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Wind Power Market Size, Share, Growth & Trends | Forecast 2031
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Wind Power Market Size, Share, Growth & Trends | Forecast 2031

Segments - Wind Power Market by Location (Onshore and Offshore), Applications (Residential, Commercial, and Industrial), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Swapnil Hedau

Upcoming | Report ID :EP-1374 | 4.7 Rating | 77 Reviews | 184 Pages | Format : PDF Excel PPT

Report Description


Wind Power Market Outlook 2031:

The global wind power market size was valued at USD 105.73 Billion in 2022 and is projected to reach USD 186.36 Billion by 2031, expanding at a CAGR of 6.5% during the forecast period 2023 - 2031. The generation of electrical energy from winds is called wind power.

This conversion of wind power into electrical energy is achieved by using wind turbines. These wind turbines are used to convert the kinetic energy of winds into electricity. Wind power is a renewable energy resource like solar power.

Wind Power Market Outlook


Traditionally, windmills were used to produce wind power, this wind power was then used to perform tasks like grinding grains, pumping water, and other activities. The commercial wind turbines of modern times generate electricity by using rotational energy. The turbines are made up of a blade and an enclosure called a nacelle.

There are three main factors that influence wind power: speed of the wind, air density, and radius of the blade. Wind turbines need to be put up in areas that receive lots of wind on a regular basis so that an optimal amount of energy can be generated using them. Generally, these wind turbines are put up on huge wind farms. One of the important key elements about the selected land for wind farming is the characteristics of the local terrain.

  • Increasing demand for green and clean power source and reduced cost of wind energy is anticipated to drive market demand in the coming years.
  • Growing environmental concerns, rising pollution levels, and green house gases are major factors pushing the wind power market expansion during the forecast period.
  • High cost of installation and maintenance of wind farms is expected to hinder the wind power market growth during the forecast period.
  • Lack of investments and halting of various wind power projects worldwide due to covid-19 pandemic is projected to restrain the wind power market expansion in the coming years.
  • Introduction of various favorable policies and regulatory framework by governments of various countries worldwide and advancements in wind power technology is expected to create significant opportunities for the market players.

Scope of Wind Power Market Report

The report on the global wind power market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Wind Power Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016 – 2021

Forecast Period

2023 – 2031

Segmentation

Location (Onshore and Offshore), Applications (Residential, Commercial, and Industrial)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Duke Energy Corporation, Siemens Gamesa, General Electric, Wind World, Senvion SA, Goldwind, Vestas, Bergey Wind Power

Wind Power Market Segment Insights

Onshore segment is projected to account for major market share

Based on location, the wind power market share  is bifurcated into onshore and offshore. The onshore segment is projected to constitute for major market during the forecast period.

Onshore wind farms are relatively cheaper which allows for mass fields of wind turbines, shorter distance between the windmill and the consumers allows for less voltage drop off, and ease of installation and maintenance are the factors expected to drive the market growth during the forecast period. Onshore segment accounted for a market share of more than 90% in 2019.

On the other hand, the offshore segment is anticipated to grow at a substantial CAGR during the forecast period. Offshore wind energy facilities are installed in open water usually in the ocean and seas. Offshore wind energy facilities are constructed in the oceans where higher wind speeds are available.

Offshore wind farms have a relatively negative impact on the environment, they can be built larger and taller than their onshore counterparts which allows for more energy collection, and no barriers or physical restrictions which could block the wind flow making them more efficient. The offshore segment witnessed a significant increase of more than 25% in cumulative installed capacity compared to the previous year.

Wind Power Market Location

Residential segment is expected to register a robust growth rate

Based on applications, the wind power market is segmented into residential, commercial, and industrial. The residential segment is expected to register a robust growth rate during the forecast period due to increasing demand for clean renewable power source and growing environmental concerns worldwide.

Decreasing costs of wind energy and implementation of various favorable policies by governments of different countries across the world are projected to drive market growth in the coming years.

Wind Power Market Applications

Asia Pacific is anticipated to dominate the market

On the basis of regions, the wind power market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to dominate the market during the forecast period. Asia Pacific accounted for largest market share with more than 40% in 2019 and is projected to grow at a significant CAGR in the coming years.

The large market share is attributed to rapid development of renewable power energy sector in the region. Countries such as India and China are promoting the adoption of wind power technology at a significant pace in order to reduce the stake of thermal power and lower the pollution levels caused by power generation.

Wind Power Market Regions

Segments

Location

  • Onshore
  • Offshore

Applications

  • Residential
  • Commercial
  • Industrial

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Competitive Landscape

Key players competing in the wind power market include Duke Energy Corporation, Siemens Gamesa, General Electric, Wind World, Senvion SA, Goldwind, Vestas, and Bergey Wind Power.

Wind Power Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Wind Power Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Wind Power Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Wind Power Market - Supply Chain
  4.5. Global Wind Power Market Forecast
     4.5.1. Wind Power Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Wind Power Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Wind Power Market Absolute $ Opportunity
5. Global Wind Power Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Wind Power Market Size and Volume Forecast by Applications
     5.3.1. Residential
     5.3.2. Commercial
     5.3.3. Industrial
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Wind Power Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Wind Power Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Wind Power Demand Share Forecast, 2019-2026
7. North America Wind Power Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Wind Power Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Wind Power Market Size and Volume Forecast by Applications
     7.4.1. Residential
     7.4.2. Commercial
     7.4.3. Industrial
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Wind Power Demand Share Forecast, 2019-2026
8. Latin America Wind Power Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Wind Power Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Wind Power Market Size and Volume Forecast by Applications
     8.4.1. Residential
     8.4.2. Commercial
     8.4.3. Industrial
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Wind Power Demand Share Forecast, 2019-2026
9. Europe Wind Power Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Wind Power Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Wind Power Market Size and Volume Forecast by Applications
     9.4.1. Residential
     9.4.2. Commercial
     9.4.3. Industrial
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Wind Power Demand Share Forecast, 2019-2026
10. Asia Pacific Wind Power Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Wind Power Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Wind Power Market Size and Volume Forecast by Applications
     10.4.1. Residential
     10.4.2. Commercial
     10.4.3. Industrial
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Wind Power Demand Share Forecast, 2019-2026
11. Middle East & Africa Wind Power Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Wind Power Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Wind Power Market Size and Volume Forecast by Applications
     11.4.1. Residential
     11.4.2. Commercial
     11.4.3. Industrial
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Wind Power Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Wind Power Market: Market Share Analysis
  12.2. Wind Power Distributors and Customers
  12.3. Wind Power Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Duke Energy Corporation
     12.4.2. Siemens Gamesa
     12.4.3. General Electric
     12.4.4. Wind World
     12.4.5. Senvion SA
     12.4.6. Goldwind
     12.4.7. Vestas
     12.4.8. Bergey Wind Power&a

Methodology

Our Clients

The John Holland Group
Deloitte
Microsoft
Siemens Healthcare
General Electric
Honda Motor Co. Ltd.
sinopec
Pfizer