[Research Report] The wind power generation market size was valued at US$ 127.3 billion in 2022 and is projected to reach US$ 247.2 billion by 2030; it is expected to grow at a CAGR of 8.6% during 2022–2030.
Analyst Perspective:
The scope of the wind power generation market report encompasses North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The wind power generation market is expected to grow at a CAGR of 11.4% during the forecast period. This is owing to the rise in onshore and offshore wind power generation in regions such as Asia Pacific, North America, and Europe. The growth in the global wind power generation market in Asia Pacific is primarily attributed to increasing investment in the renewable industry, exponential increase in industrialization and urbanization, wind energy generation capacity, new electrification projects, and grid-strengthening initiatives. According to a new study, the Asia Pacific wind energy sector is set for rapid expansion. It is expected to make up nearly a quarter of the power capacity mix in the region this decade, as high domestic demand for offshore wind power turns mainland China into the world's largest market by 2030.
Market Overview:
Wind is used to generate electricity by converting the kinetic energy of moving air into power generation. In modern wind turbines, the wind turns the rotor blades, which further converts kinetic energy into rotational energy. This rotational energy is transferred to the wind power generator via a shaft and thus generates electrical energy. According to the IRENA, the installed wind generation capacity globally increased by more than 95% from 2000 to 2022. The global onshore wind capacity grew from 178 GW in 2010 to 699 GW in 2020, while offshore wind grew proportionally more, albeit from a lower level, from 3.1 GW in 2010 to 34.4 GW in 2020.
The upcoming wind projects in the pipeline are expected to commence operating in 2024 and 2025, which will further accelerate the wind power generation capacity. As per the report published by the Swedish Energy Agency in March 2022, the electricity generated from wind is projected to rise from 27.4 TWh in 2021 to 46.9 TWh by 2024 in Sweden. According to the published analysis, Sweden is expected to increase wind power generation by more than 70% by 2024 compared to 2021. This initiative aims to reduce the country's dependence on fossil fuels and oil and gas supplied by Russia. In addition, Ocean Winds, a joint venture between Portugal's main utility, EDP, and Engie, a French company, announced its plans to invest US$ 3.15 billion to develop offshore wind projects by 2025. The equal partners in the venture are targeting to produce ~7GW of new capacity. Thus, such upcoming investment initiatives are projected to benefit the wind power generation market.
As per the US Department of Energy, the US offshore wind market is expected to witness massive growth in the next decade. Decreasing offshore auction prices, increasing water depths of projects, rising turbine capacity, and reduced levelized cost of energy are the prominent future wind power generation market trends which are further expected to benefit the market growth from 2022 to 2030. The impact of COVID-19 was reflected in a slowdown in project commissioning in markets such as the US, India, and Taiwan. Despite the resurgence of COVID-19, the global onshore wind auction activities stayed on track overall in 2021. China played a leading role by allotting a total of 50.6 GW of onshore wind capacity in 2021, followed by Spain, India, South Africa, and Germany. The current global scenario depicts an influx in energy policies, new policy initiatives, and massive investment prospects, which increase the trajectory for wind installations to achieve both net zero emissions and energy security targets.
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Wind Power Generation Market: Strategic Insights
Market Size Value in US$ 127.3 billion in 2022 Market Size Value by US$ 247.2 billion by 2030 Growth rate CAGR of 8.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Wind Power Generation Market: Strategic Insights
| Market Size Value in | US$ 127.3 billion in 2022 |
| Market Size Value by | US$ 247.2 billion by 2030 |
| Growth rate | CAGR of 8.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Government initiatives to promote Installation of Wind farms
Support from various governments in terms of policies and investment for increasing the installation of wind energy projects is expected to fuel the wind power generation market growth over the coming years. The Indian government is promoting wind power projects in the country through private sector investments by providing various fiscal and financial incentives such as Accelerated Depreciation benefits and concessional custom duty exemption on certain components of wind electric generators. In January 2022, the People's Bank of China (PBOC) started providing low-cost loans to fund decarbonization activities. Further, Beijing's current policy initiatives focus on tax breaks and low-interest loans to low-carbon project developers, power market reforms, and grid improvement. In Canada, the Offshore Renewable Energy Regulations (ORER) initiative is expected to support the implementation of Offshore Renewable Energy Projects and Offshore Power Lines by developing modern safety and environmental protection regulations for offshore renewable energy (ORE) projects and power lines in Canada's offshore areas.
