Wind Energy Market Size - By Component (Turbine, Support Structure, Electrical Infrastructure), By Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW), By Installation (Onshore, Offshore), Regional Outlook & Growth Forecast, 2024 – 2032

Wind Energy Market Size

Wind Energy Market was valued at more than USD 146.4 billion in 2023 and is expected to grow more than 13.8% CAGR from 2024 to 2032. Wind energy is a form of renewable energy that harnesses the power of the wind to generate electricity. It involves converting the kinetic energy of moving air into mechanical energy through wind turbines, which are then transformed into electrical energy using generators.
 

Significant installations in Asia, Europe, and North America along with growing focus on offshore wind primarily across European region will augment the industry landscape. Advances in wind turbine technology, including larger turbines and more efficient designs, are driving down costs and increasing energy output, leading to product penetration. Furthermore, innovations in materials, aerodynamics, and digitalization will enhance the performance, thereby driving the market landscape.
 

Wind energy is considered clean and sustainable owing to its zero greenhouse gas emissions and contributing to air pollution, makes it an important contributor to reducing reliance on fossil fuels and mitigating climate change. 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.
 

Wind Energy Market Trends

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. 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.
 

Wind Energy Market Analysis

Based on component, the electrical infrastructure is set to reach more than USD 84.5 billion by 2032, 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. Further, adequate infrastructure allows for the scalability of wind energy projects, supporting both small-scale community wind projects and large-scale offshore wind farms, stimulating the market growth.
 

Based on installation, the onshore segment will showcase about 9.5% CAGR through 2032, owing to reduced greenhouse gas emissions, energy security, and economic development. Modern onshore wind turbines have larger rotor diameters and higher hub heights, allowing them to capture more wind and generate more electricity. Enhanced blade designs and advanced materials will continue to improve upon the efficiency and reduce maintenance needs, leading to product penetration. Additionally, integration of sensors, data analytics, and machine learning enables predictive maintenance and optimization of turbine performance, which will augment the industry landscape.
 

North America wind energy market is projected to surpass USD 47 billion by 2032, 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. 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.
 

Wind Energy Market Share

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

Eminent players operating in the wind energy industry are:

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

Wind Energy Industry News

• 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 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.
   

This 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 2032, 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