Wind Power Market Introduction and Overview
According to SPER Market Research, the Global Wind Power Market is estimated to reach USD 160.97 billion by 2034 with a CAGR of 5.19%.
The report includes an in-depth analysis of the Global Wind Power Market, including market size and trends, product mix, Applications, and supplier analysis. The market for wind power is anticipated to be driven in the upcoming years by the growing desire to switch from conventional to renewable energy sources. Two decades after being viewed as costly alternatives, solar and wind energy are now more affordable than recently constructed coal or gas plants. Furthermore, it is projected that in the near future, it will be more economical to construct new wind and solar projects rather to keep running current coal or gas facilities. However, High initial investment prices, a lack of suitable land for large-scale installations, and regulatory barriers are some of the issues facing the worldwide wind power business. Intermittency problems and the requirement for effective energy storage solutions continue to be major challenges.
By Location: The onshore wind power segment leads the market due to its cost-effectiveness, ease of installation, and positive impact on reducing greenhouse gas emissions. Onshore wind has become the preferred renewable energy source in many regions, with installation costs continuing to decline, further boosting market growth. The Levelized Cost of Electricity (LCOE) for onshore wind projects is already competitive with fossil fuels and is expected to decrease, enhancing performance in the future.
By Application Insights: In 2024, the market is dominated by the utilities category, which will have the biggest revenue share. Commercial and residential wind installations are examples of non-utility applications, which have a reduced market share because of land constraints and the difficulties in installing wind turbines in these environments. Wind farms with multiple turbines that are connected to the national transmission grid are usually considered utility-scale operations. These projects necessitate cooperation with multiple stakeholders, a large amount of land, and construction licenses. But when obstacles to utility-scale installations, such legal restrictions and logistical difficulties, disappear, the utility segment's growth is anticipated to quicken. Overall market growth is expected to be driven by utility-scale wind farms' ongoing expansion.
By Regional Insights: North America's wind energy sector is expected to increase significantly. Investment in onshore and offshore wind projects is encouraged by the region's strong regulatory environment, which includes tax breaks and renewable energy goals. Wind power is becoming a competitive alternative to conventional energy sources thanks to technological advancements including bigger and more effective turbines that lower prices and increase energy output.
Market Competitive Landscape:
ABB Limited, Acciona, Nordex SE, DONG Energy, EDF Renewable Energy, GE Wind, NextEra Energy Inc., Northland Power Inc., ReGen Powertech, Sinovel Wind Group, Suzlon Group, Goldwind, United Power, Vensys Energy, and others.
Recent Developments:
- In October 2024: Envision Energy introduced a new 5MW onshore wind turbine with a 182-meter rotor diameter in October 2024, especially for the Indian market. Compared to the previous EN 156/3.3MW model, this new platform offers improved smoke and fire detection systems and a large yearly energy output increase of over 40%. The introduction demonstrates Envision's dedication to enhancing customer safety and energy efficiency.
- Tata Power declared in October 2024 that it would be investing in wind turbines to help its wind-solar hybrid renewable energy projects throughout India in the upcoming years. With contracts possibly valued at over ₹21,000 crore and the potential for the entire capacity to reach almost 5 GW, this program seeks to greatly increase the company's renewable energy capability. The contract is up for grabs amongst top producers Siemens Gamesa, Senvion India, Envision Energy, and Suzlon Energy.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Location, By Application. |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa. |
| Companies Covered | ABB Limited, Acciona, Nordex SE, DONG Energy, EDF Renewable Energy, GE Wind, NextEra Energy Inc., Northland Power Inc., ReGen Powertech, Sinovel Wind Group, Suzlon Group, Goldwind, United Power, Vensys Energy, and others. |
Key Topics Covered in the Report:
- Global Wind Power Market Size (FY’2021-FY’2034)
- Overview of Global Wind Power Market
- Segmentation of Global Wind Power Market By Location (On shore, Off shore)
- Segmentation of Global Wind Power Market By Application (Utility, Non Utility)
- Statistical Snap of Global Wind Power Market
- Expansion Analysis of Global Wind Power Market
- Problems and Obstacles in Global Wind Power Market
- Competitive Landscape in the Global Wind Power Market
- Details on Current Investment in Global Wind Power Market
- Competitive Analysis of Global Wind Power Market
- Prominent Players in the Global Wind Power Market
- SWOT Analysis of Global Wind Power Market
- Global Wind Power Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Wind Power Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Wind Power Market
7. Global Wind Power Market, By Location, (USD Million) 2021-2034
7.1. On shore
7.2. Off shore
8. Global Wind Power Market, By Application, (USD Million) 2021-2034
8.1. Utility
8.2. Non Utility
9. Global Wind Power Market, (USD Million) 2021-2034
9.1. Global Wind Power Market Size and Market Share
10. Global Wind Power Market, By Region, (USD Million) 2021-2034
10.1. Asia-Pacific
10.1.1. Australia
10.1.2. China
10.1.3. India
10.1.4. Japan
10.1.5. South Korea
10.1.6. Rest of Asia-Pacific
10.2. Europe
10.2.1. France
10.2.2. Germany
10.2.3. Italy
10.2.4. Spain
10.2.5. United Kingdom
10.2.6. Rest of Europe
10.3. Middle East and Africa
10.3.1. Kingdom of Saudi Arabia
10.3.2. United Arab Emirates
10.3.3. Qatar
10.3.4. South Africa
10.3.5. Egypt
10.3.6. Morocco
10.3.7. Nigeria
10.3.8. Rest of Middle-East and Africa
10.4. North America
10.4.1. Canada
10.4.2. Mexico
10.4.3. United States
10.5. Latin America
10.5.1. Argentina
10.5.2. Brazil
10.5.3. Rest of Latin America
11. Company Profile
11.1. ABB Limited
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Acciona, Nordex SE
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. DONG Energy
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. EDF Renewable Energy
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. GE Wind
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. NextEra Energy Inc.
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Northland Power Inc.
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. ReGen Powertech
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Sinovel Wind Group
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Suzlon Group, Goldwind
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. United Power
11.11.1. Company details
11.11.2. Financial outlook
11.11.3. Product summary
11.11.4. Recent developments
11.12. Vensys Energy
11.12.1. Company details
11.12.2. Financial outlook
11.12.3. Product summary
11.12.4. Recent developments
11.13. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
