Wind Energy Market Size was valued at USD 74.8 Billion in 2022. The Wind Energy market industry is projected to grow from USD 82.65 Billion in 2023 to USD 183.72 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.50% during the forecast period (2023 - 2032). Growing investment in offshore Wind Energy projects and the growing need to replace conventional sources of energy with renewable sources are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Pathological evaluation of '', 'In 2024, Wind turbine blades manufactured using fibre-reinforced polymer composite material (FRP). These FRPs can have fibres such as carbon, glass, and other natural fibres. The cost of these materials is of concern since it may relate to nearly half of the production cost of the wind turbine blade.
The Wind Energy market is witnessing a trend towards continuous advancements in turbine technology. Innovations such as larger rotor diameters, higher hub heights, and improved materials enhance the efficiency and output of wind turbines. The development of smart turbines with embedded sensors and predictive maintenance capabilities is gaining prominence, optimizing performance and reducing downtime. These technological strides contribute to the overall growth and competitiveness of the Wind Energy sector. This factor drives the Market CAGR.
Additionally, another significant trend is the expansion of offshore Wind Energy projects. Governments and industry stakeholders are increasingly investing in harnessing wind power from offshore locations, capitalizing on stronger and more consistent winds. Advantages include larger project capacities, reduced land constraints, and proximity to populated areas, enhancing energy accessibility. Technological advancements in floating wind turbines further open up new possibilities for harnessing Wind Energy in deeper waters, expanding the global footprint of offshore wind projects.
The integration of energy storage solutions is emerging as a key trend in the Wind Energy market. As the share of variable renewable energy sources, including wind, grows, the need for effective energy storage becomes crucial. Batteries and other storage technologies are increasingly being combined with wind farms to store excess energy during periods of high generation and release it during times of low generation. This trend addresses the intermittent nature of wind power, improving grid stability and enhancing the reliability of Wind Energy as a consistent power source. For instance, 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. Thus, driving the Wind Energy market revenue.
The Wind Energy market segmentation, based on Location, includes Onshore and Offshore. The onshore category dominates the industry due to their established infrastructure, lower installation costs, and accessibility. Onshore wind farms are more cost-effective to set up, making them the preferred choice for many energy developers. The existing technology and regulatory frameworks also contribute to the dominance of onshore Wind Energy projects. Conversely, offshore Wind Energy is the fastest-growing category, fueled by advancements in technology, increasing demand for renewable energy, and the potential for higher energy yields.
The Wind Energy market segmentation, based on Application, includes Utility and Non-utility. The utility category dominates as the primary application, with large-scale wind farms supplying electricity to the grid. The dominance of utility applications is driven by the established infrastructure, favorable government policies, and the ability to generate significant power capacity. Conversely, the fastest-growing category is non-utility applications, which include decentralized and community-based Wind Energy projects. This growth is attributed to increasing awareness of renewable energy, advancements in small-scale wind turbine technology, and the rising adoption of Wind Energy solutions by industries, residential areas, and smaller enterprise.
The Wind Energy market segmentation, based on Component, includes Turbine, Support Structure, Electrical Infrastructure, and Others. The turbine category stands out as the dominating component, encompassing the core technology responsible for harnessing wind power. Turbines are integral to the energy conversion process, and their technological advancements contribute significantly to the overall market share. Meanwhile, the fastest-growing category is the electrical infrastructure segment, driven by increasing demand for efficient energy transmission and grid integration.
Figure 1: Wind Energy Market, by Component, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Wind Energy market segmentation, based on Rating, includes ≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, and 12 MW. The dominating category by rating is the >2≤5 MW, representing a substantial share of installed wind power capacity. This category has seen widespread adoption due to a balance between efficiency and cost-effectiveness, making it a preferred choice for many Wind Energy projects. On the other hand, the fastest-growing category is the >10≤12 MW segment, driven by advancements in turbine technology allowing for higher power generation.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Wind Energy market area will dominate this market, owing to supportive government policies and incentives, coupled with a growing commitment to renewable energy targets, which will boost market growth in this region.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Wind Energy Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Wind Energy market accounts for the second-largest market share due to the robust government support, including subsidies, feed-in tariffs, and favorable regulatory frameworks. Further, the German Wind Energy market held the largest market share, and the UK Wind Energy market was the fastest growing market in the European region.
The Asia-Pacific Wind Energy Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rapid industrialization and urbanization, which necessitates substantial additions to the power generation capacity. Moreover, China’s Wind Energy market held the largest market share, and the Indian Wind Energy market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Wind Energy market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, wind energy industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Wind Energy industry to benefit clients and increase the market sector. In recent years, the Wind Energy industry has offered some of the most significant advantages. Major players in the Wind Energy market, including Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group., and others, are attempting to increase market demand by investing in research and development operations.
