Global Wind Power Market Segmentation, By Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, and >12 MW), Location (Onshore and Offshore), Component (Turbine, Support Structure, Electrical Infrastructure, and Others), Application (Utility, Commercial, Industrial, and Residential) - Industry Trends and Forecast to 2031.
Wind Power Market Analysis
Wind power market growth is driven by advancements in turbine technology, such as larger rotor diameters and higher capacity turbines, enhancing energy capture efficiency. Innovations such as floating wind farms expand potential sites to deeper waters. Digital twin technology optimizes performance and maintenance, while government incentives and global sustainability goals propel market expansion, ensuring a robust future for renewable energy.
Wind Power Market Size
The global wind power market size was valued at USD 70.19 billion in 2023 and is projected to reach USD 106.10 billion by 2031, with a CAGR of 5.30% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2024 to 2031
|
|
Base Year
|
2023
|
|
Historic Years
|
2022 (Customizable to 2016-2021)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, and >12 MW), Location (Onshore and Offshore), Component (Turbine, Support Structure, Electrical Infrastructure, and Others), Application (Utility, Commercial, Industrial, and Residential)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
|
|
Market Players Covered
|
ACCIONA (Spain), NORDEX SE (Germany), General Electric Company (U.S.), Envision Group (China), goldwind (China), Siemens Gamesa Renewable Energy, S.A.U. (Spain), Suzlon Energy Limited (India), Vestas (Denmark), Sinovel Wind Group Co., Ltd. (China), The Wind Power (China), ENERCON Global GmbH (Germany), Mingyang Smart Energy Group Co., Ltd. (China), JUWI (Germany), Inoxwind (India), and AEROVIDE GmbH (Germany)
|
|
Market Opportunities
|
|
Wind Power Market Definition
Wind power is the generation of electricity using wind turbines that convert kinetic energy from the wind into electrical energy. It's a renewable, sustainable, and environmentally friendly energy source. Wind farms, consisting of multiple turbines, can be located on land or offshore, contributing significantly to reducing greenhouse gas emissions and reliance on fossil fuels.
Wind Power Market Dynamics
Drivers
- Increasing Grid Integration and Storage Solutions
Improvements in grid infrastructure and energy storage technologies have significantly enhanced the integration of wind power into the electricity grid, boosting the market. For instance, advancements in battery storage, such as Tesla's Megapack, allow excess wind energy to be stored and used during low wind periods, ensuring a stable and reliable power supply. This reliability attracts more investment and adoption of wind energy, driving market growth.
- Rising Corporate Renewable Energy Procurement
Rising corporate renewable energy procurement drives the wind power market, with companies increasingly purchasing wind power via power purchase agreements (PPAs) to meet sustainability targets and reduce carbon footprints. For instance, companies such as Google and Amazon have signed large-scale PPAs to power their operations with wind energy. This growing corporate demand not only supports market growth but also fosters further investments and developments in wind power projects.
Opportunities
- Increasing Investment from Private Sector
Increased investment from private companies and financial institutions has significantly accelerated the development of wind power projects. For instance, Google had committed to purchasing large amounts of wind energy to power its data centers. The renewable energy sector is seen as a promising area for long-term investment, attracting substantial capital. This influx of funds creates numerous opportunities for growth and innovation within the wind power market, enhancing its global expansion and technological advancements.
- Government Policies and Incentives
Government policies and incentives play a crucial role in promoting wind energy by providing financial support and setting renewable energy targets. For instance, the U.S. Production Tax Credit (PTC) offers significant tax benefits for wind energy producers, making projects more financially viable. Similarly, Germany's Renewable Energy Sources Act guarantees fixed feed-in tariffs for wind power, encouraging investment. These measures create market opportunities by reducing costs and ensuring stable returns for investors.
Restraints/Challenges
- High Initial Costs
High initial costs in the wind power market are substantial, encompassing expenses for turbines, transportation, installation, and infrastructure such as roads and grid connections. These significant upfront investments pose a barrier for new entrants and deter potential investors, hindering market growth. The financial burden associated with these costs makes it challenging for the industry to expand, limiting the development of new wind power projects.
- Competition from Other Energy Sources
Wind power faces significant competition from other renewable sources, such as solar power, which can be more cost-effective and efficient in certain regions. Additionally, conventional energy sources such as natural gas and coal, with their established infrastructure and lower costs, challenge wind power's market position. Advances in technology and cost reductions in these competing sectors can further impact the competitiveness of wind power, hindering its market growth.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Development
- In April 2024, The Mahindra Group, a diversified conglomerate with interests ranging from technology to tractor manufacturing, announced a significant investment of INR 12 billion (USD 144 million) in renewable energy. This investment will fund the establishment of solar and wind energy projects, with Mahindra Susten, the group's renewable energy arm, spearheading the development of these projects. The total hybrid capacity is projected to be 150 megawatts (MW)
- In November 2023, The UK government significantly increased subsidies for offshore wind farms by 66%. For the upcoming Allocation Round 6 (AR6), the maximum strike price for suspended offshore wind projects rose by 52%, from EUR 116/MWh to EUR 176/MWh. Similarly, the strike price for new offshore wind projects increased by 66%, from EUR 44 (USD 54.5)/MWh to EUR 73/MWh
- In March 2020, Siemens Gamesa took decisive action to maintain high activity levels in the wind turbine sector. This included ramping up manufacturing, installation, and service operations for wind turbines. The company focused on sustaining momentum across its business segment to support the growing demand for wind energy solutions
Wind Power Market Scope
The market is segmented on the basis of rating, location, component and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Rating
- ≤ 2 MW
- >2≤ 5 MW
- >5≤ 8 MW
- >8≤10 MW
- >10≤ 12 MW
- >12 MW
Location
- Onshore
- Offshore
Component
- Turbine
- Support Structure
- Electrical Infrastructure
- Others
Application
- Utility
- Commercial
- Industrial
- Residential
Wind Power Market Regional Analysis
The market is analyzed and market size insights and trends are provided by rating, location, component and application as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific is expected to dominate the wind power market due to its significant installation capacity, robust government initiatives, and increased investments in renewable infrastructure. The region's rapid expansion in wind energy projects underscores its leading role in driving global growth and advancing sustainable energy solutions.
North America is expected to witness the highest CAGR in the wind power market during the forecast period due to rising direct ownership of wind energy, rising demand for portable wind power, and an increasing number of offshore wind power plants in the region. These factors are driving significant growth and investment in North America's wind energy sector.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Wind Power Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- ACCIONA (Spain)
- NORDEX SE (Germany)
- General Electric Company (U.S.)
- Envision Group (China)
- goldwind (China)
- Siemens Gamesa Renewable Energy, S.A.U. (Spain)
- Suzlon Energy Limited (India)
- Vestas (Denmark)
- Sinovel Wind Group Co., Ltd. (China)
- The Wind Power (China)
- ENERCON Global GmbH (Germany)
- Mingyang Smart Energy Group Co., Ltd. (China)
- JUWI (Germany)
- Inoxwind (India)
- AEROVIDE GmbH (Germany)
SKU-