Wind Power Market Size
| 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.
Wind Power Market Trends
The Offshore Wind Power Sector is Expected to Witness Significant Growth
- Europe is the leader in offshore wind and is home to the largest operational wind farms globally. The region's offshore capacity is large enough to meet the electricity needs in Europe, which will only continue to grow within the upcoming years.
- Installation of wind farms in the offshore area is becoming a lucrative market because of the higher wind speed compared to onshore wind speed.
- Offshore Wind farms are more convenient than onshore wind farms, given that the offshore areas have more wind speed and less hindrance from land.
- While the total wind power installations in the world stand at around 900 GW, a minimal share of it, only around 63 GW, comprises offshore wind power installations.
- In 2022, the European Union witnessed 19 GW of wind energy installations, with 85% of them being onshore and the rest being offshore. Steady growth was recorded, with most additions in the Netherlands, followed by Belgium and the United Kingdom.
- In 2022, China installed almost 36 GW of wind capacity, with offshore wind capacity of 6 GW and onshore being 31GW, thus, China led the world for the third year in a row for both offshore and onshore wind energy installations. In 2022, China had a cumulative installed wind capacity of 1213 GW, making it the second-largest in the world.
- Countries like the United States plan to build seven major offshore wind projects, likely to power 10 million homes in the next seven years. Further, India aims to achieve 30 GW of offshore wind power in the next seven years.
- Moreover, in April 2022, UK Prime Minister Boris Johnson presented a plan to boost Britain's energy security, including an increased target of up to 50 GW of operating offshore wind capacity in the next seven years. This will, in turn, support the growth of offshore wind energy generation across the country.
- Furthermore, in July 2022, the United Kingdom Department for Business, Energy, and Industrial Strategy awarded Orsted a contract for difference for its Hornsea 3 offshore wind farm. The project has a capacity of 2,852 MW and will produce enough low-cost, clean, renewable electricity to power 3.2 million UK homes.
- Hence, with such a scenario, the offshore wind power market is expected to grow significantly during the forecast period.
Asia-Pacific is Expected 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 during the forecast period.
- The Chinese wind power market is largely dominated by its onshore segment, with new installations of 37 GW in 2022, making it to a cumulative total of 315.32 GW of onshore wind capacity in 2022.In 2022, China accounted for approximately 47 percent of the world's newly installed onshore wind power capacity
- Asia Pacific region comprises of one of the largest regions on earth. With the developed nations like China and Japan tapping into the high potential wind energy power market, the developing nations like India are not behind with steadily increasing their wind power installations.
- The Chinese wind power market leads both the Offshore and the Onshore wind power projects not only in the Asian Subcontinent , but also in the world. With more announcements of harnessing the wind power potential, the country has also laid the market for the components and maufacturers of the wind mills. China's installed capacity of wind power is at 365 GW.
- Other leading countries in the region include India, which, by the end of 2022, had an installed wind capacity of around 41.9 GW, and it added around 1.11 GW in the same year. The Indian government has set a target of 450 GW by 2030 thorugh all renewables. To achieve the target, the number of projects during the next two years is expected to increase drastically, thus driving the demand for wind power in the country.
- Therefore, large-scale wind power installations and upcoming projects and plans to expand the offshore wind power segment are expected to help Asia-Pacific dominate the market during the forecast period.
Wind Power Industry Overview
The wind power market is fragmented. Some of the key players in this market (in no particular order) include Acciona Energia SA, Duke Energy Corporation, Electricité de France (EDF) SA, Orsted AS, NextEra Energy Inc., and E.ON SE.
Wind Power Market Leaders
Acciona Energia SA
Duke Energy Corporation
Orsted A/S
NextEra Energy, Inc.
Electricité de France (EDF) S.A.
*Disclaimer: Major Players sorted in no particular order
Wind Power Market News
- April 2023: India, which still posing immense potential in the wind energy sector, announced in late 2022 the e-bidding process for developing its 8 GW of wind energy installations. The Ministry of New and Renewable Energy, a ministry of Governt ment of India, announced the country's first offshore wind power project in Tamil Nadu aimed to be completed by 2030.
- October 2022: EDP Renewables North America (EDPR NA), a renewable energy developer and operator, announced the construction of a 202-megawatt (MW) Indiana Crossroads II wind power plant in White County, Indiana. The power plant is expected to be commissioned in the year 2023 and will annually supply power to more than 54,000 average Indiana homes.
- August 2022: EDF Renewables signed a memorandum of understanding with Ferrovial's Polish subsidiary Budimex for realizing investments in wind farm development offshore Poland. The two companies will focus on the second phase of offshore development in the country on a 50/50 basis.
Wind Power Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Mix, 2022
4.3 Wind Power Installed Capacity and Forecast in GW, till 2028
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Investments in Offshore Wind Power Projects
4.5.1.2 Supportive Government Policies
4.5.2 Restraints
4.5.2.1 Increasing Adopting of Alternative Clean Energy Sources (Ex: Solar, Hydro)
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Location
5.1.1 Onshore
5.1.2 Offshore
5.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 France
5.2.2.3 Denmark
5.2.2.4 Germany
5.2.2.5 Italy
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.4 Middle-East and Africa
5.2.4.1 United Arab Emirates
5.2.4.2 Egypt
5.2.4.3 Saudi Arabia
5.2.4.4 South Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Chile
5.2.5.3 Argentina
5.2.5.4 Mexico
5.2.5.5 Peru
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis - Wind Turbine Suppliers
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Wind Farm Operators
6.4.1.1 Acciona Energia SA
6.4.1.2 Duke Energy Corporation
6.4.1.3 EDF SA
6.4.1.4 Orsted AS
6.4.1.5 NextEra Energy Inc.
6.4.1.6 E.ON SE
6.4.2 Equipment Suppliers
6.4.2.1 Aerodyn Energiesysteme GmbH
6.4.2.2 Envision Energy
6.4.2.3 General Electric Company
6.4.2.4 Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind)
6.4.2.5 Siemens Gamesa Renewable Energy SA
6.4.2.6 Suzlon Energy Limited
6.4.2.7 Vestas Wind Systems AS
6.4.2.8 Dongfang Electric Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Technological Advancements in Efficiency and Decrease in the Production Cost of Offshore Wind Turbines
Wind Power Industry Segmentation
Wind power is generated by the force of the wind, mainly through the rotor, which transforms kinetic energy into mechanical energy, and through the generator thus using the principal of faraday's law of electromagnetic induction which finally converts this mechanical energy into electrical energy.
The wind power market is segmented by location and geography. By location, the market is segmented into onshore and offshore wind installations. The report also covers the market size and forecasts for the wind power market across major regions. The report offers the installed capacity in Gigawatts (GW).
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| Offshore |
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Wind Power Market Research FAQs
What is the current Wind Power Market size?
The Wind Power Market is projected to register a CAGR of 45.66% during the forecast period (2024-2029)
Who are the key players in Wind Power Market?
Acciona Energia SA, Duke Energy Corporation, Orsted A/S, NextEra Energy, Inc. and Electricité de France (EDF) S.A. are the major companies operating in the Wind Power Market.
Which is the fastest growing region in Wind Power Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wind Power Market?
In 2024, the Asia Pacific accounts for the largest market share in Wind Power Market.
What years does this Wind Power Market cover?
The report covers the Wind Power Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Wind Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Power Industry Report
Statistics for the 2024 Global Wind Power market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Wind Power analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
