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The Wind Power Market Size reached USD 105.10 billion in 2021, and it is projected to experience substantial growth, reaching USD 262.21 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 12.10% during the forecast period (2022 - 2030). The increasing pollution levels, environmental and health concerns, and a growing awareness of renewable energy sources are key drivers contributing to the market's expansion.
Rising Demand for Renewable Energy: There is a significant surge in demand for renewable power sources, driven by global initiatives to reduce carbon emissions. Governments worldwide are encouraging the use of sustainable energy sources like wind power, which offers the advantage of cutting carbon emissions compared to conventional power sources.
Offshore Wind Power Technology: Offshore wind power technology is gaining traction due to its ability to overcome sea depth restrictions, enabling the selection of optimal locations for power generation. Notably, projects like Statoil's Hywind turbine project off Scotland's northeast coast highlight significant investments in floating wind turbines.
Efficiency and Growth: Wind power has demonstrated remarkable growth in the last decade, contributing less than 2% of the world's total power supply in 2010 and surpassing 6% in 2020. With a CAGR of over 10%, the total installed wind turbine capacity is expected to exceed 1800 GW by 2030, showcasing its increasing efficiency and capacity.
Application: The industrial segment dominated the Wind Power Market revenue in 2021, with large-scale utility-scale wind turbine projects contributing significantly. The demand for wind turbines is expected to rise across sectors, including healthcare, food & beverage, and residential, driven by favorable regulations for new wind power installations.
Installation: The onshore segment led the market in 2021 and is projected to be the faster-growing segment due to lower costs, simpler installation procedures, and reduced greenhouse gas emissions compared to offshore wind power.
Turbine Capacity: The > 3 MW segment dominated the market in 2021 and is expected to be the faster-growing segment. Higher-capacity turbines, such as those with a capacity of 3.0 MW, are becoming more prevalent, contributing to lower costs and improved efficiency.
North America: The North America Wind Power market, accounting for USD 46.50 billion in 2021, is expected to exhibit significant CAGR growth. Favorable conditions, including substantial wind energy potential and declining technology costs, contribute to a wide range of commercial prospects.
Europe: Europe holds the second-largest market share, with Germany leading the region. The wind power market in the UK is the fastest-growing in Europe, supported by falling generation costs, increasing environmental awareness, and government incentives.
Asia-Pacific: The Asia-Pacific Wind Power Market is anticipated to experience the fastest CAGR, with China leading in installations. The Indian wind power market is the fastest-growing in the region, supported by government actions and investments.
Major players in the wind power market, including Vestas, General Electric, Senvion SA, Wind World Limited, Orient Green Power Company, DNV GL, Siemens Gamesa Renewable Energy SA, Goldwind, and Bergey Wind Power, are actively investing in research and development. The strategy of manufacturing locally to reduce operating costs is prevalent, and key developments include new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaborations.
· In August 2022, EDF Renewables and Ferrovial's Polish subsidiary Budimex signed a memorandum of agreement to invest in the development of wind farms offshore Poland.
· In November 2021, Google committed to purchasing 50 MW of wind energy from a Danish energy giant's offshore wind farm in the German North Sea, supporting its goal of running all data centers on carbon-free electricity by 2030.
· In September 2022, Vattenfall AB received permission to develop the N-7.2 offshore wind power project off the coast of Germany's North Sea.
· Application Outlook: Residential, Commercial, Industrial
· Installation Outlook: Onshore, Offshore
· Turbine Capacity Outlook: <100 KW, 100 KW to 500 KW, 500 KW to 1 MW, 1MW to 3 MW, > 3 MW
· Regional Outlook: North America, Europe, Asia-Pacific, Rest of the World
· Market Size (2021): USD 105.10 billion
· Market Size (2022): USD 118.62 billion
· Market Size (2030): USD 262.21 billion
· CAGR (2022-2030): 12.10%
· Base Year: 2021
· Geographies Covered: North America, Europe, Asia Pacific, Rest of the World
· Key Companies: Vestas, General Electric, Senvion SA, Wind World Limited, Orient Green Power Company, Indowind, DNV GL, Siemens Gamesa Renewable Energy SA, Goldwind, Bergey Wind Power, among others.
The Wind Power Market Size reached USD 105.10 billion in 2021, and it is projected to experience substantial growth, reaching USD 262.21 billion by 2030.
The global market is projected to grow at a CAGR of 12.10% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65571
Published on :
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