Wind Energy Market (By Location: Onshore and Offshore; By Application: Utility and Non-utility; By Component: Turbine, Support Structure, Electrical Infrastructure, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032
The global wind energy market was valued at US$ 81.31 billion in 2022 and is projected to be worth around US$ 211.85 billion by 2032 with a registered CAGR of 10.10% from 2023 to 2032.
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Wind energy is a kind of renewable energy. The method of using wind to generate electricity is known as wind energy. Wind turbines are used to transform the wind’s kinetic energy into the mechanical energy. The mechanical power can also be used for specific purposes such as water pumping.
The offshore and onshore wind turbines can be used to generate electricity. Onshore wind energy is related with land-based turbines, whereas offshore wind energy is associated with turbines that are positioned in the sea or ocean. Offshore wind turbines, on the other hand, are more efficient and effective in producing electricity as compared to onshore wind turbines.
Due to the implementation of rigorous environmental rules, the market will continue to move away from traditional energy sources and towards renewable energy technology. The product penetration will be influenced by increasing offshore prospects along with the development of a strong industrial and commercial sector infrastructure.
The global wind energy market is predicted to rise due to a significant increase in demand for renewable energy sources. The governments all around the world are encouraging sustainable energy sources, which, unlike traditional power sources, may cut carbon emissions. In addition, offshore wind energy turbine eliminates the constraint of sea depth, making it easier to choose the ideal location for electricity generation.
The government regulatory authorities and agencies in the developed and developing regions are concentrating on reducing reliance on traditional energy sources in order to reduce carbon emissions, which is encouraging the generation of electricity using renewable energy sources such as solar and wind. The increased need for energy in a variety of industries such as healthcare, food and beverage, and residential, has boosted the growth of the wind energy market during the forecast period.
The offshore wind farms are also becoming more popular as a source of energy among wind energy market players. Offshore wind power projects are expected to open up the growth opportunities for deep water projects, where the high speed produces a much more advantageous operating environment, driving the demand for offshore locations. The renewable energy sources have been widely supported by governments all around the globe.
The countries all over the world are concentrating their efforts on growing investment in offshore wind energy projects in order to collect energy from the environment’s natural wind resources, ultimately boosting the growth of the global wind energy market. Offshore wind power installation is a difficult undertaking since it necessitates the transportation of large and heavy equipment to the project site, raising the overall cost of the wind energy projects. However, due to technological advancements for offshore installation of wind turbines, the overall cost has decreased, making offshore wind a viable renewable energy choice.
| Report Coverage | Details |
| Market Size in 2023 | US$ 89.12 Billion |
| Market Size by 2032 | US$ 211.85 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 10.10% |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Location, Application, Component, Region |
| Companies Mentioned | Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group, Ming Yang Smart Energy Group Co., Siemens Gamesa Renewable Energy S.A. |
Based on the location, the offshore segment dominated the global wind energy market in 2022 due to the availability of modern technology and comprehensive solutions given by various service providers, the segment is expected to develop as demand for offshore wind installation rises.
On the other hand, the onshore segment is estimated to be the most opportunistic segment during the forecast period. Due to its lower cost than offshore wind power, onshore wind power has become one of the most popular renewable energy sources across the globe. Additional elements supporting category expansion are an easy installation method and a reduction in greenhouse gases emissions.
Based on the application, the utility segment dominated the global wind energy market in 2022, in terms of revenue. The utility-scale wind turbines are that are connected to the country’s transmission infrastructure. Large scale utility-scale wind generating projects necessitates a variety of building, land, and other permissions, as well as the careful management of relationships with many market players.
On the other hand, the non-utility segment is estimated to be the most opportunistic segment during the forecast period. Both commercial and residential wind energy projects are included in the non-utility sector. Due to the infeasibility of installing a wind turbine due to land constraints, non-utility applications had a smaller market share than utility applications.
The Asia-Pacific region has accounted largest revenue share in 2022. Asia-Pacific’s wind energy market is expected to grow gradually in the upcoming years, as the governments are constantly taking actions and initiatives for the infrastructural development in the energy sector. This is likely to influence the advancement of wind energy projects in the country, which would drive the growth of the wind energy market in the Asia-Pacific region during the forecast period.
Based on the region, the North America region is estimated to be the most opportunistic segment during the forecast period. The emerging markets in the U.S., provide a lucrative opportunity for wind energy market, owing to increased demand for electricity. Furthermore, the immense wind power potential, along with a decrease in the cost of the advanced technologies, is projected to present the industry with widespread commercial opportunities during the forecast period.
Key Companies & Market Share Insights
To minimize the overall cost of the wind energy projects, the key market players are working together and acquiring raw material and component manufacturers. Furthermore, the key market players are spending in research and development to improve the efficiency of their technologies in order to obtain a competitive advantage over their competitors and gain a larger market share over the projection period. Continuum Wind Energy Ltd, backed by Singapore-based Clean Energy Investing Ltd., an indirect wholly-owned subsidiary of Morgan Stanley fund New Haven Infrastructure Partners, announced plans to issue its first green bond in February 2021.
