Wind Power Market Is Expected To Witness Increased Growth Rates Of Revenue And CAGR Forecast 2030

Posted by Mrudula Anil Karmarkar on June 7th, 2023

The global wind power market size is expected to reach USD 165.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2022 to 2030. The increasing demand for clean and affordable energy is expected to drive the growth of the market. The adoption of wind power is increasing at a significant pace owing to the increasing viability of wind power for large-scale energy production.

Governments across various nations have been supporting the use of renewable energy sources including solar power, hydropower, wind power, and biomass. Regulatory bodies are emphasizing on reducing carbon footprints and reducing reliance on conventional energy sources which in turn promotes power generation using wind turbines. Increasing energy needs in countries such as India, China, the U.K., and Brazil, owing to rapid industrialization is projected to have a positive impact on the market growth.

Wind power energy finds wide use in numerous sectors such as commercial and residential. The Onshore wind power sector has emerged as a valued renewable energy source, across the world. The cumulative installed onshore and offshore wind power capacity is projected to observe a count of 837 GW in 2021. The offshore wind power sector has been gaining thrust in the global market for wind power.

Regions such as South America and Middle East & Africa offer a robust business opportunity for the market with countries, such as Brazil, Chile, and South Africa playing a vital role in the development of the growth. The increasing demand for electricity generation from green and clean sources is likely to drive the growth of the market in the forthcoming years. Besides, the massive wind power potential, coupled with a continuous decrease in the cost of installation, is expected to offer extensive business opportunities to the market.

The growing need to replace conventional sources of energy with renewable sources is projected to drive the market for wind power in the upcoming years. Solar and wind power generation which were considered expensive two decades ago are now considered more cost-competitive than new-built coal or gas plant today. Moreover, in the coming years, it is expected to become more cost-efficient to build new wind and solar than to run existing coal or gas plants.

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The urge for dependable, clean, and cheap power is expected to drive the wind power market in the future. Favorable policy structures and regulatory frameworks by various governments across various countries to promote renewable power generation are further expected to propel the wind power market globally.

The wind power industry has been growing at a steady pace in the U.S with favorable legislation for the new installation of wind power. In 2021, 9.2% of total U.S. power generation was from wind energy. The demand for wind power is expected to increase during the forecast period owing to the increasing viability of onshore and offshore wind farms and boosting growth.

Wind Power Market Report Highlights

• Various governments are focusing on reducing carbon footprint and increasing the share of renewable energy in the energy mix of the countries. This is expected to drive renewable power generation and thus the growth of the market for wind power
• The onshore location segment accounted for 71.66% of revenue share in 2021. Onshore wind power is cheaper to install than offshore wind power due to the shorter distance from power generation to the final consumer
• Asia Pacific is projected to grow at a substantial pace throughout the forecast period. China is expected to account for the largest revenue share in the Asia Pacific region
• Wind power accounted for 9.2% of the total electricity generation mix in the U.S. in 2021
• North America is likely to display a moderate growth rate during the projected period

Asia Pacific remains the largest onshore and offshore wind power market, accounting for more than 42.43% of new installed capacity in 2021 for the Asia Pacific region in terms of revenue. In 2021, China and the U.S. witnessed the world’s largest onshore installation, together accounting for more than 60% of new onshore additions. The majority of OEM and EPC players are located in China, which is another factor driving the market growth in the country.

The wind energy producing companies are also shifting towards offshore wind farms to produce energy. The offshore wind power projects are projected to create a possibility for relishing projects in the deep-water sites where the high speed creates a much favorable situation for operations and thus driving the offshore wind power industry. Governments across the region have been very supportive of using renewable sources of energy, such as wind, solar, biomass, and other renewable sources of energy.

Regulatory authorities across the region are focusing to reduce dependence on conventional sources of energy to curb carbon footprint which is encouraging the generation of power by using renewable sources of energy such as wind and solar. It is anticipated that wind power and solar energy would lead in the direction of the transformation of the world electricity industry. 

List of Key Players in the Wind Power Market

• GE Wind
• Vestas, Siemens Wind Power,
• Suzlon Group, Goldwind
• United Power,
• Acciona, Nordex SE,
• Sinovel Wind Group
• EDF Renewable Energy
• ReGen Powertech
• Vensys Energy
• ABB Limited