USD 80.42 Billion
Wind Energy Market Size, Share, Growth Analysis, By Type(Offshore, and Onshore), By End-Use(Industrial, Commercial, and Residential), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2071 |
Region:
Global |
Published Date: March, 2024
Pages:
178
|Tables:
62
|Figures:
75
Wind Energy Market Insights
Global Wind energy Market Size was valued at USD 87.66 Billion in 2023 and is poised to grow from USD 95.54 Billion in 2024 to USD 174.67 Billion by 2031, at a CAGR of 9% during the forecast period (2024-2031).
The primary purpose of the wind energy market is to provide renewable energy sources to reduce dependence on fossil fuels and reduce greenhouse gas emissions. The market aims to promote the adoption of wind energy technologies to meet the increasing demand for electricity worldwide. The high initial capital cost of wind energy projects and the intermittency of wind energy are the major restraining factors for the growth of the wind energy market. The installation and maintenance of wind turbines require significant capital investments. The wind energy market faces several challenges that hinder its growth, such as the lack of adequate infrastructure, transmission lines, and storage facilities. The availability of suitable locations for wind turbine installation is also a challenge. The wind energy market presents several opportunities for growth and development.
The increasing demand for clean energy sources, advancements in technology, and the declining cost of wind energy are the major opportunities in the market. The global wind energy market is a growing sector in the renewable energy industry. The market is driven by the need for clean and sustainable energy sources, favorable government policies, and technological advancements. The wind energy market presents several opportunities for growth and development in the future.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offshore
Fastest Growth
Offshore
Growth Rate
9% CAGR
Global Wind Energy Market 2024-2031 ($ Bn)
Country Share for Asia Pacific Region- 2024 (%)
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Wind Energy Market Segmental Analysis
The global wind energy market is segmented on the basis of type, application, and region. In terms of type, the market is segmented into offshore, and onshore. Based on end-use, the market is segmented into industrial, commercial, and residential. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Wind Energy Market Analysis by Type
The offshore wind energy refers to the generation of wind power from wind turbines installed in bodies of water, typically in coastal areas or offshore locations. Offshore wind farms offer several advantages, including access to stronger and more consistent winds, larger turbine capacities, and reduced visual impact on land. The offshore wind energy segment is experiencing significant growth due to technological advancements, government support, and favorable regulatory frameworks.
Offshore wind energy involves the generation of wind power from turbines installed on land. Onshore wind farms are typically located in areas with favorable wind conditions, such as open plains or hilly regions. The onshore wind energy segment has been the dominant contributor to the global wind energy market. It offers advantages such as lower installation costs, established infrastructure, and ease of maintenance and operation.
Global Wind Energy Market Analysis by End-Use
The industrial sector represents a significant end-user of wind energy. Industrial establishments, including manufacturing plants, factories, and industrial complexes, require substantial amounts of electricity for their operations. Wind energy provides a sustainable and cost-effective solution to meet the energy demands of the industrial sector while reducing carbon emissions and dependence on fossil fuels.
The commercial sector encompasses a range of establishments such as office buildings, retail stores, hotels, and hospitals. Commercial buildings have high energy consumption, and the adoption of wind energy helps these establishments achieve their sustainability goals and reduce energy costs. Many commercial entities are investing in on-site wind turbines or sourcing electricity from wind farms to meet their energy needs. The residential sector includes individual households and residential communities. Homeowners and residential communities are increasingly adopting wind energy solutions, such as small wind turbines or community-based wind projects, to generate their electricity.
Global Wind energy Market Size By Type 2024(%)
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Wind Energy Market Regional Insights
In 2022, the Asia-Pacific region emerged as the leading contributor in terms of revenue share in the global wind energy market. The region is expected to witness steady growth in the coming years, primarily due to the proactive actions and initiatives taken by governments to develop energy infrastructure. These efforts are likely to drive the advancement of wind energy projects, leading to the overall wind energy market growth in the Asia-Pacific region throughout the forecast period.
North America is projected to be the most promising segment during the forecast period. The U.S., in particular, offers significant opportunities for the wind energy market due to the increasing demand for electricity. The region boasts substantial wind power potential, and advancements in technology have resulted in a decrease in the cost of advanced wind energy solutions. These factors are expected to create widespread commercial opportunities for the wind energy industry in North America over the forecast period.
Global Wind Energy Market Size By Geography, 2024-2031
- Largest
- Fastest
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Wind Energy Market Dynamics
Global Wind Energy Market Drivers
Growing Environmental Concerns
- Increasing awareness of climate change and the need to reduce greenhouse gas emissions are significant drivers for the wind energy market. Governments, organizations, and individuals are increasingly adopting renewable energy sources like wind energy to mitigate the environmental impact of traditional fossil fuel-based power generation.
Supportive Government Policies and Incentives
- Governments worldwide are implementing favorable policies, regulations, and incentives to promote wind energy. These include feed-in tariffs, tax credits, renewable portfolio standards, and auctions for wind energy projects. Such measures encourage investment in wind energy and facilitate its market growth.
