Wind Power Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Market is Segmented by Location (Onshore and Offshore), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

Market Snapshot

Study Period:

2018- 2026

Base Year:


Fastest Growing Market:

Middle East and Africa

Largest Market:

Asia Pacific


8 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The global wind power installed capacity is expected to grow at a CAGR of more than 8% reaching an installed capacity of 1,166.73 GW by 2026 up from 650.54 GW in 2019. The COVID-19 pandemic has resulted in a decline in overall energy consumption, disrupted the supply chains, and slowed down economic development around the globe. This, in turn, has also led to a restrained growth of the market due to project delays and lack of investments during the pandemic. However, factors such as favorable government policies, the increasing investment in upcoming wind power projects, and the reduced cost of wind energy which has led to increased adoption of wind energy are expected to drive the market studied during the forecast period. The increasing adoption of alternate energy sources, such as gas-based power and solar power, is likely to hinder the market growth.

  • As of 2019, onshore wind power emerged as one of the most valued renewable energy sources, worldwide. However, the offshore wind sector has been gaining momentum in the global wind power market and is expected to witness significant growth in the near future.
  • The emerging markets in Africa and South America regions offer a robust business opportunity for the wind power project operators and equipment suppliers as countries, including Brazil, South Africa, Chile, etc., are on the cusp of development, and there is an increased demand for electricity, which is expected to provide market opportunities for wind power development in the near future. Moreover, the massive wind power potential, coupled with a decline in the cost of the same, is likely to provide widespread business opportunities to the market in near future.
  • Asia-Pacific is one of the most mature and competitive regions in the wind power market, with a strong demand from China.

Scope of the Report

The wind power market report includes:

North America
Middle-East and Africa
South America

Report scope can be customized per your requirements. Click here.

Key Market Trends

Offshore Wind Power Sector to Witness Significant Growth

  • In 2019, the installed capacity from the offshore sector witnessed a 26% increase in cumulative installed capacity as compared to the previous year. Europe accounted for more than 70% of the global cumulative offshore wind installed capacity, by the end of 2019.
  • The offshore wind power market is dominated by the United Kingdom, Germany, and China. The United Kingdom represented almost half of Europe’s gross capacity in 2019 and the offshore wind industry in the country is set to double, after the country’s Department for Business, Energy, and Industrial Strategy (BEIS) announced long-term political support for the country’s offshore wind energy industry.
  • China surpassed the United Kingdom as the world’s leading offshore market in new installations in 2018. The country’s target of 5 GW grid-connected offshore wind by 2020 was already reached in 2019, following the new installation of 2.4 GW of offshore wind that year. In 2019, China has a cumulative installed offshore wind capacity of 6.8 GW, making it the third-largest in the world.
  • Countries such as China, Germany and United States are now facing the challenge that all the promising wind farm sites within 6 miles of the shore have already been exploited. To boost the capacity further and to meet their 2030 renewable targets, most of the countries are exploring offshore areas.
  • As a result, offshore wind power is expected to grow at a faster pace in the coming years. In 2020, United States Bureau of Ocean Energy Management (BOEM) is now in the planning stages for leasing areas off the coast of New York, South Carolina, California and Hawaii and expects to hold lease auctions for new California and New York Bight lease areas.
  • Therefore,offshore wind power market is expected to increase significantly during the forecast period.

To understand key trends, Download Sample Report

Asia-Pacific to Dominate the Market

  • Asia-Pacific is the largest wind power market in the world with leading wind power markets such as China, India, and Australia. Encouraging growth especially in China is expected to make it the leading region in the forecast period as well.
  • The Chinese wind power market is largely dominated by its onshore segment, which has an installed capacity of 23.76 GW as of 2019. Through the 206 GW total installations at the end of 2018, China became the first market to surpass 200 GW of the total installed capacity, reaching its target of 200 GW two years earlier than planned (based on the Five-year Plan 2016-2020). Adding to this, the total wind power generation reached 405.7 TWh in 2019 exceeding 400 TWh for the first time and accounting for 5% of the total power generation in the country.
  • The Chinese wind power market is largely comprised (nearly 95%) of Chinese manufacturers. As of the end of 2018, the top turbine manufacturers in China include Goldwind, followed by Envision and Mingyang. The small non-Chinese presence is held by three main foreign manufacturers, namely, Vestas, Siemens-Gamesa, and GE.
  • Other leading countries in the region include India, which by the end of 2019, had the installed wind capacity in India around 35.53 GW, and added around 1.38 GW in the same year. The Indian government has set a target of 60GW by 2022. To achieve the target, the number of projects, during the next two years is expected to increase drastically, driving the demand for wind power in the country.
  • Therefore, with the presence of large-scale wind power installations coupled with upcoming projects adn plans to expand the offshore wind power semgent are expected to help Asia-Pacific dominate the market during the forecast period.

To understand geography trends, Download Sample Report.

Competitive Landscape

The global wind power market is fragmented. Some of the key players in this market include Acciona Energia SA, Duke Energy Corporation, Electricité de France (EDF) S.A., Orsted A/S, NextEra Energy Inc, and E.ON SE.

Recent Developments

  • In February 2021, Continuum Wind Energy Ltd, sponsored by Singapore-based Clean Energy Investing Ltd, the indirect wholly-owned subsidiary of a Morgan Stanley fund entity, New Haven Infrastructure Partners, announced its plans to issue its maiden green bond of USD 500-600 million, to be listed on the SGX. The proceeds will be used to refinance the project debt at six of its operating entities and to set up wind projects in India. This is expected to aid the growth of the market.
  • In February 2021, The Ministry of Infrastructure and Energy stated that it is reevaluating projects and investment plans in cooperation with the European Bank for Reconstruction and Development, four wind parks in Albania are about to lose the licenses that they obtained in 2007 and 2008. This is expected to impede the growth of wind energy in the country.
  • In February 2021, a USD 43 billion deal was signed by the South Korean government. It is expected to be the world's biggest offshore wind power complex, as the country seeks to achieve carbon neutrality by 2050. The agreement involves 33 different entities, among them regional governments, the electricity generator KEPCO, and major private firms including Doosan Heavy Industries & Construction and SK E&S.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Table Of Contents


    1. 1.1 Scope of Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Renewable Energy Mix, 2019

    3. 4.3 Wind Power Installed Capacity and Forecast in GW, till 2026

    4. 4.4 Number of Wind Turbines Installed, till 2026

    5. 4.5 Average Size of Wind Turbines, in MW, Global, 2026

    6. 4.6 Recent Trends and Developments

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

      2. 4.7.2 Restraints

    8. 4.8 Supply Chain Analysis

    9. 4.9 Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitute Products and Services

      5. 4.9.5 Intensity of Competitive Rivalry


    1. 5.1 Location

      1. 5.1.1 Onshore

      2. 5.1.2 Offshore

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 Middle-East and Africa

      5. 5.2.5 South America


    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis - Wind Turbine Suppliers

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Wind Farm Operators

        1. Acciona Energia SA

        2. Duke Energy Corporation

        3. EDF SA.

        4. Orsted A/S

        5. NextEra Energy Inc.

        6. E.ON SE

      2. 6.4.2 Equipment Suppliers

        1. Aerodyn Energiesysteme GmbH

        2. Envision Energy

        3. General Electric Company

        4. Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind)

        5. Siemens Gamesa Renewable Energy SA

        6. Suzlon Energy Limited

        7. Vestas Wind Systems AS

        8. Dongfang Electric Corporation

  7. *List Not Exhaustive

** Subject to Availability

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Related Reports