United States Wind Energy Market Size

US Wind Energy Market Analysis

The US wind energy market is expected to register a CAGR of approximately 5.87% during the forecast period, 2022-2027. The COVID-19 pandemic had no negative impact on the market, as the year witnessed a growth of around 14 GW in 2020. The market had just a slight disturbance in Q1 and Q2 of 2020. Major factors attributing to the growth include the favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy. Moreover, as countries are becoming increasingly concerned about climate change and the role of renewable energy in curtailing it, wind power is expected to increase its share in the US market. The increasing adoption of alternate energy sources, such as gas-based power and solar power, is expected to hinder the market growth in the region.

• The onshore segment is expected to be the largest market during the forecast period in the United States, owing to increased onshore wind capacity additions, supported by reducing the cost of electricity generation from onshore wind projects.
• The technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in the United States. Several projects, such as the 84-turbine and 800-megawatt Vineyard Wind project, which is the first large utility-scale offshore wind project scheduled for development, are expected to present an opportunity for major companies in the region.
• In 2020, the United States had the highest installed capacity in the region. It is expected to be the largest market during the forecast period, bolstered by constant growth in offshore wind power projects.