Global Wind Power Market – Industry Trends and Forecast to 2030

The Wind Power Market is experiencing robust expansion, with market size projected to increase from (98.74 Billion) 2023 to (260.81 Billion) 2030, demonstrating a consistent year-over-year growth rate of 10.93%. Wind Power Market Size, Share, Competitive Landscape and Trend Analysis Report, , by Applications (Utility, Non Utility) And Regions (North America (United States, Canada, Mexico), South America (Brazil, Argentina, Chile, Rest of South America), Europe (Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA (Middle East, Africa)) : Industry Forecast and Opportunity Analysis for 2023 - 2030

The wind power market is all related activities regarding harnessing kinetic energy through the wind to produce energy. It involves the manufacturing, installation, operation, and maintenance of wind turbines, as well as the development and management of onshore and offshore wind farms. Finally, the power generated in these wind farms is directed into the power grid for feeding homes, businesses, and industries. This market includes industries supporting component suppliers, transportation and logistics, project developers, and financial institutions engaged in investment in wind energy projects. It is a sector marked by government policies, incentives, and regulations designed to promote renewable energy sources and mitigate climate change. Thus, the wind power market manifests as one of the rapidly growing spheres in the larger pool of renewable energy markets. In fact, the growing incidence of technological advancement has brought about the more efficient and powerful wind turbines capable of collecting large levels of wind energy even from regions that come with relatively low wind speeds.

Wind Power Report Highlights

Report Metrics	Details
Forecast period	2019-2030
Base Year Of Estimation	2023
Growth Rate	CAGR of 10.93%
Forecast Value (2030)	USD 260.81 Billion
Key Market Players	ReGen Powertech Acciona, Nordex SE EDF Renewable Energy Sinovel Wind Group Suzlon Group, Goldwind United Power GE Wind Vensys Energy Northland Power Inc. ABB Limited Vestas, Siemens Wind Power NextEra Energy Inc. DONG Energy
By Region	North America (United States, Canada, Mexico) South America (Brazil, Argentina, Chile, Rest of South America) Europe (Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe) Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific) MEA (Middle East, Africa)

Wind Power Market Trends

The most important trend is definitely the dramatic increase of offshore wind development. Wind power generation from offshore wind farms is two to three times higher than wind power generation from onshore wind farms due to higher wind speeds, which are also more constant. In addition, innovative technologies in floating wind turbine foundations are opening up expansive water spaces for further offshore wind development into deeper waters. It has gone very strongly toward offshore in Europe and is now gaining ground in North America and Asia. The other thing is the progressive technological advancement in wind turbines. It has to be larger and more powerful turbines with higher rotor diameters and hub heights designed to increase the energy capture and decrease the levelized cost of electricity (LCOE). Advanced sensors will increasingly be included in smart turbines with predictive maintenance capabilities to improve performance and minimise downtime. Hybrid projects, bringing together wind and sun, are also increasing to optimise usage in the grid while improving curtailment conditions.

Wind Power Market Leading Players

The key players profiled in the report are Northland Power Inc., Acciona, Nordex SE, Vestas, Siemens Wind Power, Vensys Energy, Sinovel Wind Group, NextEra Energy Inc., Suzlon Group, Goldwind, EDF Renewable Energy, ReGen Powertech, GE Wind, ABB Limited, United Power, DONG Energy

Growth Accelerators

The phenomenal development rate witnessed by the wind power market is closely connected to several very powerful market drivers. The first, very essential one, is increased government support and good worldwide policies. Governments have instituted mechanisms such as feed-in tariffs, tax incentives, renewable portfolio standards, direct investment in wind energy projects, etc., to counter climate change while ensuring energy security. Such policies give leveraged investment assurance while making the market environment friendly for the wind power movement; hence, wind power is increasingly being installed onshore and offshore. Secondly, relentless development of turbine technology is driving this worldwide growth. Turbine design innovations such as larger rotor diameters, taller towers, and better aerodynamic efficiency help capture energy even in low wind speed sites. The march of floating offshore wind technology opens up enormous new possibilities in ever-deepening coastal waters. These advancements lead to higher energy yield and operational performance, making wind power increasingly competitive with conventional energy sources, thereby fuelling market growth.

Wind Power Market Segmentation analysis

The Global Wind Power is segmented by Application, and Region.
. The Application segment categorizes the market based on its usage such as Utility, Non Utility. Geographically, the market is assessed across key Regions like North America (United States, Canada, Mexico), South America (Brazil, Argentina, Chile, Rest of South America), Europe (Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA (Middle East, Africa) and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

The wind energy market is thus moving towards being a mix of some companies of global standing and regional players who are commanding ever-increasing prominence, particularly those coming out of Asia. For instance, the international manufacturers like Vestas, Siemens Gamesa, and GE Vernova have maintained significant shares in the wind energy market over the years due to their superior product technology, sales and service operations around the globe, and diversified product portfolios in both onshore and offshore wind turbines. Meanwhile, the Chinese manufacturers such as Goldwind, Envision, and Mingyang are on the rise due to strong domestic demand and their emphasis on cost competitiveness and technological advancement. The heightened competition has commenced price pressures, with turbine efficiency and reliability now part of the equation. An increasing role of offshore wind, a segment that requires specialised knowledge and large turbines, is also affecting the dynamics of competition in this area by awarding opportunities to companies with technological supremacy. With the growing emphasis on sustainability and fossil fuels being phased out by governments worldwide, competition intensifies within the wind-power market as companies employ strategies to capture an increasing share of the newly found renewable energy sector.

