Wind Energy Global Market Opportunities and Strategies to 2032

This report describes and explains the wind energy market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global wind energy market reached a value of nearly $41,425.0 million in 2022, having increased at a compound annual growth rate (CAGR) of 9.8% since 2017. The market is expected to grow from $41,425.0 million in 2022 to $69,839.9 million in 2027 at a rate of 11.0%. The market is then expected to grow at a CAGR of 10.7% from 2027 and reach $115,879.3 million in 2032.

Growth in the historic period resulted from emerging markets growth, increased demand for clean energy sources, high environmental impact of conventional power generation sources and increasing fuel costs. Factors that negatively affected growth in the historic period were the impact of COVID-19, stringent regulations and high costs of wind turbines.

Going forward, strong government support, global population growth and urbanization, the increasing electricity demand and the increasing focus on alternative sources of power generation will drive the market. Factors that could hinder the growth of the wind energy market in the future include the impact of the Russia-Ukraine war and the delay in wind projects under construction.

The wind energy market is segmented by turbine type into horizontal axis and vertical axis. The horizontal axis market was the largest segment of the wind energy market by turbine type, accounting for $40,148.7 million or 96.9% of the total market in 2022. The vertical axis market is expected to be the fastest-growing segment going forward at a CAGR of 12.4%.

The wind energy market is segmented by component into turbine, support structure, electrical infrastructure and other components. The turbine market was the largest segment of the wind energy market by component, accounting for $20,486.6 million or 49.5% of the total market in 2022. The electrical infrastructure market is expected to be the fastest-growing segment going forward at a CAGR of 11.8 %.

The wind energy market is segmented by application into utility and non-utility. The utility market was the largest segment of the wind energy market by applications, accounting for $35,616.1 million or 86.0% of the total market in 2022. It is expected to be the fastest-growing segment going forward at a CAGR of 11.1%.

The wind energy market is segmented by location into onshore and offshore. The onshore market was the largest segment of the wind energy market by location, accounting for $38,525.26 million or 93.0% of the total market in 2022. The offshore market is expected to be the fastest-growing segment going forward at a CAGR of 14.3%.

Asia Pacific was the largest region in the wind energy market, accounting for 49.9% of the global market in 2022. It was followed by Western Europe, North America and the other regions. Going forward, the fastest growing regions in the wind energy market will be the Middle East and Africa, where growth will be at CAGRs of 15.1% and 14.1% respectively from 2022-2027.

The global wind energy market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 85.15% of the total market in 2021. Siemens Energy AG was the largest competitor with 18.58% share of the market, followed by Xinjiang Goldwind Science & Technology Co. Ltd. with 15.61%, General Electric Company with 14.06%, Vestas Wind Systems A/S with 11.99%, Nordex SE with 9.88%, Enercon GmbH with 6.97%, China Ming Yang with 2.72%, Suzlon Energy Ltd. with 1.97%, Dongfang Electric Corporation Limited with 1.87%, and ABB Limited with 1.49%.

The top opportunities in the wind energy market by turbine type will arise in the horizontal axis market, which will gain $27,400.3 million of global annual sales by 2027. The top opportunities in the wind energy market by component will arise in the turbine market, which will gain $14,315.0 million of global annual sales by 2027. The top opportunities in the wind energy market by application will arise in the utility market, which will gain $24,761.4 million of global annual sales by 2027. The top opportunities in the wind energy market by location will arise in the onshore market, which will gain $25,698.9 million of global annual sales by 2027. The wind energy market size will gain the most in the China at $13,751.8 million.

Market-trend-based strategies for the wind energy market include wind-solar hybrid systems, robot inspection systems, recyclable wind turbines, use of artificial intelligence (AI), new plant expansions, product innovations and collaborations and acquisitions.

Player-adopted strategies in the wind energy industry include reducing the carbon footprint in the wind industry through the launch of new products, strengthening business capabilities through strategic collaborations and partnerships and enhancing operational capabilities through receiving new orders.

To take advantage of the opportunities, the publisher recommends the wind energy companies to focus on wind-solar hybrid systems, focus on robot inspection systems, focus on recyclable wind turbines, focus on use of artificial intelligence (AI), focus on product innovations, continue to focus on developed markets, expanding in emerging markets, focus on expanding through collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on urban population, and target governments.