The Wind Energy Market was valued at approximately USD 90 billion in 2023 and is expected to grow at a substantial CAGR of around 9.4% during the forecast period (2024-2032)

Wind turbines generate electricity from wind that passes through the turbine’s blades. The wind’s kinetic energy is then captured by the blades through rotation and is converted into mechanical power. Offshore wind turbines are much larger in size (in the range of 5 to 10 MW per turbine) as against 2-3 MW of an onshore wind turbine. While the cost per MW for offshore turbines is higher because of stronger structures and foundations needed in a marine environment, the desirable tariffs can be achieved on account of higher efficiencies of these turbines after the development of the ecosystem. Also, constant advancements in wind energy have been made in turbine technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions. 

The unprecedented rise of the global health emergency caused by COVID-19 pandemic has negatively affected the financial conditions of different sectors and countries. Various countries across the globe have observed investment deficits owing to the halt in revenue-generating industrial operations. Additionally, several small and medium organizations have also been significantly impacted by the pandemic resulting in various problems such as no cash flows and unavailability of skilled professionals.  

Based on Component, wind energy market is divided into turbine, support structure, electrical infrstructure, and others. More than 80% of total wind turbine mass is made up of recyclable materials, such as steel, iron, copper and aluminum, according to National Renewable Energy Laboratory (NREL). But anywhere from 11-16% is composed of carbon fiber or fiberglass composites, plastics and resin, primarily for rotor blades which have a life expectancy of up to 25 years and are currently difficult to recycle commercially. 

Based on Application, wind energy market is bifurcated into onshore and offshore. In 2020, 86.9 GW of onshore & 6 GW of offshore wind capacity was added globally,. This outstanding increase in 2020 was driven primarily by explosive growth in the world’s two largest wind power markets, China and the United States. 

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For a better understanding of the market adoption of wind energy, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Currently, Asia Pacific held lucrative market share owing to rapid installation of wind energy in China. 

Additionally, the report provides detailed initiatives that are being taken in the field of wind energy market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific held prominent market share of the global wind energy market, favorable government policies in countries, such as China, India, Japan, and Australia which are driving clean energy usage.  

Global Wind Energy Market Segmentation 

Market Insight, by Component 

Turbine 

Support Structure 

Electrical Infrastructure 

Others 

Market Insight, by Application 

Onshore 

Offshore 

Market Insight, by Region 

North America 

Europe 

Asia Pacific 

Rest of World 

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Top Company Profiles 

Nordex SE 

Suzlon Energy Ltd. 

Ørsted A/S 

GE Renewable Energy 

ABB Ltd. 

Vestas Wind Systems A/S 

Siemens Gamesa Renewable Energy SA 

Xinjiang Goldwind Science & Technology Co., Ltd. 

Envision Energy Limited 

Enercon GmbH 

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