Segmental Analysis:
Global wind power generation market analysis by deployment type is segmented into onshore and offshore. The onshore deployment segment accounted for 80.94% of the total wind power generation market share in the year 2022. It is expected to maintain its dominance during the forecast period. The offshore segment is expected to register a growth rate of 10.5% in the global market from 2022 to 2030. This is owing to a rise in investment toward offshore wind power installations in regions such as North America and Europe. The wind power generation market forecast prospects in the adoption of offshore wind technology are primarily attributed to an increase in advancement in technology, associated advantages, and turnkey solutions provided by various service providers. The growing emphasis on achieving clean energy targets is propelling the demand for floating offshore wind power, posing a potential opportunity for the wind power generation market growth in the coming years.
Regional Analysis:
According to The Insight Partners estimates, in 2022, Asia Pacific registered the highest market share of 39.8% and is expected to grow at a CAGR of 10.6% during the analysis timeframe, owing to planned and ongoing wind power project additions in the coming years. Countries in Asia Pacific are engaged in adopting key strategies toward carbon reduction goals and energy security for their people by increasing wind power generation. To meet the carbon emission reduction goals for 2050, many countries in the region are moving toward carbon-free energy generation and utilization. India is the second largest country in the wind power generation market in Asia Pacific, with a total installation of more than 1.5 GW in the year 2022. The rise in demand for clean power generation in the country is anticipated to drive the growth of the wind power generation market. Europe and North America are the key regions that accounted for 28.4% and 23.9% of the total wind power generation market share in the year 2022, respectively.
With the rapid growth of renewable energy in Asia Pacific, solar and wind power will play an increasingly important role in integrating variable renewable energy and ensuring the reliability of the overall power system. In many countries, energy storage markets are still emerging, but there is enormous potential for development. Wind power installation capacity in the world is expected to continue to grow to meet the growing electricity demand and electricity export opportunities and to maximize the benefits of a cost-effective and flexible low-carbon energy source across the globe.
Key Player Analysis:
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 profiled in the global wind power generation market report.
Wind Power Generation Market Report Scope
Recent Developments:
Inorganic and organic strategies such as partnership, collaboration, mergers, and acquisitions are highly adopted by companies operating in the global wind power generation market. A few recent developments by the key market players are listed below:
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2024 | Department of Energy, US, partnered with states and research institutes. This partnership is aimed at boosting the development of offshore wind power in the region. | North America |
2022 | Vestas partnered with PEC Energia for an 86 MW wind park in Brazil. With this project, Vestas surpasses the milestone of 7 GW of order intake in Brazil for installation of 4 MW platform wind turbines since 2018. | South America |
2022 | Siemens Gamesa formed a new partnership with Azure Power to install 96 turbines with a focus on boosting India's wind industry. This is expected to increase wind power generation in the coming years in India. | Asia Pacific |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment Type, Power Capacity, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Ongoing research and innovation on advanced offshore wind power technologies in potential countries such as Brazil, U.S., India, Japan, and China where the adoption of the above-mentioned technology is maturing at a significant rate is expected to be the key opportunity in the market.
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 the key market players operating in the global wind power generation market.
Key role of wind power in future energy transition is anticipated to stimulate the wind power generation market growth in the coming years.
Regions such as Europe, North America and Asia-Pacific will boost the growth of the wind power generation market during the forecast period. This growth is owing to the rise in investment on construction of wind power plant facilities in the regions.
