.

Based on application, the global wind energy market has been segmented into Utility and Non-utility. The utility segment was expected to hold the largest market share in 2022. Its dominance is influenced by established infrastructure, favorable government policies, and the capability to generate substantial power capacity. On the other hand, non-utility applications, such as decentralized and community-based wind energy projects, represent the fastest-growing category. This growth is linked to the growing awareness of renewable energy, advancements in small-scale wind turbine technology, and the increasing adoption of wind energy solutions by industries, residential areas, and smaller enterprises.

Based on component, the global wind energy market has been segmented into Turbine, Support Structure, Electrical Infrastructure, and Others. The turbine segment was expected to hold the largest market share in 2022. They play a crucial role in converting energy and their technological advancements have a big impact on the market share. The electrical infrastructure segment is growing the fastest due to the rising demand for efficient energy transmission and grid integration.

Based on rating, the global wind energy market has been segmented into ≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, and 12 MW. The >2≤ 5 MW segment was expected to hold the largest market share in 2022. This category has been widely embraced because it strikes a balance between efficiency and cost-effectiveness, making it the preferred option for numerous wind energy projects. Conversely, the fastest-growing category is the >10≤12 MW segment, fueled by advancements in turbine technology that enable higher power generation.

Regional Analysis

The global wind energy market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe wind energy market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The wind energy market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World wind energy market comprises the Middle East, Africa, and Latin America.

The largest market share for wind energy was maintained by the North American regional sector. This increase is attributed to the region having experienced significant investments in renewable energy infrastructure, with a particular emphasis on wind power projects. The United States, in particular, has vast land areas suitable for both onshore and offshore wind farms. Additionally, supportive government policies, tax incentives, and a growing awareness of environmental sustainability contribute to the prominence of wind energy in North America.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for wind energy is driven by robust government support, including favorable regulatory frameworks, feed-in tariffs, and subsidies, and has incentivized substantial investments in wind energy projects. Additionally, Europe benefits from favorable geographical conditions, such as extensive coastlines for offshore wind farms and open landscapes for onshore projects.

Additionally, the Asia-Pacific region is anticipated to experience the quickest growth in the wind energy market due to a combination of factors. Firstly, the region's rapidly increasing energy demand, driven by population growth and industrialization, creates a need for expanding energy infrastructure. Secondly, many countries in Asia-Pacific, including China and India, have set ambitious renewable energy targets to reduce carbon emissions and enhance energy security.

Furthermore, the rest of the world's wind energy market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the increasing energy demand and the need for sustainable and reliable power sources that drive the adoption of wind energy in these regions. Secondly, favorable regulatory frameworks, government initiatives, and incentives encourage investments in renewable energy projects. Thirdly, the availability of suitable land for wind farms and the potential for economic development through renewable energy contribute to the growth.

Key Findings of the Study

• The global wind energy market is expected to reach USD 183.72 billion by 2032, at a CAGR of 10.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the region's rapidly increasing energy demand, driven by population growth and industrialization.


• Based on application, the Utility segment was attributed to holding the largest market in 2022, with an approximate market share of 45–55%.


• Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group and others are the key market players.