Market Size of Global Wind Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 45.66 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Power Market Analysis
The wind power market size is expected to grow from 100 GW by the end of this year to 655.69 GW after five years, at a CAGR of 45.66% during the forecast period.
- Over the medium term, 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 during the forecast period.
- Conversely, the increasing adoption of alternative energy sources such as gas-based and solar power will likely hinder market growth.
- Nevertheless, technological advancements in efficiency and decreased production costs of offshore wind turbines are expected to create ample opportunity for the global market.
- Asia-Pacific is the fastest-growing market during the forecast period due to the rising energy demand. This growth is attributed to increasing investments, coupled with supportive government policies in the countries of this region, including India, China, and Australia.
