April 22, 2024

Wind Energy Market Size to Gain US$ 174.75 Billion by 2030

The wind energy market size is predicted to reach USD 174.75 billion by 2030 and is expected to register a CAGR of 9.4% from 2022 to 2030.

The study provides an analysis of the period 2017-2030, wherein 2022 to 2030 is the forecast period and 2021 is considered as the base year.

Wind Energy Market Size 2020 to 2030

The market revenue/volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents a breakdown of the market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift in global, regional, and country from 2017 to 2030.

The global wind energy market size was valued at US$ 77.77 billion in 2021. The surge in carbon dioxide emissions from the utility industry has prompted several of the new legislation and policy actions from governments around the world. Furthermore, regulators have enacted favorable rules and regulations to encourage the development of sustainable energy technology, such as wind energy.

In addition, growing infrastructure development in developing regions will boost the demand for wind energy in the market during the projected period. Thus, the wind energy technology will benefit from increased investments in renewable energy generation, as well as initiatives to reduce carbon emissions.

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Scope of the Wind Energy Market
Report Coverage Details
Market Size in 2020 US$ 71.2 Billion
Growth Rate CAGR of 9.4% from 2021 to 2030
Largest Market Asia Pacific
Fastest Growing Market North America
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Location, Application, Component, Region
Market Dynamics

Drivers

Growing government initiatives

Due to technological advancements toward better capacity, as well as the ability to generate electricity, the wind energy market is expected to grow significantly during the forecast period. Due to favorable policies for renewable energy sources and rising global energy demand, the wind turbine capacity has increased since decade. Furthermore, wind energy technology has a number of notable advantages such as easy availability of resources and quick installation that will complement the wind energy industry growth during the forecast period.

Restraints

Climatic conditions

The most significant challenge that wind energy market players face is the unpredictability of climate and weather conditions. Because climate plays a significant role in the management and maintenance of offshore wind farms, particularly in determining when to access the turbines, reliable, continuous weather data and information from all sides of the operation will be required. The weather has an effect on the output of the turbines as well. The output of wind turbine is high, when there is no or less wind flow in the particular region on area. Thus, the climatic and weather conditions are restricting the growth of wind energy market during the forecast period.

Opportunities

Surge in demand for electricity

According to the International Energy Agency (IEA), electricity demand is expected to rise by 5% by 2020. As a result, demand for renewable energy sources increases. Some examples of renewable energies are solar energy, wind energy, geothermal energy, hydropower, tidal energy, and solar thermal energy. Wind turbines convert wind energy to electrical energy, which is then used to generate electricity. A wind turbine can generate electricity ranging from 250 watts to 7 megawatts.

Except for hydropower, the production rate is high in comparison to other types of renewable energy. The increase in urbanization and industrialization has resulted in an increase in electricity demand. Around 7.9 billion people live on the planet. It indicates that the world’s population is rapidly increasing. As a result, rising population, industrialization, and urbanization, as well as rising disposable income, are increasing demand for electricity. Thus, the surge in demand for electricity is creating lucrative opportunities for the growth of wind energy market during the forecast period.

Challenges

High initial costs

Wind turbine applications necessitate large capital investments. In many regions, the company must complete a number of government processes and steps in order to install turbines, which also necessitates a significant investment. The enormous costs include not only the turbine installation but also the foundation, grid connection, control systems, land, road construction, electric installation, and other financial costs. As a result, high initial costs are a major challenge for the growth of wind energy market during the forecast period.

Read Also: Personalized Medicine Market Size to Reach US$ 5.7 Trillion by 2030 

Report Highlights
  • Based on the location, the offshore segment dominated the global wind energy market in 2020 with highest market share. This is due to the fact that offshore wind turbines have a larger capacity factor than onshore wind turbines. Due to the steady wind flow at the seashore, offshore wind turbines have a high-capacity factor.
  • Based on the application, the utility segment is estimated to be the most opportunistic segment during the forecast period. The demand for alternative energy sources is rising. In rural and isolated places where grid power is unavailable, wind power is in high demand.
Regional Snapshot

North America is the largest segment for wind energy market in terms of region. The North America wind energy market’s rise has been aided by rapid infrastructure expansion and the implementation of offshore wind power projects. Furthermore, government laws aimed at reducing emissions as well as advantageous policies for the building of offshore wind farms would boost industry demand.

Asia-Pacific region is the fastest growing region in the wind energy market. The acceptability of wind energy in the Asia-Pacific region is aided by favorable government policies, subsidies, and tax rebate schemes, as well as strong regulatory and policy frameworks.

