Wind Energy Market Forecasts to 2030 - Global Analysis By Turbine Type (Horizontal Axis Wind Turbines, Vertical Axis Wind Turbines and Other Turbine Types), Component, Capacity, Technology, Application, End User and by Geography

According to Stratistics MRC, the Global Wind Energy Market is accounted for $106.06 billion in 2024 and is expected to reach $201.62 billion by 2030 growing at a CAGR of 11.3% during the forecast period. One of the renewable energy sources that are expanding the fastest in the world is wind energy, which is produced by the natural movement of air. Wind turbines are a clean energy source that provides a sustainable and eco-friendly substitute for fossil fuels by harnessing the kinetic energy of the wind to produce electricity or mechanical power. Onshore and offshore wind farms have the potential to cut greenhouse gas emissions dramatically, improve energy security, and generate jobs in the manufacturing, installation, and maintenance sectors.

According to the American Wind Energy Association (AWEA), wind power is now one of the most cost-effective sources of new electricity generation, providing substantial economic benefits to communities through job creation and tax revenue while also playing a crucial role in reducing greenhouse gas emissions.

Market Dynamics:

Driver:

Demand from businesses and consumers

Businesses are aiming higher and higher for sustainability, even going so far as to use only renewable energy. Customers' desire for ecologically friendly goods and services, along with the understanding that adopting sustainable practices can improve a company's reputation and lower operational risks, are the driving forces behind this trend. Additionally, in order to guarantee long-term, fixed-price electricity, many businesses sign power purchase agreements (PPAs) with wind energy developers.

Restraint:

Excessive initial capital expenses

The initial outlay for wind energy projects is high and includes costs for purchasing a site, manufacturing turbines, shipping, and installing them. The initial financial investment can be a barrier, even though operational and maintenance costs are generally low. Furthermore, this is particularly true in areas where financing options are scarce. Getting the required funding may be especially difficult for developing nations and small and medium-sized businesses.

Opportunity:

Education and public awareness

Raising community acceptance and support for wind projects can be achieved by raising public awareness of the advantages of wind energy. Education campaigns emphasizing the benefits of wind energy for the environment, economy, and health can dispel myths and opposition. Moreover, building trust and facilitating smoother project implementation can be achieved by involving local communities early in the project development process and addressing their concerns in a transparent manner.

Threat:

Rivalry with alternative energy sources

Other renewable energy sources, including solar and hydropower, as well as cutting-edge nuclear and bioenergy technologies, compete with the wind energy market. Investments in these technologies may shift away from wind energy as a result of their advancements and falling prices. Furthermore, the persistent availability of inexpensive coal and natural gas in some areas is concerning because these resources can offer a quicker and occasionally less expensive energy solution than wind.

Covid-19 Impact:

The COVID-19 pandemic caused major disruptions in supply chains, project timelines, and financing, among other effects on the wind energy market. The implementation of new wind projects was hampered by delays in construction, manufacturing, and transportation caused by lockdowns and other restrictions. Projects were delayed, and investments were cut as a result of financial instability and economic downturns. The pandemic did, however, also highlight the significance of robust and sustainable energy systems, which prompted more corporate and governmental commitment to renewable energy.

The Horizontal Axis Wind Turbines (HAWT) segment is expected to be the largest during the forecast period

The Horizontal Axis Wind Turbines (HAWT) segment holds the largest share in the wind energy market. Because of their established technology and higher efficiency, HAWTs are more common. Because they face directly into the wind, they are able to gather more energy when operating with their axis parallel to the wind flow. Their dominance in both onshore and offshore wind farms can be attributed to their design, which enables higher power outputs and better performance in a wide range of wind speeds. Moreover, their dominant position in the wind energy industry is a result of the technology's broad adoption and ongoing improvements in HAWT.

The Turbine segment is expected to have the highest CAGR during the forecast period

The segment with the highest predicted CAGR is the turbines segment. This growth is being driven by ongoing advancements in turbine technology, such as larger and more efficient models that capture more wind energy and have lower cost per megawatt. Improved materials and aerodynamic improvements are examples of innovations that lead to higher energy production and efficiency. Additionally, the demand for advanced turbine solutions is further accelerated by the growth of offshore wind farms, where larger turbines are more efficient. This supports advanced turbine solutions' leading growth trajectory in the market.

Region with largest share:

In the wind energy market, the Europe region has the largest share. The region's early adoption of wind technology, robust policy support, and sizeable investments in both onshore and offshore wind projects are credited with its dominance. Europe has emerged as a leader in the development of wind energy, thanks in large part to their extensive infrastructure and aggressive targets for renewable energy, especially Germany, Spain, and Denmark. Furthermore, the region's dominant position in the global wind energy market is further supported by the European Union's commitment to lowering carbon emissions and switching to renewable sources.

Region with highest CAGR:

The wind energy market is growing at the highest CAGR in the Asia-Pacific region. Significant investments in renewable energy infrastructure and encouraging national policies in nations like China and India are the main drivers of this explosive growth. The primary drivers of the region's expansion are China's aggressive onshore and offshore wind farm expansion and India's growing commitment to renewable energy targets. Moreover, the area also gains from an increasing emphasis on lowering carbon emissions and supplying growing energy demands with sustainable sources.

Key players in the market

Some of the key players in Wind Energy market include Siemens AG, GE Renewable Energy, Tata Power Company, Exelon Corporation (EXC), Nordex SE, Vestas Wind Systems AS, ABB Limited, Dongfang Electric Corporation, Envision Group, Vensys Energy, NextEra Energy, Inc, Goldwind Science & Technology Co., Ltd, Shanghai Electric Group Company Limited, Enercon GmbH and Suzlon Group.

Key Developments:

In July 2024, Siemens AG and Boson Energy have signed a Memorandum of Understanding (MoU) to facilitate collaboration on technology that converts non-recyclable waste into clean energy. The collaboration aims to advance sustainable, local energy security, enabling hydrogen-powered electric vehicle charging infrastructure without compromising grid stability or impacting consumer prices.

In May 2024, ABB Canada and Powrmatic Canada Ltd., a distributor of residential, commercial, and electrical supply equipment based in Eastern Canada, announced a new regional distribution agreement. Powrmatic will provide electrical contractors increased access to a complete portfolio of cutting-edge ABB products and smart building solutions including, safety switches, switchboards, panelboards, amongst others, aimed at lowering energy consumption and ensuring electrical safety in residential and commercial buildings.

In February 2024, Tata Power Renewable Energy Limited (TPREL), a subsidiary of The Tata Power Company Limited, has signed a power delivery agreement with Tata Communications Limited for setting up an 18.75 MW AC group captive solar power plant, with an investment valued at ₹105 crore.

Turbine Types Covered:

• Horizontal Axis Wind Turbines (HAWT)
• Vertical Axis Wind Turbines (VAWT)
• Other Turbine Types

Components Covered:

• Turbine
• Blades
• Gearboxes
• Generators
• Other Components

Capacities Covered:

• <= 2 MW
• >2<= 5 MW
• >5<= 8 MW
• >8<=10 MW
• >10<= 12 MW
• 12 MW

Technologies Covered:

• Onshore
• Offshore

Applications Covered:

• Utility
• Non-utility
• Other Applications

End Users Covered:

• Residential
• Industrial
• Commercial
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances