Wind Power Market

A significant surge in demand for renewable power sources to boost the market growth

In the last ten years, wind power had enormous growth, and it is anticipated that it will continue to compete in the energy market. Less than 2% of the world's total power supply came from wind energy in 2010. Its contribution climbed by more than 6% in 2020 and is predicted to expand by more than 10% by 2030 due to enhanced generation and increased capacity. With a CAGR of more than 10%, the total installed wind turbine capacity expanded from more than 190 gigawatts (GW) in 2010 to more than 740 GW in 2020.

To reach a total installed capacity of more than 1800 GW by 2030, the capacity is anticipated to grow at a CAGR of more than 9% between 2020 and 2030.

Due to favorable regulations for new wind power installations, the wind power industry has been expanding steadily in the United States. 9.2% of the electricity produced in the US in 2021 came from wind energy. Because of the growing viability of onshore and offshore wind farms and the acceleration of the expansion, it is anticipated that demand for wind turbines will rise during the projected period, another factor driving the wind power market revenue growth.

The Global Wind Power Market Industry is experiencing a surge in energy demand, driven by population growth and industrialization. As countries strive to meet their energy needs sustainably, wind power emerges as a viable solution. In 2024, the market is valued at approximately 130.7 USD Billion, reflecting the increasing investment in renewable energy sources. This trend is expected to continue, with projections indicating a market size of 462.1 USD Billion by 2035. The shift towards cleaner energy sources, coupled with government incentives, is likely to bolster the growth of the Global Wind Power Market Industry.

Investment trends in the Global Wind Power Market Industry are shifting towards renewable energy, reflecting a broader commitment to sustainability. Financial institutions and private investors are increasingly channeling funds into wind energy projects, recognizing their long-term viability and profitability. This influx of capital is essential for the development of new wind farms and infrastructure. As the market matures, the Global Wind Power Market Industry is likely to attract even more investment, driven by the anticipated growth in demand for renewable energy solutions. This trend is expected to further solidify wind power's position in the global energy landscape.

The Global Wind Power Market Industry is projected to experience substantial growth over the coming years. With a market value of 130.7 USD Billion in 2024, it is expected to reach 462.1 USD Billion by 2035. This growth trajectory is underpinned by a compound annual growth rate (CAGR) of 12.17% from 2025 to 2035. Such projections indicate a robust expansion driven by technological advancements, increasing energy demand, and supportive government policies. The Global Wind Power Market Industry is poised to play a critical role in the transition to a sustainable energy future.

Technological innovations play a pivotal role in the expansion of the Global Wind Power Market Industry. Advances in turbine design, materials, and energy storage solutions enhance the efficiency and reliability of wind energy systems. For instance, the development of larger and more efficient turbines allows for greater energy capture, thereby reducing the cost per megawatt. These innovations not only improve performance but also make wind energy more competitive with traditional energy sources. As a result, the Global Wind Power Market Industry is poised for substantial growth, with a projected CAGR of 12.17% from 2025 to 2035.

Supportive government policies and incentives are crucial drivers of the Global Wind Power Market Industry. Many nations are implementing regulations that promote renewable energy adoption, including tax credits, subsidies, and renewable portfolio standards. These initiatives encourage investments in wind energy projects, facilitating the transition to a low-carbon economy. For example, countries like Germany and the United States have established ambitious renewable energy targets, further stimulating market growth. As these policies evolve, they are likely to create a favorable environment for the Global Wind Power Market Industry, leading to increased capacity and investment.

Growing awareness of environmental issues and climate change is significantly influencing the Global Wind Power Market Industry. As the impacts of fossil fuel consumption become more evident, there is a collective push towards cleaner energy alternatives. Wind power, being a renewable and low-emission source, is increasingly favored by both consumers and policymakers. This shift is evident in the rising investments in wind energy projects globally, as nations seek to reduce their carbon footprints. The Global Wind Power Market Industry is thus expected to benefit from this heightened focus on sustainability and environmental stewardship.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Wind Power market accounted for USD 46.49 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. During the forecast period, it is expected that the industry will see a wide range of commercial prospects because of the enormous wind energy potential and a decline in the cost of sophisticated technology.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Wind Power Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe wind power market accounts for the second-largest market share. The demand for wind power is anticipated to rise during the projection period due to falling wind power generation costs, rising environmental awareness, and support from numerous governments in the form of financial incentives.  Further, the Germany wind power market held the largest market share, and the UK wind power market was the fastest-growing market in the European region.

The Asia-Pacific Wind Power Market is expected to grow at the fastest CAGR from 2022 to 2030. Due to continued actions and investments made by the government to support industrial growth, China has the highest installation in the area. Moreover, China wind power market held the largest market share, and the India wind power market was the fastest-growing market in the Asia-Pacific region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the wind power market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the wind power industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the global wind power industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the wind power industry has provided some of the most significant benefits. The wind power market major player such as Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), and others are working on expanding the market demand by investing in research and development activities.

Founded in 1945, Vestas is a Danish company that produces, sells, installs, and maintains wind turbines. The company has manufacturing facilities in the following countries: China, Brazil, Poland, Sweden, Norway, Australia, Denmark, Germany, the Netherlands, Taiwan, India, Italy, Romania, the United Kingdom, Spain, and the United States. In September 2022, the tallest onshore wind farm tower was unveiled by Vestas. To reach the zone of stronger and more stable winds, use the 199-meter structure.

Also, the Spanish-German wind engineering firm Siemens Gamesa Renewable Energy S.A. is situated in Zamudio, Biscay, Spain. In addition to offering onshore and offshore wind services, it manufactures wind turbines. It is the second-largest producer of wind turbines in the world. In 2022, To install 3GW of offshore wind power in Taiwan, Siemens Gamesa entered into a partnership with Swancor Holding Co., a green material manufacturer based in Taiwan.