Some of the prominent players in the global wind energy market include:
  • 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.
Segments Covered in the Report

By Location

  • Onshore
  • Offshore

By Application

  • Utility
  • Non-utility

By Component

  • Turbine
  • Support Structure
  • Electrical Infrastructure
  • Others

By Rating

  • ≤ 2 MW
  • >2≤ 5 MW
  • >5≤ 8 MW
  • >8≤10 MW
  • >10≤ 12 MW
  • 12 MW

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Key Points Covered in wind energy market Study:

  • Growth of wind energy in 2022
  • Market Estimates and Forecasts (2017-2030)
  • Market Share Analysis
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Recommendation on Key Winning Strategies
  • COVID-19 Impact on Demand for wind energy and How to Navigate
  • Key Product Innovations and Regulatory Climate
  • Consumption Analysis
  • Production Analysis
  • Market and Management

 TABLE OF CONTENT

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, 2021-2030

8.1.1. Onshore

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Offshore

8.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Wind Energy Market, By Application

9.1. Wind Energy Market, by Application, 2021-2030

9.1.1. Utility

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. Non-utility

9.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Wind Energy Market, By Component Type 

10.1. Wind Energy Market, by Component Type, 2021-2030

10.1.1. Turbine

10.1.1.1. Market Revenue and Forecast (2019-2030)

10.1.2. Support Structure

10.1.2.1. Market Revenue and Forecast (2019-2030)

10.1.3. Electrical Infrastructure

10.1.3.1. Market Revenue and Forecast (2019-2030)

10.1.4. Others

10.1.4.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Wind Energy Market, By Rating Type 

11.1. Wind Energy Market, by Rating Type, 2021-2030

11.1.1. ≤ 2 MW

11.1.1.1. Market Revenue and Forecast (2019-2030)

11.1.2. >2≤ 5 MW

11.1.2.1. Market Revenue and Forecast (2019-2030)

11.1.3. >5≤ 8 MW

11.1.3.1. Market Revenue and Forecast (2019-2030)

11.1.4. >8≤10 MW

11.1.4.1. Market Revenue and Forecast (2019-2030)

11.1.5. >10≤ 12 MW

11.1.5.1. Market Revenue and Forecast (2019-2030)

11.1.6. 12 MW

11.1.6.1. Market Revenue and Forecast (2019-2030)

Chapter 12. Global Wind Energy Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Location (2019-2030)

12.1.2. Market Revenue and Forecast, by Application (2019-2030)

12.1.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.1.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Location (2019-2030)

12.1.5.2. Market Revenue and Forecast, by Application (2019-2030)

12.1.5.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.1.5.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Location (2019-2030)

12.1.6.2. Market Revenue and Forecast, by Application (2019-2030)

12.1.6.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.1.6.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Location (2019-2030)

12.2.2. Market Revenue and Forecast, by Application (2019-2030)

12.2.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.2.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Location (2019-2030)

12.2.5.2. Market Revenue and Forecast, by Application (2019-2030)

12.2.5.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.2.5.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Location (2019-2030)

12.2.6.2. Market Revenue and Forecast, by Application (2019-2030)

12.2.6.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.2.6.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Location (2019-2030)

12.2.7.2. Market Revenue and Forecast, by Application (2019-2030)

12.2.7.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.2.7.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Location (2019-2030)

12.2.8.2. Market Revenue and Forecast, by Application (2019-2030)

12.2.8.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.2.8.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Location (2019-2030)

12.3.2. Market Revenue and Forecast, by Application (2019-2030)

12.3.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.3.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Location (2019-2030)

12.3.5.2. Market Revenue and Forecast, by Application (2019-2030)

12.3.5.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.3.5.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Location (2019-2030)

12.3.6.2. Market Revenue and Forecast, by Application (2019-2030)

12.3.6.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.3.6.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Location (2019-2030)

12.3.7.2. Market Revenue and Forecast, by Application (2019-2030)

12.3.7.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.3.7.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Location (2019-2030)

12.3.8.2. Market Revenue and Forecast, by Application (2019-2030)

12.3.8.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.3.8.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Location (2019-2030)

12.4.2. Market Revenue and Forecast, by Application (2019-2030)

12.4.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.4.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Location (2019-2030)

12.4.5.2. Market Revenue and Forecast, by Application (2019-2030)

12.4.5.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.4.5.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Location (2019-2030)

12.4.6.2. Market Revenue and Forecast, by Application (2019-2030)

12.4.6.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.4.6.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Location (2019-2030)

12.4.7.2. Market Revenue and Forecast, by Application (2019-2030)

12.4.7.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.4.7.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Location (2019-2030)

12.4.8.2. Market Revenue and Forecast, by Application (2019-2030)

12.4.8.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.4.8.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Location (2019-2030)

12.5.2. Market Revenue and Forecast, by Application (2019-2030)

12.5.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.5.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Location (2019-2030)

12.5.5.2. Market Revenue and Forecast, by Application (2019-2030)

12.5.5.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.5.5.4. Market Revenue and Forecast, by Rating Type (2019-2030)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Location (2019-2030)

12.5.6.2. Market Revenue and Forecast, by Application (2019-2030)

12.5.6.3. Market Revenue and Forecast, by Component Type (2019-2030)

12.5.6.4. Market Revenue and Forecast, by Rating Type (2019-2030)

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

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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