Wind Energy Market Size - By Component, By Turbine Rating, By Installation, Forecast, 2025 – 2034

Wind Energy Market Size

The global wind energy market size was valued at USD 174.5 billion in 2024 and is expected to grow more than 11.1% from 2025 to 2034. Major developments across Asia, Europe, and North America, combined with increasing investment in offshore wind, especially in Europe, will enhance the industry. As per WWEA 2024 assessment, the contribution of wind energy accounts for over 10 percent of the world’s power supply.
 

The adoption of more cost efficient and higher energy producing designs and larger wind turbines is leading to a greater penetration into the market. Furthermore, innovations in materials, aerodynamics, and digitalization will enhance the performance, thereby driving the market landscape.
 

Growing adoption of wind energy across China, Brazil and Australia along with increasing transformation to renewable energy will augment the wind energy market growth. Increasing targets to build wind farms on a large scale for both onshore and offshore projects backed by supportive regulatory measures is set to drive the industry landscape. For instance, in 2024, the technical University of Denmark, introduced the new 22-MW reference wind turbine with a rotor diameter of 284 meters and a hub height of 170 meters.
 

New technology advances such as incorporating sensors and data analytics along with machine learning boosts maintenance capabilities and improves turbine performance, which enhances the industry scope. Growing wind Independent Power Producers (IPPs), across renewable energy including wind owing to diversifying energy sources and leveraging cutting-edge technologies primarily in developing economies will contribute to the business scenario. For example, KP Energy Limited, provides turnkey solution among wind independent power producers in Gujarat.
 

Wind Energy Market Trends

• Wind energy is clean and sustainable largely because of the zero emissions on pollution it produces, making it a key player in fossil fuel reduction and climate change mitigation. As per EIA 2024, wind energy surpassed the production of coal energy by generating 45.9 TWh of electricity. This is a record setting achievement in the United States.
   
• Moreover, emerging technologies including floating wind farms, which can access wind resources in even deeper waters in line with hybrid energy projects that combine wind energy with other renewable sources, such as solar or energy storage will considerably enable the development of wind energy. To cite an instance, CSSC Haizhuang, in 2022, introduced its first deep water floating offshore wind turbine, named FuYao. 
   
• Growing integration with other renewable energy sources and storage solutions to provide more stable and reliable power coupled with introduction of various hybrid projects combining wind, solar, and battery storage will drive the business scenario. As per the records of SECI, in 2024, a tender was issued to integrally develop 1,200 MW of wind-solar hybrid power under Tranche VIII. Moreover, the tender requirements noted that both wind and solar components should meet a minimum of 33% of the total rated capacity.
   
• Set ambitious renewable energy targets coupled with implementation of policies including feed-in tariffs, tax credits, and auction systems to support the wind energy projects will strengthen the industry landscape. For instance, the Investment Reduction Credit, extended and increased the production and investment tax credits for wind energy projects that begin construction prior to Jan. 1, 2025.
   

Wind Energy Market Analysis

• Based on component, wind energy market is bifurcated into turbine, support structure, electrical infrastructure and others. The wind energy market amounted to USD 118.1 billion, USD 146.5 billion and USD 174.5 billion in 2022, 2023 and 2024 respectively.
   
• Turbine amounted to more than USD 131 billion by 2034 due to the constant progress towards high-capacity larger turbines. Developments like the WindFloat semi-submersible platform are solving the problems with the anchoring of the offshore turbines which allows placing them in deeper water without building on the seabed. For instance, in 2023, CSSC Haizhuang developed the H260-18MW offshore wind turbine with largest 260-meter rotor diameter.
   
• Support structure including foundations, platforms and hybrid structures will grow owing to increased durability, longer lifespan, and potential cost reductions of concrete support structures. Ongoing innovations in wind turbine platforms combined with growing emphasis on sustainability and local manufacturing in the development of support structures is set to augment the industry landscape.
   
• The electrical infrastructure is set to grow more than CAGR 10.5% by 2034 driven by the need for efficient integration into existing power grids. These elements ensure the effective transmission, distribution, and integration of wind-generated electricity into the power grid. minimizes energy losses, ensures reliable power delivery, and enhances the overall efficiency of wind energy systems, leading to product penetration. To cite an instance, in December 2024, Nexans entered in an agreement with contract with ScottishPower Renewables to deliver high-voltage subsea export cables.
   

• Based on installation, the wind energy market is bifurcated into Onshore and Offshore. Onshore contributed to 64.2% market share in 2024.
   
• Economic development, energy security, and reducing greenhouse gas emissions will continue to enhance the onshore market landscape. Onshore wind turbines have modern rotor configurations which is helpful in elevating the blades and increasing the overall power generation capacity. New materials and innovative for better blade designs will further increase efficiency and lessen the need for upkeep, making onshore products commonplace. For instance, Envision Energy introduced the 182-meter rotor diameter Indian 5MW class onshore wind turbine in 2024, further boosting yearly energy generation in India by greater than 40%.
   
• Offshore will grow at more than 13% CAGR by 2034 in view of increased deployment of large turbines, greater adoption of floating wind technology and deeper offshore projects. Shifting trend toward regional energy pricing to lower electricity bills in areas served by offshore wind farms along with growing offshore wind ambitions will complement the market growth. To cite an instance, CSSC Haizhuang, introduced its new 18 MW offshore wind turbine, in 2023, with 260 meter rotor.
   

• The U.S. wind energy market accounted for USD 11.7 billion, USD 8.6 billion and USD 17.2 billion in 2022, 2023 and 2024 respectively.
   
