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

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 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. '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)'

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.

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.

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.