Global Wind Energy Market Restraints
Land Constraints and Grid Integration
- The availability of suitable land for onshore wind farms can be a constraint in densely populated areas. Additionally, grid integration challenges arise due to the intermittent nature of wind energy. Ensuring a stable and reliable grid connection for wind power can be a barrier to the market's growth.
High Initial Capital Investment
- The initial capital cost of wind energy projects, including the installation of turbines and related infrastructure, can be substantial. The high upfront investment required for wind farms can pose a financial barrier, particularly for smaller players and developing regions.
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Wind Energy Market Competitive Landscape
The global wind energy market is highly competitive in nature, with several key players vying for market share. The competitive landscape is characterized by intense rivalry, technological advancements, strategic partnerships, and investments in research and development. Here is an elaboration on the competitive landscape of the global wind energy market. To maintain a competitive edge, key players in the market emphasize continuous research and development activities, strategic collaborations, and geographic expansion. They also focus on improving turbine efficiency, reducing costs, and exploring emerging markets with favorable wind energy potential. The competitive landscape is expected to evolve further with the advancement of wind energy technologies and the increasing demand for clean and sustainable energy sources worldwide.
Top Player’s Company Profiles in Global Wind Energy Industry
- Vestas Wind Systems A/S (Denmark)
- Siemens Gamesa Renewable Energy (Spain)
- General Electric Company (US)
- Nordex SE (Germany)
- MingYang Smart Energy Group Co., Ltd. (China)
- Goldwind Science & Technology Co., Ltd. (China)
- Enercon GmbH (Germany)
- Envision Energy (China)
- Suzlon Energy Limited (India)
- Senvion S.A. (Luxembourg)
- Sinovel Wind Group Co., Ltd. (China)
- Guodian United Power Technology Company Ltd. (China)
- GE Wind Energy (US)
- Xinjiang Goldwind Science & Technology Co., Ltd. (China)
- Gamesa Corporation Tecnológica (Spain)
- Shanghai Electric Group Company Limited (China)
- United Power (China)
- Mingyang Group Co., Ltd. (China)
- Siemens AG (Germany)
- Clipper Windpower, LLC (US)
Recent Developments in Wind Energy Industry
-
In 2024, Wind Catching Systems (WCS) is teaming up with the Institute for Energy Technology and Norwegian energy services company Aibel to bring their floating wind harvesting technology to the commercial market for offshore wind farms.
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In 2024, Wind turbine blades are constructed from composite materials, specifically fiber-reinforced polymers (FRPs). These FRPs can incorporate various fibers, including carbon, glass, or even natural fibers. The cost of these materials can be a significant factor, often accounting for up to half of the manufacturing cost of a wind turbine blade.
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June of 2023 The TN government plans to buy 4 GW of offshore wind energy through the Union government's viability gap finance (VGF) program. In Tamil Nadu, there are 14 seabed blocks that the Ministry of New and Renewable Energy has determined are appropriate sites for generating one gigawatt of offshore wind energy.
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By June 2023, Suzlon has surpassed the 20 GW wind energy installations milestone, having deployed 12,647 wind turbines throughout 17 countries and six continents. Suzlon's standing as a significant participant in the wind energy industry is strengthened by this. After reaching this significant milestone, the company will have a solid foundation on which to expand quickly in the upcoming years. Suzlon's success may be attributed to its constant focus on innovative products, customer satisfaction, and state-of-the-art technology. Suzlon's eight specialized research and development centers spread across four countries enable it to consistently provide a broad range of robust and dependable goods.
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June of 2023 Now being tested is the largest hybrid drive wind turbine in the world, at the country's first coastal test station, in Shantou, in southern China. This achievement is consistent with China's objective to develop a more diverse energy supply chain and to grow its clean energy sector.
Wind Energy Key Market Trends
Offshore Wind Expansion:
- The market is experiencing a shift towards offshore wind, driven by the need for larger capacities, favorable wind conditions, and reduced visual impact compared to onshore wind farms. Offshore wind projects are becoming increasingly prevalent, especially in regions with suitable coastal conditions.
Technological Innovations:
- Advancements in wind turbine technology, such as larger capacities, improved efficiency, and enhanced control systems, are key trends in the market. These innovations aim to optimize energy production, reduce maintenance costs, and make wind energy more competitive with other sources of power.
Wind Energy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global wind energy market analysis, the market is expected to grow significantly in the upcoming years, owing to the increasing demand for renewable energy sources to reduce carbon emissions and to meet the rising energy demand across the world. The major driving factors for the growth of the wind energy market is the global shift towards cleaner energy sources. As the world continues to experience climate change and the negative effects of fossil fuel consumption, governments and industries are seeking to reduce their carbon footprint and increase their use of renewable energy sources. Wind energy is an attractive option due to its low environmental impact and low cost compared to other renewable sources such as solar energy. There are some restraining factors that may hinder the growth of the wind energy market. One such factor is the high initial cost of installation, which can be a significant barrier to entry for smaller companies or developing countries. The global wind energy market presents significant growth potential in the coming years, driven by increasing demand for renewable energy and advancements in technology.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 87.66 Billion |
| Market size value in 2031 | USD 174.67 Billion |
| Growth Rate | 9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wind Energy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wind Energy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wind Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wind Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wind Energy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wind Energy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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