Wind Power Generation Market is expected to reach US$ 247.2 billion by 2030

Rise in Investment Toward Clean Power Generation from Developing Economies

According to our latest market study on "Wind Power Generation Market Forecast to 2030 – Global Analysis – by Deployment Type, Power Capacity, and End User," the wind power generation market size is expected to grow from US$ 127.3 billion in 2022 to US$ 247.2 billion by 2030. It is expected to grow at a CAGR of 8.6% from 2022 to 2030.

Several countries have turned to clean, renewable energy sources owing to factors such as ever-increasing energy needs, growing pollution, fears of global warming, fossil fuel scarcity, and increasing greenhouse gas (GHG) emissions. Many countries have signed protocols with predefined emission reduction targets. The Paris Agreement is the latest step by several countries. Under this agreement, each country voluntarily set its emissions reduction targets, submitted them, and committed to achieving greenhouse gas reductions in line with those targets. Several countries that joined the Paris Agreement have drawn up plans to reduce conventional electricity and promote the expansion of renewable energy to reduce emissions. The main renewable energy sources are hydropower, geothermal energy, wind, solar, and biopower.

Wind Power Generation Market Share — by Region, 2022

Onshore wind power is a proven, mature technology with an extensive global supply chain. Onshore wind energy has evolved over the past five years to maximize electricity production per installed megawatt capacity, opening more locations with lower wind speeds. According to the IEA, in 2022, 93% of the total 900 GW of installed wind capacity was onshore, with the remaining 7% coming from offshore wind farms. Onshore wind is a developed technology that exists in 115 countries around the world, while offshore wind is in its early stages of development, and its capacity is only present in 20 countries. Offshore wind power is projected to grow rapidly in the coming years as the use of turbines at sea takes advantage of stronger winds.

The primary factor driving the growth of the wind power generation market includes the rise in investment toward the installation of wind power in regions such as Europe, Asia Pacific, and North America. In addition, government initiatives to promote wind farm installations are also projected to drive the market. However, an increase in awareness toward competitive renewable energy technologies such as solar, geothermal, and wave energy is expected to hamper the wind power generation market growth in the coming years. In addition, the high capital cost associated with the installation of wind power projects is anticipated to restrain the wind power generation market growth in the coming years.

The market in Asia Pacific and Europe is anticipated to register strong growth during the forecast period owing to the rise in investment toward onshore and offshore wind power installations. The strong onshore wind investments support Europe’s need to reach its new climate change and energy security targets. The REPowerEU agenda strategizes to expand the European wind capacity from 190 GW in May 2022 to 480 GW by 2030. According to the agenda, building 35GW of new wind turbines every year until 2030 will help achieve this goal. The new wind investments in Europe in 2021 covered only 19 GW of new capacity. As per the WindEurope Association, Europe invested US$ 42 billion in new wind farms in May 2021, financing 25 GW of new capacity. The increase in investment in renewable energy is showing an upward wind power generation market trend in the installation of wind farms, a surge in contracts from turbine manufacturers, and an increase in competitiveness in the market.

The Asia Pacific wind power generation market is classified into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Asia Pacific accounted for 39.8% of the total wind power generation market share in 2022 and is expected to maintain its dominance during the forecast period. The onshore wind power projects are expected to continue to grow to meet the region's growing electricity demand and electricity export opportunities and to maximize the benefits of a cost-effective and flexible low-carbon energy source. However, climate change, rising temperatures, extreme precipitation patterns, melting glaciers, and the increasing occurrence of extreme weather events pose an increasing challenge to the hydropower of South and Southeast Asia.

In Asia Pacific, China is expected to dominate the wind power generation market share during the forecast period. According to the International Energy Agency, China continues to lead the way in expanding wind capacity, adding 37 GW in 2022, including 7 GW in offshore farms. The 14th Five-Year Renewable Energy Plan, announced in 2022, sets ambitious targets for renewable energy deployment that are expected to drive further deployment in the coming years. In addition, India is pursuing wind capacity expansion of more than 60 GW onshore and almost 40 GW offshore by 2030. It is also looking toward taking advantage of opportunities in the supply chain, especially using micro, small, and medium enterprises (MSMEs) in India's wind power sector.

Siemens Gamesa Renewable Energy SA, General Electric, Mitsubishi Heavy Industries, Vestas Wind Systems, Renewable Energy Systems Americas, EDP Renewables, Orsted A/S, NextEra Energy, Inc., EDF S.A., and Suzlon Energy Limited are among the key players analyzed in the wind power generation market report. In addition, several other important wind power generation market analysis is carried out by identifying and evaluating other key players in different regions during the study to get a holistic view of the wind power generation market and its ecosystem. Further, inorganic and organic strategies such as new product launches, partnerships, and mergers & acquisitions are highly adopted by players evaluated in the wind power generation market report.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com