• North America wind energy market will grow at a CAGR of more than USD 52 billion by 2034 driven by technological advancements, supportive policies, and market dynamics. Improved grid integration technologies and energy storage solutions that enhance the reliability and stability of wind power along with set up of major offshore wind projects including projects include the Vineyard Wind and Ocean Wind will enhance the product adoption across the region.
   
• Moreover, many states have implemented RPS, requiring a certain percentage of electricity to come from renewable sources thereby substantially complementing the industry growth. In addition, ongoing implementation of policies and programs to support wind energy, including streamlined permitting processes, grid modernization efforts, and financial incentives will drive the industry scenario.
   
• Europe market will grow over USD 192 billion by 2034 owing to growing onshore wind energy installations. The EU aims to match subsidies provided by the US and China, prompting increased demand for European manufacturers. For instance, the Uk government is considering a plan to implement regional energy pricing, potentially lowering electricity bills in areas served by offshore wind farms. Further, this proposal aims to reduce overall electricity charges by USD 4.2 to 5.4 billion by the end of the decade, thereby contributing to market growth.  
   
• Asia Pacific is set to grow at CAGR more than 10.5% by 2034 on account of favorable government policies, technological advancements, and a strong commitment to renewable energy. Upgrades in turbine designs and their capacity are increasing productivity and reducing expenses, further making wind energy more viable. For reference, GE Vernova executed a contract to furnish 14 4.2 megawatts turbines with 117m rotors for the Iwaya and Shitsukari wind farms in Japan. Moreover, the projects are expected to go commercial in 2028.
   

Wind Energy Market Share

• Top 3 players operating in the wind energy industry include GE Vernova, Envision Group and CSSC. The competitive landscape for onshore wind energy is characterized by a mix of established players, emerging companies, and technological innovators.
   
• This dynamic market is influenced by policy support, technological advancements, cost reductions, and market demand Corporations are increasingly purchasing wind energy through Power Purchase Agreements (PPAs) to meet sustainability goals. Competitive bidding processes for wind energy projects have helped reduce costs and increase the competitiveness of wind power.
   

Wind Energy Market Companies

• Doosan Corporation holds a product portfolio that includes 3.3, 5.5 and 8 MW wind turbine models. The company is a supplier and operator of offshore wind turbines in South Korea. Additionally, it signed an agreement with Siemens Gamesa in the Korean offshore wind market, followed by a framework agreement for strategic partnership in 2023.
   
• GE Vernova has nearly 57,000 wind turbines and 7,000 gas turbines and generates approximately 25% of the world's electricity. In 2024, the company booked USD 44 billion of orders with USD 35 billion in revenue.  Recently, the Advanced Research Center of the company supplied a 3.4 MW wind turbine to NREL for use in energy research and experimentation.
   
• Nordex SE is the largest wind turbine manufacturer across the world, offering high-yield and cost efficient wind turbines. The company has installed wind power capacity of nearly 50 GW in over 40 markets. In 2023, it generated sales of around USD 6.8 billion with more than 10,000 employees. In addition, in 2024 the group signed service contracts for 227 new projects totalling to 8,500 MW.
   

Eminent players operating in the wind energy market are:

• Bergey Windpower
• CSSC Offshore Wind Power Co., Ltd.
• Doosan Corporation
• EOLINK
• Envision Group
• GE Vernova
• Goldwind
• Hitachi, Ltd.
• Mingyang Smart Energy Group
• Nordex SE
• Siemens Gamesa Renewable Energy
• Sinovel Wind Group
• Shanghai Electric
• Vestas
   

Wind Energy Industry News

• In January 2025, GE Vernova’s received orders in 2024 to repower over 1 gigawatt of wind turbines in the U.S. The orders were booked between the first and fourth quarters of 2024. These repower projects are expected to reach their commercial operation date between 2024 and 2027. The projects will use nacelles and drive trains manufactured in the U.S. at GE Vernova’s Pensacola, Florida facility, where approximately 20 percent of the workforce are veterans, to support U.S. energy abundancy, affordability, and security.
   
• In August 2023, Vestas received an order to repower three unrevealed projects in U.S. The order comprises of supply, delivery, commissioning & ten-year service agreement of 72 units of V120-2.2 MW wind turbines for the given three projects. The product is expected to be delivered by 2024 and will support to reach net zero target. Thereby, enhancing the company's position across the region and increasing the customer base throughout the wind energy industry.
   
• In March 2023, GE Renewable Energy selected Eastgate Engineering, to provide mechanical and electrical activities for the pre-assembly of the towers and nacelles for the Haliade-X turbines to be used at Dogger Bank Offshore Wind Farm. The contract is anticipated to support approximately 90 local jobs to execute the installation, testing and commissioning works, associated with the pre-assembly of the three tower sections and nacelles. The work began in January 2023 and is expected to continue throughout all three phases of the pre-assembly of the Dogger Bank Wind Farm, which is set to conclude in 2026.
   
• In December 2022, ENERCON GmbH entered an agreement with WPI Repowering GmbH to provide its E-138 EP3 E2 WEGs. As per the agreement, the company will supply 14 wind turbines with each unit comprising a rotor diameter of 138 meters, a nominal power rating of 4.2 MW, and a hub height of 131 meters. Product deployment will support the company in maintaining a strong position across the industry and positively contributing to wind energy development.
   

The wind energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2034, for the following segments:

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Market, By Component

• Turbine
  • Tower
  • Blades
  • Others 
• Support Structure
  • Substructure Steel
  • Foundation
  • Others
• Electrical Infrastructure
  • Wires & Cables
  • Substation
  • Others
• Others

Market, By Turbine Rating

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

Market, By Installation

• Onshore
• Offshore

The above information has been provided for the following countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • Spain
  • UK
  • France
  • Italy
  • Sweden
  • Poland
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Rest of World