The wind energy market is expected to gain momentum during the upcoming years on account of growing penetration towards the development of renewable energy.

Wind energy is the process of generating mechanical or electrical energy using wind. It convers kinetic energy of the wind into mechanical energy. When the project size is created to match the energy requirements of the load while simultaneously monetizing economies of scale and equipment track record, wind turbine economics are maximized. A modest turbine (usually less than 10 kW) that can produce the amount of electricity needed by a residence for daily operation is needed for residential onsite energy consumption. The energy output of midsize machines can support heavier commercial sites loads. The ideal machines for utility-scale projects are those that optimize generation while minimizing cost and site infrastructure footprint.

The wind energy market is expected to gain momentum during the upcoming years on account of growing penetration towards the development of renewable energy. Surging need to replace the conventional sources of energy is driving the demand for wind energy. Increasing initiaves taken by the government along with growing move towards sustainable energy source is one of the key factors propelling the growth of the market.

The global wind energy market was valued at US$ 77.77 billion in 2021 and is projected to be worth around US$ 174.75 billion by 2030 with a registered CAGR of 9.4% from 2021 to 2030.

The production of electricity from wind grew by a record 273 TWh in 2021 (up 17%). Its growth rate was the greatest among all renewable power technologies and was 55% greater than what was achieved in 2020. This exceptional growth in wind capacity additions, which reached 113 GW in 2020 compared to just 59 GW in 2019, allowed for such quick expansion. However, to meet the requirements of the Net Zero Emissions by 2050 Scenario, which calls for nearly 7 900 TWh of wind electricity generation in 2030, average annual capacity additions must be increased to almost 250 GW, which is more than twice the record growth of 2020. The most crucial areas for improvement are streamlining onshore wind permits and lowering the cost of offshore wind in order to accomplish this level of sustained capacity expansion.

Growing Concern towards carbon footprint is fueling the market growth

Increasing investment and infrastructure development in various developing and developed economies along with strengthening of construction sector is driving the demand for electricity. Moreover, increasing introduction of various initiatives by the government in order to meet the increasing power capacity without harming the environment is proliferating the market growth.

COVID-19 declined the market growth

The outburst of coronavirus pandemic disrupted the growth of almost every industry. The restrictions imposed by the government of the various economies hampered the supply chain and ,manufacturing activities. Wind energy declined the power generation by 70% due to the shutting down of manufacturing activities.

Asia Pacific acquired the highest share in the market

Geographically, the market is bifurcated into six regions including Asia Pacific, Latin America, North America, Middle east, Africa and Europe. Asia Pacific accounted the largest share in the overall market owing to increasing government concern regarding zero emissions norms. Surging development of infrastructure and construction sector is also proliferating the growth of the industry. Moreover, Europe accounted for the largest growth during 2023-2032 on account of increasing investment in various nations.

North America is expected to gain lucrative growth opportunities during the upcoming years. US is expected to gain significant growth owing to the surging demand for electricity.

China is anticipated to acquire prominent share

China is expected to gain significant growth in Asia Pacific region on account of increasing infrastructure development. Increasing efforts to reduce the pollution and carbon emission is propelling the demand for the growth of the industry. China almost acquired 70% of the wind generation growth in 2021.

On shore segment dominated the market growth

93% of the 830 GW of installed wind power in 2021 came from onshore systems, with the remaining 7% coming from offshore wind farms. In contrast to offshore wind, which is still in the early stages of development and only has capacity in 19 nations, onshore wind is a mature technology that is used in 115 countries worldwide. However, as additional nations prepare to build their first offshore wind farms, the offshore reach is anticipated to grow over the next few years.

With a market share of 71.66% in terms of sales in 2021, the onshore sector led the industry. Due to its lower cost than offshore wind power, simple installation procedures, and decrease in greenhouse gas emissions, onshore wind power has become the most popular renewable energy source across all areas (GHG). Nonetheless, offshore wind power generation, which accounted for 28.34% of the market in 2021, is steadily gaining relevance in pushing global wind energy installations. The cost of constructing onshore and offshore wind power projects has decreased globally and is likely to continue to do so in the coming years, which is predicted to fuel industry expansion. In comparison to fossil fuel sources of generation, the Levelized Cost of Electricity (LCOE) for established onshore wind projects is already low. This trend is expected to continue, lowering installation costs and enhancing the performance of wind power plants in the future.

Utility sector dominated the market growth

On the basis of application, the utility sector accounted more than 87% share of the overall market

Market Share insights

The key market players are focusing together in order to reduce the overall cost of wind energy projects. Increased spending the major players in research and development in order to improve the technology efficiency.

To continue the high level of activity across the business segment for the manufacture, installation, and service provision of wind turbines, for instance, Siemens Gamesa took action in March 2020.

A sophisticated supply chain underpins the wind energy sector, and the corporation is steadfastly trying to ensure continuity and reduce risk. In order to ensure safe travel, organizations' installation and service-providing staff manage the intricate international logistics, keep an eye on all borders, and uphold travel restrictions.

Leading companies in the worldwide wind power market include:

- GE Wind

- Vestas, Siemens Wind Power,

- Suzlon Group, Goldwind

- United Power,

- Acciona, Nordex SE,

- Sinovel Wind Group

- EDF Renewable Energy

- ReGen Powertech

- Vensys Energy

- ABB Limited

- NextEra Energy Inc.

- Northland Power Inc.

- DONG Energy

Latest developments in the market

In April 2021, GE Renewable Energy stated that it would provide 42 units of 2.7-132 onshore wind turbines for CleanMax's 110 MW worth of onshore wind hybrid projects in India. Three projects with a combined 110 MW would help Gujarat and Karnataka's industrial businesses meet their electricity needs.

A strategic collaboration agreement between GE Renewable Energy and Toshiba Energy Systems and Solutions Corporation was announced in May 2021. It aims to localise key steps in the production of GE's Haliade-X offshore wind turbine and enable its commercialization in Japan.

For forthcoming projects in Tamil Nadu, India's JSW Energy Ltd, a subsidiary of regional conglomerate JSW Group, placed an order for 810 MW of onshore wind turbines in October 2021, according to GE Renewable Energy. The renewable energy division of General Electric Co. will provide 2.7-132 model turbines, which are mostly developed and produced in India.

Market Segmentation

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

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