Wind Energy Global Market Report 2024

The wind energy market size has grown rapidly in recent years. It will grow from $113.89 billion in 2023 to $127.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The expansion observed during the historical period can be attributed to the rise of emerging markets, heightened demand for clean energy sources, the substantial environmental impact associated with conventional power generation sources, and the escalating costs of traditional fuels.

The wind energy market size is expected to see rapid growth in the next few years. It will grow to $194.34 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The forecasted growth is fueled by global population expansion, urbanization, rising electricity demand, and a shift towards alternative power sources. Notable trends include the emergence of wind-solar hybrid systems, robot inspection technologies, recyclable wind turbines, AI utilization, new plant expansions, and increased collaborations and acquisitions.

The wind energy market is poised for substantial growth, primarily fueled by the escalating adoption of renewable energy sources. Renewable energy, derived from naturally replenishing yet flow-restricted sources, has garnered significant attention due to its cleanliness, cost-effectiveness, and widespread accessibility. Notably, a June 2022 report from the U.S. Energy Information Administration highlighted biomass as the primary source, contributing 5% to the total U.S. energy consumption in 2021. The surge in renewable energy adoption, exemplified by biomass utilization, underscores the increasing demand for wind energy.

Anticipated growth in the wind energy market is further catalyzed by robust government support. Government support encompasses a spectrum of initiatives, policies, programs, and financial assistance aimed at achieving specific objectives or addressing societal needs. Notably, the UK government, in March 2023, announced plans to quadruple offshore wind capacity to 50 GW by 2030 and achieve net-zero power generation by 2035. Simultaneously, EU member states are enhancing offshore wind activities, benefitting from temporarily relaxed state aid rules under the EU's Green Deal plan. Additionally, the US government, in February 2023, committed $369 billion to stimulate investments in renewable energy. Further exemplifying government backing, Germany and Denmark, in August 2022, announced a substantial investment of €9,000 million ($9,723.3 million) in a 3 GW wind power plant, with €6,000 million ($6,453.12 million) allocated for the offshore wind farm. Strong government support emerges as a pivotal factor driving increased demand within the energy industry and propelling growth in the wind energy market.

A prominent trend shaping the landscape of the wind energy market is the increasing emphasis on technological advancements. Leading companies within the sector are strategically investing in the development of products that leverage cutting-edge technologies to fortify their positions in the competitive wind energy market. A noteworthy example is WEG Industries, a Brazil-based electric engineering company, which, in July 2022, introduced a state-of-the-art wind turbine platform featuring Medium-Speed Geared (MSG) drive technology. Boasting a 7 MW capacity and an expansive 172-meter rotor diameter, this innovative turbine platform stands out for its ability to seamlessly connect to the electrical grid and adapt to diverse grid codes across regions. The integration of a full power drive enables the production of reactive energy during periods of low wind, providing additional advantages beyond power generation. Moreover, the redesigned modular components, including a taller tower, enhance logistical processes and facilitate easier assembly, particularly in challenging geographic locations.

Companies operating in the wind energy market are increasingly turning to artificial intelligence (AI). This strategic focus on AI allows for the implementation of advanced data analytics and predictive maintenance algorithms, contributing to the optimization of wind turbine performance, increased energy production, and reduced operational costs. AI technologies play a pivotal role in enabling real-time monitoring and control of wind farms, thereby improving grid integration and overall system reliability. A case in point is GE Research, the US-based research and development division of General Electric, which collaborated with GE Renewable Energy in April 2022 to unveil a cutting-edge artificial intelligence/machine learning (AI/ML) tool. This innovative tool, leveraging a digital twin of the wind turbine logistics process, accurately predicts and streamlines logistics costs, potentially saving the global wind industry billions of dollars over the next decade.

In October 2021, Statkraft, a leading European renewable energy firm, completed the acquisition of Breeze Three Energy's wind power portfolio for an undisclosed sum. This strategic move allowed Statkraft to enhance its European onshore wind power portfolio by incorporating 39 wind farms in Germany and 4 wind farms in France. Breeze Three Energy, a UK-based company specializing in operating wind farms and supplying wind energy, was the selling party in this transaction.

Major companies operating in the wind energy market report are Siemens Energy AG, Xinjiang Goldwind Science & Technology Co. Ltd., General Electric Company, Vestas Wind Systems A/S, Nordex SE,Enercon GmbH, China Ming Yang, Suzlon Energy Ltd., Dongfang Electric Corporation Limited, ABB Limited, Goldwind, Envision Energy, MINGYANG, Gamesa, SHANGHAI ELECTRIC, CSSC, Suzlon Energy Limited, Adani Green Energy Limited, G3 Holdings, NTPC Limited, Teroc AB, ENO Energy GmbH, Greenbyte AB, ENS Energy GmbH, MOWEA GmbH, Uali, Voltalia, Ergosup, Prodeval, EuroCape, Kola Wind Farm, Rosatom, Venture Round - NabraWind Technologies, NovaWind, NextEra Energy, Green Mountain Energy, TPI Composites, Renewable Energy Group, Inc., Clearway Energy, First Solar Inc., PlanEt, Tesla, IOGEN Corporation, Bio-EnPower Inc., Ag-west Bio, Nulife Green Tech, Innergex/Alterra Power, Bullfrog Power, 3G Energy, Pampa Energia SA, YPF Luz, Enel Green Power S.p.A., Genneia SA, 360 Energy SA, CPFL Energias Renovaveis SA, ENGIE Brazil, Eletrobras Furnas, Companhia Hidro Eletrica do Sao Francisco, Omega Geracao SA, ERLPhase Power Technologies Ltd., Bentley Systems Incorporated, Allegheny Technologies Incorporated (ATI), Ecocoast, Cubic Art Pixels, Taweelah B Power & Desalination Complex, Platinum Sustainable Development International, Cleanco Waste Treatment LLC, Shams Power Company, meteocontrol AMEA DMCC, BELECTRIC Gulf, NNQ Energy, OREX, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N’diaye Wind Farm, Kangnas Wind Farm.

Asia-Pacific was the largest region in the wind energy market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wind energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

There are two primary turbine types such as horizontal axis and vertical axis. A horizontal axis turbine features a rotational axis parallel to both the ground and the wind stream. Key components include the turbine itself, support structure, electrical infrastructure, and additional elements. Wind energy projects are implemented in various locations, including onshore and offshore sites, catering to both utility and non-utility applications. This diversified approach allows for the optimization of wind power generation across different contexts and market segments.

The wind energy market research report is one of a series of new reports that provides wind energy market statistics, including the wind energy industry global market size, regional shares, competitors with a wind energy market share, detailed wind energy market segments, market trends and opportunities, and any further data you may need to thrive in the wind energy industry. This wind energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wind energy market consists of sales of dutch type grain-grinding windmills, multi-blade water-pumping windmills, and high-speed propeller-type windmills. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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