Siemens Gamesa, a division of Siemens Energy, focuses on developing and manufacturing onshore and offshore wind turbines. The company is known for its advanced wind turbine technology, offering a range of products designed to harness Wind Energy efficiently. Siemens has played a significant role in the global expansion of wind power, contributing to the transition towards sustainable and renewable energy sources. In March 2020, Siemens Gamesa took action to continue the high level of activity across the business segment for manufacturing, installing, and providing services for wind turbines.
EDP Renewables (EDPR) is a global leader in the renewable energy sector, specifically in the development, construction, and operation of Wind Energy projects. EDP Renewables is known for its significant portfolio of onshore and offshore wind farms, contributing to the global effort to increase the share of renewable energy in the overall energy mix. The company's commitment to sustainability and its role in advancing the renewable energy transition make it a key player in the industry. October 2022: EDP Renewables North America (EDPR NA), a renewable energy developer and operator, announced the construction of a 202-megawatt (MW) Indiana Crossroads II wind power plant in White County, Indiana. The power plant is expected to be commissioned in the year 2023 and will annually supply power to more than 54,000 average Indiana homes.
April 2023:India, which still posing immense potential in the Wind Energy sector, announced in late 2022 the e-bidding process for developing its 8 GW of Wind Energy installations. The Ministry of New and Renewable Energy, a ministry of the government of India, announced the country's first offshore wind power project in Tamil Nadu, which is aimed to be completed by 2030.
August 2022:EDF Renewables signed a memorandum of understanding with Ferrovial's Polish subsidiary Budimex for realizing investments in wind farm development offshore Poland. The two companies will focus on the second phase of offshore development in the country on a 50/50 basis.
In August 2023, Vestas received an order to repower three unrevealed projects in U.S. The order consists of total supply, system delivery, system commissioning & servicing for ten years for the three projects of installing 72 numbers of V120-2.2 MW wind turbine generators. The product is planned for completion by the year 2024 and is aimed at achieving net zero emissions. This, therefore, gives the company a competitive edge in the region and helps expand the wind energy market for the company.
In December 2022, ENERCON GmbH entered an agreement with WPI Repowering GmbH to provide its E-138 EP3 E2 WEGs. The company, according to the agreement, will install 14 wind turbines with an active rotor diameter of 138 meters, a rated power of 4.2 million watts and a hub height of 131 meters. Product deployment will help the company retain a dominant position in the industry and contribute to the development of the wind energy industry in a positive way.
Wind Catching Systems (WCS) is going into a partnership with the Institute for Energy Technology and the Norwegian energy services company Aibel in 2024 with the objective of commercializing their floating wind harvesting technology for use in offshore wind farms.
In June 2023, The TN government has plans to procure through the VGF programme the Union government to support offshore wind energy of 4 GW. In Tamil Nadu, there are twenty above-ground wind turbines. Whereby the Ministry of New and Renewable Energy has notified that there exist suitable 14 seabed blocks for wind energy generation, one gigawatt power energy purposes.
Suzlon crossed the 20 GW mark of wind energy installations by June 2023, owing to the installation of 12,647 wind turbines in 17 countries and 6 continents. Suzlon’s position in the wind energy market is also reinforced by this. Having achieved this important milestone, the company is well-positioned to leverage for better growth in the coming few years. The demand/supply relationship is very conducive to Odishinga’s progress: he sees the need and opportunity for new ideas, new and innovative products, and improvement in practices and technologies. With the setting up of eight such centres domiciled in four countries, the company has the capacity to deliver quality and reliable products on a timely basis.
At this juncture, in June of the year 2023 Now testing the hybrid drive wind turbine is the largest in the world and is being trialed in the first coastal test facility in the city of Shantou, southern China. This achievement relates to the objectives of China in that it wants to create a more balanced energy supply chain and increase the clean energy business.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 74.8 Billion |
| Market Size 2023 | USD 82.65 Billion |
| Market Size 2032 | USD 183.72 Billion |
| Compound Annual Growth Rate (CAGR) | 10.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Location Application, Component, Rating and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group |
| Key Market Opportunities | ·      Growing investment in offshore Wind Energy projects |
| Key Market Dynamics | ·      Growing need to replace conventional sources of energy with renewable sources |
Frequently Asked Questions (FAQ) :
The Wind Energy market size was valued at USD 74.8Billion in 2022.
The global market is projected to grow at a CAGR of 10.50% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, and Suzlon Group.
The Onshore category dominated the market in 2022.
The Turbine had the largest share in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
