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.

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 Floating Offshore Wind Market Report Size & Share and It is Segmented by Water Depth (Qualitative Analysis Only) Into Shallow Water (Less Than 30 M Depth), Transitional Water (30 M To 60 M Depth), and Deep Water (Higher Than 60 M Depth) and Geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The Installed Capacity and Forecasts for Floating Offshore Wind Power are Provided for all the Above Segments.

The Wind Turbine Market Research Report is Segmented by Location of Deployment (Onshore and Offshore), Capacity (Small, Medium, and Large), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report PDF Offers the Installed Capacity, Wind Turbine Market Share, Forecasts, and Price Trend in GW for all the Above-Mentioned 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!

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.

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

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 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 market size of the Cables In Wind Power Market is categorized based on Type (Nacelle Cable, Tower Cable) and Application (Onshore Wind Power, Offshore Wind Power) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

This report provides insights into the market size and forecasts the value of the market, expressed in USD million, across these defined 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...

The Floating Offshore Wind Power market is rapidly gaining momentum as a vital solution in the renewable energy sector, playing a crucial role in addressing the global shift toward sustainable energy sources. Unlike conventional fixed-bottom wind turbines, floating turbines are anchored to the seabed with a floating

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Wind Power Systems Market Size 2024-2028

The wind power systems market size is forecast to increase by USD 40.8 billion at a CAGR of 5.5% between 2023 and 2028. The market is experiencing significant growth due to the increasing adoption of alternative energy sources to meet rising energy demand and reduce reliance on gas-based power. The global energy transition towards sustainable sources is driving market expansion. Among the various renewable energy sources, wind power is gaining immense popularity due to its ability to produce large-scale electricity with minimal environmental impact. Offshore wind turbines are gaining popularity due to their higher efficiency and production capacity. Solar power, while a strong competitor, cannot match the consistency and capacity of wind energy. Production costs are decreasing as technology advances, making wind power a more viable option for energy production. However, challenges such as intermittency and the need for large-scale infrastructure development persist. To stay competitive, market players must focus on innovation and cost reduction.

What will be the Size of the Market During the Forecast Period?

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The renewable energy sector has gained significant traction in the global energy market due to the increasing awareness of environmental pollution and the need for sustainable energy sources. Among all the renewable energy sources, wind power systems have emerged as a leading alternative to traditional gas-based energy. The current market scenario of wind power systems is driven by the rising energy demand and the need to reduce carbon emissions. According to industry analysis, the installed base of wind power capacity is expected to grow at a steady pace, with wind farms becoming a significant contributor to electricity needs.

Moreover, wind turbine technology has advanced significantly over the years, making wind power systems more efficient and cost-effective. Offshore wind turbines have gained popularity due to their ability to generate more power compared to onshore wind farms. The offshore wind capacity is projected to increase significantly in the coming years, with operational wind farms being established in various offshore areas. Digitalization and data analytics have transformed wind farm operations, enabling real-time monitoring and predictive maintenance. Energy storage solutions have also gained importance in the market to ensure a consistent power supply and improve overall system efficiency. The market is witnessing several trends, including the adoption of renewable energy sources, increasing focus on clean energy, and the integration of wind power systems with other energy sources.

Furthermore, the market is expected to grow at a steady pace due to these trends and the rising demand for sustainable energy sources. The market is expected to witness significant growth due to the following factors: Rising energy demand: The increasing energy demand and the need to reduce carbon emissions have led to a rise in the adoption of renewable energy sources, including wind power systems. Efficiency and production costs: Wind power systems have become more efficient and cost-effective, making them a viable alternative to traditional energy sources. Offshore wind farms: The establishment of offshore wind farms has enabled the generation of more power and reduced the dependence on fossil fuels.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Technology

  Wind turbine
  T and D
  Others


Geography

  APAC

    China
    Japan
    South Korea


  North America

    US


  Europe

    UK
    Italy


  Middle East and Africa



  South America

By Technology Insights

The wind turbine segment is estimated to witness significant growth during the forecast period. The market encompasses various components such as generators, transformers, shaft, power converters, gearboxes, rotor blades, towers, nacelles, and rotor hubs. The shift towards sustainable energy sources has fueled significant investments and interest in the development of renewable energy initiatives, particularly wind power. Wind energy projects come in various sizes, from onshore wind farms to offshore wind farms, with the former being more common due to lower costs and easier installation.

Furthermore, wind turbines have evolved over the years, with larger rotor diameters, increased rated output, and taller towers being employed to maximize energy yields. This trend has led to a substantial increase in wind power generation capacity over the past decade.

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The wind turbine segment accounted for USD 85.50

The Report Covers the North America Wind Power Market Size and Share, and It is Segmented Into Location (Onshore and Offshore) and Geography (United States, Canada, and Rest of North America). The Report Offers the Installed Capacity and Forecasts in Gigawatts (GW) for all the Above Segments.

Harness the wind's power! Wind turbine market surges with 6% CAGR growth predicted by 2030. Explore key drivers, trends, and investment opportunities in this booming clean energy sector.

The North America Wind Power Market is expected to show significant growth, with projections indicating a substantial increase in valuation over the forecast period.

