The Wind Power Market Report is Segmented by Location (Onshore and Offshore) and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers the Market Size and Forecasts for Wind Power in Installed Capacity (GW) for all the Above Segments.

In 2020, the global wind turbine market size stood at roughly 98.6 billion U.S. dollars. It is forecast that the wind turbine market value will grow with a compound annual growth rate (CAGR) of 5.6 percent from 2021 to 2027, reaching over 144 million U.S. dollars by the latter year.

The global wind energy market size reached US$ 89.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 164.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.8% during 2024-2032. The increasing demand for renewable energy sources, the increasing implementations of favorable policies and incentives, such as tax credits, subsidies, and feed-in tariffs, in stringent manner, and the development of energy storage technologies represent some of the key factors driving the market toward growth

The global offshore wind energy market was valued at USD 33.52 billion in 2021 and is expected to grow at a CAGR of 12.1% during the forecast period.

The wind power market size is projected to grow from USD 115.3 billion in the current year to USD 361.2 billion by 2035, representing a CAGR of 10.93%, during the forecast period till 2035.

The United States Wind Energy Market Report is Segmented by Location (Onshore and Offshore). The Report Offers Market Sizes and Forecasts in Terms of Installed Capacity (GW) for all the Above Segments.

Explore the Wind Energy Market trends! Covers key players, growth rate 11.7% CAGR, market size $219.67 Billion, and forecasts to 2034. Get insights now!

The Report Covers Global Offshore Wind Energy Market Outlook & Companies. The Market is Segmented by Foundation Type (Fixed Foundation and Floating Foundation), Capacity (Less Than 5 MW and Greater Than or Equal to 5 MW), and Geography (North America, Asia-Pacific, Europe, South America, and Middle-East and Africa). The market size and installed capacity (GW) are forecasted for all the above segments.

The Brazil wind energy market is segmented by Location of Deployment (Onshore, and Offshore). The report offers the installed capacity and forecasts for Brazil wind energy market in GigaWatts (GW) for all the above segments.

According to Cognitive Market Research, the global Onshore Wind Energy market size will be USD 52654.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 21061.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 15796.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 12110.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2632.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1053.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
The Utilities category is the fastest growing segment of the Onshore Wind Energy industry

Market Dynamics of Onshore Wind Energy Market

Key Drivers for Onshore Wind Energy Market

Supportive policies, tax incentives, and renewable energy to Boost Market Growth

Supportive policies, tax incentives, and renewable energy targets are pivotal drivers of the onshore wind energy market. Governments worldwide are implementing policies and offering financial incentives such as tax credits, grants, and subsidies to promote renewable energy adoption. These measures reduce the financial burden of wind energy projects, making them more attractive to investors and developers. Renewable energy targets set by governments further encourage the growth of wind energy by creating a stable and predictable market environment. Such policies not only help in reducing greenhouse gas emissions but also contribute to energy security and economic growth. By fostering a supportive regulatory framework, these incentives accelerate the development and deployment of onshore wind energy infrastructure. For instance, in April 2024 Mahindra Group, a diverse conglomerate involved in industries from technology to tractor manufacturing, revealed plans to invest INR 12 billion (USD 144 million) in solar and wind energy projects. These renewable initiatives, expected to have a hybrid capacity of 150 megawatts (MW), will likely be developed by Mahindra Susten, the group's renewable energy arm.

Growing awareness and regulations to Drive Market Growth

Growing awareness of climate change and environmental issues is significantly driving the onshore wind energy market. As public concern about carbon emissions and global warming increases, there is a stronger push for cleaner, renewable energy sources. This heightened awareness drives demand for wind energy as a sustainable alternative to fossil fuels. Concurrently, stringent regulations and international agreements aimed at reducing greenhouse gas emissions compel governments and businesses to invest in renewable energy solutions. These regulations often include emissions reduction targets and renewable energy mandates, creating a favorable environment for wind energy development. Together, the increased public awareness and regulatory pressure enhance market growth by promoting the adoption of onshore wind energy as a viable and eco-friendly solution.

Restraint Factor for the Onshore Wind Energy Market

High Initial Costs will Limit Market Growth

High initial costs are a significant restraint on the onshore wind energy market. The upfront investment required for wind turbine installation, land acquisition, and infrastructure development is substantial, which can deter potential investors and developers. These costs include purchasing and transporting large turbines, constructing access roads, and developing transmission infrastructure. While long-term operational costs may be lower compared to fossil fuels, the high initial capital can pose financial risks, particularly for smaller companies or developing countries with limited budgets. This financial barrier can delay project initiation and slow market growth, as investors may seek less capital-intensive alternatives or face challenges in securing financing for large-sc...

South Korea wind energy market size is projected to exhibit a growth rate (CAGR) of 7.32% during 2024-2032. The government's commitment to reducing greenhouse gas emissions, continual technological advancements in wind turbine design and efficiency and public awareness and social acceptance of renewable energy represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on location of deployment.

Wind Turbine Market size was valued at USD 69.25 Billion in 2024 and is projected to reach USD 115.62 Billion by 2031, growing at a CAGR of 7.30% from 2024 to 2031.