Segments Covered in the Report
By Location
By Application
By Component
By Rating
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Wind Energy Market
5.1. COVID-19 Landscape: Wind Energy Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Wind Energy Market, By Location
8.1. Wind Energy Market, by Location Type, 2023-2032
8.1.1. Onshore
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.2. Offshore
8.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 9. Global Wind Energy Market, By Application
9.1. Wind Energy Market, by Application, 2023-2032
9.1.1. Utility
9.1.1.1. Market Revenue and Forecast (2021-2032)
9.1.2. Non-utility
9.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 10. Global Wind Energy Market, By Component Type
10.1. Wind Energy Market, by Component Type, 2023-2032
10.1.1. Turbine
10.1.1.1. Market Revenue and Forecast (2021-2032)
10.1.2. Support Structure
10.1.2.1. Market Revenue and Forecast (2021-2032)
10.1.3. Electrical Infrastructure
10.1.3.1. Market Revenue and Forecast (2021-2032)
10.1.4. Others
10.1.4.1. Market Revenue and Forecast (2021-2032)
Chapter 11. Global Wind Energy Market, By Rating Type
11.1. Wind Energy Market, by Rating Type, 2023-2032
11.1.1. ≤ 2 MW
11.1.1.1. Market Revenue and Forecast (2021-2032)
11.1.2. >2≤ 5 MW
11.1.2.1. Market Revenue and Forecast (2021-2032)
11.1.3. >5≤ 8 MW
11.1.3.1. Market Revenue and Forecast (2021-2032)
11.1.4. >8≤10 MW
11.1.4.1. Market Revenue and Forecast (2021-2032)
11.1.5. >10≤ 12 MW
11.1.5.1. Market Revenue and Forecast (2021-2032)
11.1.6. 12 MW
11.1.6.1. Market Revenue and Forecast (2021-2032)
Chapter 12. Global Wind Energy Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Location (2021-2032)
12.1.2. Market Revenue and Forecast, by Application (2021-2032)
12.1.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.1.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Location (2021-2032)
12.1.5.2. Market Revenue and Forecast, by Application (2021-2032)
12.1.5.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.1.5.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Location (2021-2032)
12.1.6.2. Market Revenue and Forecast, by Application (2021-2032)
12.1.6.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.1.6.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Location (2021-2032)
12.2.2. Market Revenue and Forecast, by Application (2021-2032)
12.2.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.2.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Location (2021-2032)
12.2.5.2. Market Revenue and Forecast, by Application (2021-2032)
12.2.5.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.2.5.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Location (2021-2032)
12.2.6.2. Market Revenue and Forecast, by Application (2021-2032)
12.2.6.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.2.6.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Location (2021-2032)
12.2.7.2. Market Revenue and Forecast, by Application (2021-2032)
12.2.7.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.2.7.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Location (2021-2032)
12.2.8.2. Market Revenue and Forecast, by Application (2021-2032)
12.2.8.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.2.8.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Location (2021-2032)
12.3.2. Market Revenue and Forecast, by Application (2021-2032)
12.3.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.3.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Location (2021-2032)
12.3.5.2. Market Revenue and Forecast, by Application (2021-2032)
12.3.5.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.3.5.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Location (2021-2032)
12.3.6.2. Market Revenue and Forecast, by Application (2021-2032)
12.3.6.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.3.6.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Location (2021-2032)
12.3.7.2. Market Revenue and Forecast, by Application (2021-2032)
12.3.7.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.3.7.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Location (2021-2032)
12.3.8.2. Market Revenue and Forecast, by Application (2021-2032)
12.3.8.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.3.8.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Location (2021-2032)
12.4.2. Market Revenue and Forecast, by Application (2021-2032)
12.4.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.4.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Location (2021-2032)
12.4.5.2. Market Revenue and Forecast, by Application (2021-2032)
12.4.5.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.4.5.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Location (2021-2032)
12.4.6.2. Market Revenue and Forecast, by Application (2021-2032)
12.4.6.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.4.6.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Location (2021-2032)
12.4.7.2. Market Revenue and Forecast, by Application (2021-2032)
12.4.7.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.4.7.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Location (2021-2032)
12.4.8.2. Market Revenue and Forecast, by Application (2021-2032)
12.4.8.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.4.8.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Location (2021-2032)
12.5.2. Market Revenue and Forecast, by Application (2021-2032)
12.5.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.5.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Location (2021-2032)
12.5.5.2. Market Revenue and Forecast, by Application (2021-2032)
12.5.5.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.5.5.4. Market Revenue and Forecast, by Rating Type (2021-2032)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Location (2021-2032)
12.5.6.2. Market Revenue and Forecast, by Application (2021-2032)
12.5.6.3. Market Revenue and Forecast, by Component Type (2021-2032)
12.5.6.4. Market Revenue and Forecast, by Rating Type (2021-2032)
Chapter 13. Company Profiles
13.1. Vestas
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Dongfang Electric Corporation
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. ENERCON GmbH
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Goldwind
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Nordex SE
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Sinovel
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. GE Renewable
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Suzlon Group
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Ming Yang Smart Energy Group Co.
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Siemens Gamesa Renewable Energy S.A.
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
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