North America Wind Power Market: Definition/Overview

Wind power represents a renewable energy source that harnesses wind energy through turbines to generate electricity. This technology converts kinetic energy from wind into mechanical power, which is then transformed into electricity through generators. Wind power installations can be either onshore or offshore, with varying capacities and applications ranging from utility-scale power generation to distributed energy systems.

The Ireland wind energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 6% during 2023–2031.



The growth of the market is attributed to the subsidies introduced by the government in renewable energy sector and investments in grid infrastructure to increase the renewable capacity alongside the introduction of energy storage systems to enable a steady supply of power.

Ireland is one of the largest producers of wind in the world with an installed wind power nameplate capacity of 5510 megawatt. In 2019 Wind provided more than 80% of Irelands renewable electricity and 305 of total electricity demand. Ireland has one of the highest wind power penetration in the world.



Currently wind energy is the largest resource of renewable energy in Ireland. It is the second largest source of electricity generation in Ireland after natural gas. Wind energy provides a clean sustainable solution for energy needs, it can be used an alternative to fossil fuels in generating electricity without any direct emission of greenhouse gases.



Electricity market in Ireland is operated by Single Electricity Market Operator (SEMO). All electricity is centrally traded through a pool system where licensed generators sell their electricity to a licensed supplier who then sells it onto the pool and receives single market price (SMP).



Ireland adhered to climate action plan of 2019 in which it intends to generate 70% of electricity from renewables. Renewable Electricity Support Scheme (RSS) is a new policy started by government of Ireland, according to this scheme it will provide financial support to any renewable project in the country.

Market Trends, Drivers, Restraints, and Opportunities

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  Increasing demand for clean energy solutions and growing wind installation capacity and upcoming projects in the country is anticipated to drive the market growth in the coming years.

  
  


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  Growing investment in grid infrastructure to increase the renewable capacity is major factor boosting the market expansion during the forecast period.

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According to Cognitive Market Research, the global Offshore Wind Solutions market size will be USD 35915.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 14.00% 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 14366.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 10744.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 8260.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 1795.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.4% 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 718.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.
The Turbine category is the fastest growing segment of the Offshore Wind Solutions industry

Market Dynamics of Offshore Wind Solutions Market

Key Drivers for Offshore Wind Solutions Market

Increasing global energy consumption boosts the need for alternative energy sources like offshore wind to Boost Market Growth

Increasing global energy consumption is driving the need for alternative energy sources like offshore wind, significantly boosting the Offshore Wind Solutions Market. As populations grow and economies expand, the demand for reliable and sustainable energy sources rises. Traditional fossil fuels contribute to environmental degradation and are finite, leading to a global push for cleaner energy alternatives. Offshore wind energy offers a renewable, abundant, and low-carbon solution, helping meet rising energy needs while reducing greenhouse gas emissions. Additionally, offshore wind farms can harness strong, consistent wind resources in open seas, making them highly efficient. Governments and industries worldwide are increasingly adopting offshore wind to ensure energy security, meet sustainability goals, and transition toward a more renewable energy mix, further accelerating market growth. For instance, in August 2022, Ping Petroleum and Cerulean Winds have signed an agreement to develop a wind power solution for the floating production, storage, and offloading vessel (FPSO) designated for the Avalon oil project in the UK North Sea. The plan involves linking a large floating offshore wind turbine to the Sevan Hummingbird FPSO, which Ping acquired from Teekay Corporation in July 2022. The partners intend to establish a joint venture to secure seabed lease rights and oversee the development, installation, and operation of the floating wind unit.

Growing focus on reducing carbon emissions to Drive Market Growth

The growing focus on reducing carbon emissions is a key driver of the Offshore Wind Solutions Market, as governments and industries worldwide intensify efforts to combat climate change. Offshore wind energy is a clean, renewable source that produces electricity without emitting greenhouse gases, making it a crucial component of global decarbonization strategies. With rising concerns about the environmental impacts of fossil fuels and international commitments, such as the Paris Agreement, countries are increasingly adopting renewable energy targets. Offshore wind, with its vast potential and ability to generate significant energy, plays a pivotal role in these strategies. This shift toward greener energy sources is supported by government incentives, regulations, and corporate sustainability goals, further driving investments in offshore wind solutions to meet emission reduction targets.

Restraint Factor for the Offshore Wind Solutions Market

High Initial Investment will Limit Market Growth

High initial investment is a major restraint in the Offshore Wind Solutions Market due to the substantial capital required for development, installation, and infrastructure. Building offshore wind farms involves expensive components like wind turbines, specialized vessels for transportation, and subsea cables for grid connections. Additionally, offshore environments are more challenging than onshore, requiring advanced tech...

New installations of wind power worldwide amounted to around 117 gigawatts in 2023. An upward trend in new wind power capacity additions is expected, with new additions forecasted to reach 182 gigawatts in 2028.

The offshore wind energy market is projected to grow to $50,450.9 million by 2023. This market report focuses on components (turbine, electrical infrastructure, and substrate) & on location (shallow, transitional, and deep water) by revenue ($million) and by regional installed capacity (mw)