Rise in demand for power generation from less carbon emitting sources, rise in establishment of wind power plants, rise in awareness towards renewable energy resources are contributing to the growth of the wind power generation market.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Wind Power Generation Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Wind Power Generation Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Wind Power Generation Market - Global Market Analysis
6.1 Wind Power Generation - Global Market Overview
6.2 Wind Power Generation - Global Market and Forecast to 2031
7. Wind Power Generation Market – Revenue Analysis (USD Million) – By Deployment Type, 2021-2031
7.1 Overview
7.2 Onshore
7.3 Offshore
8. Wind Power Generation Market – Revenue Analysis (USD Million) – By Power Capacity, 2021-2031
8.1 Overview
8.2 Less than 10 MW
8.3 Above 10 MW
9. Wind Power Generation Market – Revenue Analysis (USD Million) – By End User, 2021-2031
9.1 Overview
9.2 Residential
9.3 Commercial
9.4 Industrial
10. Wind Power Generation Market - Revenue Analysis (USD Million), 2021-2031 – Geographical Analysis
10.1 North America
10.1.1 North America Wind Power Generation Market Overview
10.1.2 North America Wind Power Generation Market Revenue and Forecasts to 2031
10.1.3 North America Wind Power Generation Market Revenue and Forecasts and Analysis - By Deployment Type
10.1.4 North America Wind Power Generation Market Revenue and Forecasts and Analysis - By Power Capacity
10.1.5 North America Wind Power Generation Market Revenue and Forecasts and Analysis - By End User
10.1.6 North America Wind Power Generation Market Revenue and Forecasts and Analysis - By Countries
10.1.6.1 United States Wind Power Generation Market
10.1.6.1.1 United States Wind Power Generation Market, by Deployment Type
10.1.6.1.2 United States Wind Power Generation Market, by Power Capacity
10.1.6.1.3 United States Wind Power Generation Market, by End User
10.1.6.2 Canada Wind Power Generation Market
10.1.6.2.1 Canada Wind Power Generation Market, by Deployment Type
10.1.6.2.2 Canada Wind Power Generation Market, by Power Capacity
10.1.6.2.3 Canada Wind Power Generation Market, by End User
10.1.6.3 Mexico Wind Power Generation Market
10.1.6.3.1 Mexico Wind Power Generation Market, by Deployment Type
10.1.6.3.2 Mexico Wind Power Generation Market, by Power Capacity
10.1.6.3.3 Mexico Wind Power Generation Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
10.2 Europe
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 United Kingdom
10.2.5 Russia
10.2.6 Rest of Europe
10.3 Asia-Pacific
10.3.1 Australia
10.3.2 China
10.3.3 India
10.3.4 Japan
10.3.5 South Korea
10.3.6 Rest of Asia-Pacific
10.4 Middle East and Africa
10.4.1 South Africa
10.4.2 Iran
10.4.3 Egypt..
10.4.4 Rest of Middle East and Africa
10.5 South and Central America
10.5.1 Brazil
10.5.2 Argentina
10.5.3 Rest of South and Central America
11. Industry Landscape
11.1 Mergers and Acquisitions
11.2 Agreements, Collaborations, Joint Ventures
11.3 New Product Launches
11.4 Expansions and Other Strategic Developments
12. Competitive Landscape
12.1 Heat Map Analysis by Key Players
12.2 Company Positioning and Concentration
13. Wind Power Generation Market - Key Company Profiles
13.1 Siemens Energy
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
Note - Similar information would be provided for below list of companies
13.2 General Electric
13.3 Mitsubishi Heavy Industries
13.4 Vestas Wind Systems
13.5 Renewable Energy Systems Americas
13.6 EDP Renewables
13.7 Orsted A/S
13.8 NextEra Energy, Inc.
13.9 EDF S.A.
13.10 Suzlon Energy Limited
14. Appendix
14.1 Glossary
14.2 About The Insight Partners
14.3 Market Intelligence Cloud
The List of Companies - Wind Power Generation Market
- 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.
- Suzlon Energy Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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