Challenges In Wind Power Market

Like any other market, the wind power market faces certain significant challenges that threaten its development as well as the goals of a global energy transition. Inflationary pressure, supply chain disruptions, and high interest rates are general causes laying high stress on the costs associated with wind project development. Wind project development is much more stressed, especially offshore wind projects, owing to construction cost increases of as much as 40% over the past three years, resulting in project delays or cancellations in Europe and the U.S. Developers are still struggling with long-term power purchase agreements that are now outdated with respect to current cost structures, thereby lowering profit margins and attractiveness to finance. These impediments are aggravated by regulatory obstacles and grid integration issues. Lengthy permitting processes and delays in grid interconnections slow deployment, with over 3,000 GW of renewable generation waiting for grid interconnection around the world. Wind energy's intermittency raises more concern about reliability, making energy storage solutions a prime candidate in the system for stabilisation.

Risks & Prospects in Wind Power Market

Wind energy, particularly offshore wind projects, is now being more widely accepted with trust in stronger winds and steadier wind flows. Europe, the U.S., and Asia-Pacific regions are ahead in installations. In addition, emerging markets such as India, Brazil, and South Africa are making great efforts to increase their own production of wind power to satisfy growing energy demand and cut down on fossil fuel use. This process offered new opportunities for hybrid systems combining wind with energy storage systems toward a more stable and reliable supply of electricity. At the regional level, Asia-Pacific is leading because of aggressive renewable energy targets in China and India. North America is also witnessing very high growth rates, with large-scale wind projects in the U.S. being driven by favourable regulatory frameworks and technological advances. In terms of offshore wind capacity in Europe, the UK and Germany are at the forefront of innovation. Latin America is starting to play a very important role, with Brazil leading the region in onshore wind development. And so, the Middle East and Africa are increasingly directing investments into wind to diversify their energy portfolios and combat climate change.

Key Target Audience

The wind power market involves various stakeholders. Residential users of small wind turbines for personal consumption, commercial users of wind energy to cut operational expenses and enhance sustainability, and industrial users of huge wind farms for operating manufacturing processes are the key market segments. Utilities and grid operators use wind energy as part of their diversifying energy mix and complying with regulations.,, Government bodies and regulatory bodies are important as they make policies and create incentives that affect market forces. Investors and financial establishments are beginning to target wind energy posts due to the growth expectation of the sector and because of the developer's compliance with environmental, social, and governance (ESG) norms. Furthermore, R&D institutes enable the technological development of wind energy solutions in the area of efficiency and cost reduction.

Merger and acquisition

Recently, the wind power sector has witnessed significant mergers and acquisitions (M&A), indicative of the industry's dynamic growth and strategic realignments. In this case, as of April 2025, Octopus Energy Generation acquired a 10% interest in the East Anglia One wind farm from Macquarie Asset Management. This 714 MW facility is one of the massive operational facilities worldwide in offshore wind farms and can power about 700,000 homes in a year. The wind farm is situated off the eastern coast of England. It is Octopus Energy's fourth investment in a U.K. offshore wind project, showcasing its commitment to the renewable energy growth portfolio. In September 2024, Masdar, the UAE renewables company, announced it would buy the 45% stake that Brookfield holds in Saeta Yield for $1.4 billion. The company is acquiring 745 megawatts of mainly wind energy assets and 1.6 gigawatts of projects under development in Spain and Portugal. This deal is one of the largest in the Iberian region and continues Masdar's advancement into Spain's renewables market. These transactions highlight the increasing investor interest in wind energy assets and the strategic efforts by companies to enhance their positions in the global renewable energy landscape. >

Analyst Comment

The wind energy market is literally booming after the entire globe has put its effort toward renewable energy. It is anticipated that the market, which was valued at USD 98.74 billion in 2024, will reach USD 260.81 billion by 2034. Key drivers include the increasing cost-competitiveness of wind energy compared with fossil fuels, supportive government policies, and the growing demand for clean and reliable power sources. Although onshore wind power dominates the market, offshore wind projects are anticipated to grow considerably faster over time due to very favourable conditions such as higher wind speeds combined with technological advancements making deep-water installations feasible. The majority of the market is in Asia-Pacific, largely due to massive investments going into energy infrastructure development within countries like China as well as India.