Wind Power Market Application, End-use and Country Outlook By 2030

Wind Power Industry Overview

The global wind power market size was valued at USD 99.28 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 6.5% from 2022 to 2030.

The growing need to replace conventional sources of energy with renewable sources is projected to drive the market for wind power in the upcoming years. Solar and wind power generation which were considered expensive two decades ago are now considered more cost-competitive than new-built coal or gas plant today. Moreover, in the coming years, it is expected to become more cost-efficient to build new wind and solar than to run existing coal or gas plants.

Gather more insights about the market drivers, restrains and growth of the Global Wind Power Market

The urge for dependable, clean, and cheap power is expected to drive the wind power market in the future. Favorable policy structures and regulatory frameworks by various governments across various countries to promote renewable power generation are further expected to propel the wind power market globally.

The wind power industry has been growing at a steady pace in the U.S with favorable legislation for the new installation of wind power. In 2021, 9.2% of total U.S. power generation was from wind energy. The demand for wind power is expected to increase during the forecast period owing to the increasing viability of onshore and offshore wind farms and boosting growth.

Asia Pacific remains the largest onshore and offshore wind power market, accounting for more than 42.43% of new installed capacity in 2021 for the Asia Pacific region in terms of revenue. In 2021, China and the U.S. witnessed the world’s largest onshore installation, together accounting for more than 60% of new onshore additions. The majority of OEM and EPC players are located in China, which is another factor driving the market growth in the country.

The wind energy producing companies are also shifting towards offshore wind farms to produce energy. The offshore wind power projects are projected to create a possibility for relishing projects in the deep-water sites where the high speed creates a much favorable situation for operations and thus driving the offshore wind power industry. Governments across the region have been very supportive of using renewable sources of energy, such as wind, solar, biomass, and other renewable sources of energy.

Regulatory authorities across the region are focusing to reduce dependence on conventional sources of energy to curb carbon footprint which is encouraging the generation of power by using renewable sources of energy such as wind and solar. It is anticipated that wind power and solar energy would lead in the direction of the transformation of the world electricity industry.

Browse through Grand View Research’s Renewable Energy Industry Research Reports.

• Concentrated Solar Power Market – The global concentrated solar power market size was valued at USD 4.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 9.7% from 2020 to 2027.
• Biomass Power Market – The global biomass power market size was valued at USD 121,340.76 million in 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030.

 Market Share Insights

• March 2020: Siemens Gamesa has taken action to continue the high level of activity across the business segment for manufacturing, installing, and service providing for wind turbines.

Key Companies profiled:

Some prominent players in the global wind power market include

• GE Wind
• Vestas, Siemens Wind Power,
• Suzlon Group, Goldwind
• United Power,
• Acciona, Nordex SE,
• Sinovel Wind Group
• EDF Renewable Energy
• ReGen Powertech
• Vensys Energy
• ABB Limited
• NextEra Energy Inc.
• Northland Power Inc.
• DONG Energy

Order a free sample PDF of the Wind Power Market Intelligence Study, published by Grand View Research.