Global Wind Turbine Market Drivers

The growth of wind turbine technology and installations is driven by several factors, including technological advancements, government policies, environmental concerns, economic viability, energy security, public acceptance, and community engagement. Technological advancements have led to more efficient and cost-effective wind turbines, with improved aerodynamics, blade materials, and control systems. Government policies, subsidies, and incentives, such as tax credits and feed-in tariffs, have made wind power projects financially viable for developers and investors.

Environmental concerns, such as climate change and air pollution, have increased the demand for clean and renewable energy sources like wind power. The decreasing costs of wind energy have made it more competitive with conventional energy sources, making it an attractive option for utilities, businesses, and consumers seeking affordable and sustainable electricity.

Wind power contributes to energy diversification and reduces reliance on imported fossil fuels, enhancing energy security for countries worldwide. Public acceptance and community engagement are crucial for successful deployment of wind energy projects. Improvements in grid infrastructure and transmission networks are necessary to accommodate the increasing penetration of wind energy into the electricity grid.

Market demand and industry growth are driving the expansion of the wind energy industry, with manufacturers, developers, and service providers scaling up operations, investing in research and development, and expanding their market presence to capitalize on the growing demand for wind turbines and related services.

China wind energy market size is projected to exhibit a growth rate (CAGR) of 12.10% during 2024-2032. The market is rapidly expanding, driven by the implementation of supportive government policies, rising environmental concerns and climate commitments by China, growing focus on enhancing energy security and independence, rapid technological advancements in turbine technology and material science, and the escalating economic diversification efforts.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2024-2032. Our report has categorized the market based on component, rating, installation, turbine type, and application.

The global renewable energy market is expected to continue its upward growth over the next years. According to the Group Next Move Strategy Consulting, the market will reach over two trillion U.S. dollars by 2030. Environmental concerns regarding fossil fuels, rapid urbanization, and economic growth in emerging regions are all major factors that are contributing to the projected market growth.

Get detailed insights into the current valuation of Global Wind Energy market size, including growth analysis, current market status and future market projections.

The Report Covers Japan Wind Energy Farms and Developments and is Segmented by Location Of Deployment (Onshore and Offshore). The Report Offers the Market Size and Forecasts for the Japan Wind Energy Market in Giga-Watt (GW) for all the above Segments.

Wind Power Generators Market size was valued at USD 27574.21 Million in 2024 and is projected to reach USD 44679.79 Million by 2031, growing at a CAGR of 6.86% from 2024 to 2031.

Global Wind Power Generators Market Drivers

The market drivers for the Wind Power Generators Market can be influenced by various factors. These may include:

Policies & Incentives from the Government: Investment in wind power generation is encouraged by subsidies, tax credits, and feed-in tariffs from the government. The need for wind power is being driven by the numerous nations that have set targets for carbon reduction and renewable energy.
Environmental Concerns and Regulations: The usage of renewable energy sources, such as wind power, is being driven by growing awareness of climate change and the need to minimise greenhouse gas emissions. A big part of encouraging wind energy is also played by regulations meant to cut carbon emissions.
Technological Developments: The cost of producing wind power has decreased and its competitiveness with traditional energy sources has increased due to advancements in wind turbine technology, which include bigger rotor diameters, taller towers, and increased efficiency.
Cost Competitiveness: In areas with abundant wind resources, particularly, wind power has grown more and more cost-competitive with traditional energy sources like coal and natural gas. Wind energy is becoming more and more appealing to utilities and investors as its cost drops.
Energy Security: By diversifying the energy mix and lowering dependency on imported fossil fuels, wind power helps to provide energy security. This is especially crucial in areas where there aren’t many local energy resources.
Corporate Sustainability Objectives: In an effort to lessen their carbon footprint, a lot of firms are establishing challenging sustainability objectives and pursuing the purchase of renewable energy. Investments in wind power projects are being driven by the corporate desire for green energy sources.
Grid Integration and Energy Storage: Increased grid penetration of wind power is being made possible by developments in grid integration technologies and energy storage solutions. The increased stability and dependability of the electrical grid due to this flexibility encourages more people to use wind energy.
Economic Development and Job Creation: The wind power sector boosts regional economic growth by generating jobs in operations, manufacturing, and construction. Policymakers frequently use this economic benefit as justification for encouraging the growth of wind energy.
Growth in Global Energy Demand: More capacity for producing power is required as the world’s energy demand rises. In especially in emerging economies, wind power provides a scalable and sustainable way to meet this expanding need.
Public Acceptance and Support: As worries about air pollution, energy independence, and the environmental effects of fossil fuel extraction and burning have grown, so has public support for renewable energy sources, such as wind power. The effective development of wind energy plants is contingent upon public acceptability.

Get detailed insights into the current valuation of Offshore Wind Energy market size, including growth analysis, current market status and future market projections.

Global Wind Energy Market Size By Location (Onshore and Offshore), By Application (Utility and Non-Utility), By Geography Scope And Forecast

The market size of the wind energy sector in Latin America grew from roughly 9.2 billion U.S. dollars in 2020 to more than 11 billion U.S. dollars in 2022. By 2030, the sector is forecast to reach a market size of over 25 billion U.S. dollars.

More information about the renewable energy sector in Latin America can be found here.