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From 2023 to 2030, the global wind power industry is projected to increase from a current valuation of USD 99.30 billion at a CAGR (compound annual growth rate) of 7.5%. In the future years, the demand for wind power is expected to increase due to the rising need to replace traditional sources of energy with renewable sources. Twenty years ago, new coal or gas plants were deemed to be more cost-competitive than solar and wind power generating, which were then considered to be expensive. Additionally, new wind and solar installations are anticipated to become less expensive than running existing coal or gas plants in the future years.
The growth of the wind turbine industry is predicted to be driven by the rising demand for renewable energy. Sustainable energy sources are preferred by governments around the world because they reduce carbon emissions while still providing adequate power. Because of advancements in offshore wind power technology, there is no longer a need to limit electricity generation to areas with shallow seas. A prime example is the $268 million investment into the Hywind turbine project by the Norwegian energy company Statoil in June of 2017. Off the northeast coast of Scotland, at a depth of 78 metres, the team installed floating wind turbines for the project. In addition, the efficiency of wind power is higher than that of coal, natural gas, and oil. The greatest efficiency of the wind turbine is 59%, while the efficiency of fossil fuels is just 35% to 45%.
Wind power has had meteoric expansion over the past decade, and it is expected to remain competitive in the energy market. In 2010, wind energy accounted for less than 2% of the global power supply. Its 2020 contribution jumped by over 6%, and it is expected to grow by over 10% by 2030 as a result of increased generation and capacity. The installed capacity of wind turbines has increased from more than 190 GW in 2010 to more than 740 GW in 2020, a compound annual growth rate (CAGR) of more than 10%. It is expected that the capacity would increase at a CAGR of more than 9% between 2020 and 2030, bringing the total installed capacity to more than 1800 GW by 2030.
The demand for clean, affordable power is what is projected to propel the wind power sector forward. The global wind power market is predicted to grow on the back of governments' supportive policy structures and regulatory frameworks for renewable electricity generation. With supportive laws for new wind power installations, the wind power industry in the United States has been expanding at a consistent rate. In 2021, wind power accounted for 9.2% of all electricity produced in the United States. The growing economic feasibility of both onshore and offshore wind farms is predicted to enhance demand for wind power over the projection period.
In terms of revenue, the Asia Pacific region will account for more than 42.43 percent of the new installed capacity in the Asia Pacific region in 2021. This includes both onshore and offshore wind power. The United States and China hosted more over 60% of the world's new onshore installations in 2021, making them the countries with the largest onshore installation that year. The fact that the vast majority of OEM and EPC businesses are headquartered in China is also contributing to the country's market expansion. Offshore wind farms are becoming increasingly attractive to the companies that generate electricity from wind. It is expected that the offshore wind power projects will pave the way for the enjoyment of projects in deep-water areas, where the high speed produces a much more favourable environment for operations. Wind, solar, biomass, and other renewable energy sources have received widespread backing from regional governments.
Report Coverage
Global Wind Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Wind Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Wind Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Wind Power market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Wind Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Wind Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), and Bergey Wind Power (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Wind Power market based on the below-mentioned segments:
Global Wind Power Market, By Turbine Capacity
<100 KW
100 KW to 500 KW
500 KW to 1 MW
1MW to 3 MW
> 3 MW
Global Wind Power market, By Application
Residential
Commercial
Industrial
Global Wind Power Market, By Installation
Onshore
Offshore
Global Wind Power market, Regional Analysis
The growth of the wind turbine industry is predicted to be driven by the rising demand for renewable energy. Sustainable energy sources are preferred by governments around the world because they reduce carbon emissions while still providing adequate power. Because of advancements in offshore wind power technology, there is no longer a need to limit electricity generation to areas with shallow seas. A prime example is the $268 million investment into the Hywind turbine project by the Norwegian energy company Statoil in June of 2017. Off the northeast coast of Scotland, at a depth of 78 metres, the team installed floating wind turbines for the project. In addition, the efficiency of wind power is higher than that of coal, natural gas, and oil. The greatest efficiency of the wind turbine is 59%, while the efficiency of fossil fuels is just 35% to 45%.
Wind power has had meteoric expansion over the past decade, and it is expected to remain competitive in the energy market. In 2010, wind energy accounted for less than 2% of the global power supply. Its 2020 contribution jumped by over 6%, and it is expected to grow by over 10% by 2030 as a result of increased generation and capacity. The installed capacity of wind turbines has increased from more than 190 GW in 2010 to more than 740 GW in 2020, a compound annual growth rate (CAGR) of more than 10%. It is expected that the capacity would increase at a CAGR of more than 9% between 2020 and 2030, bringing the total installed capacity to more than 1800 GW by 2030.
The demand for clean, affordable power is what is projected to propel the wind power sector forward. The global wind power market is predicted to grow on the back of governments' supportive policy structures and regulatory frameworks for renewable electricity generation. With supportive laws for new wind power installations, the wind power industry in the United States has been expanding at a consistent rate. In 2021, wind power accounted for 9.2% of all electricity produced in the United States. The growing economic feasibility of both onshore and offshore wind farms is predicted to enhance demand for wind power over the projection period.
In terms of revenue, the Asia Pacific region will account for more than 42.43 percent of the new installed capacity in the Asia Pacific region in 2021. This includes both onshore and offshore wind power. The United States and China hosted more over 60% of the world's new onshore installations in 2021, making them the countries with the largest onshore installation that year. The fact that the vast majority of OEM and EPC businesses are headquartered in China is also contributing to the country's market expansion. Offshore wind farms are becoming increasingly attractive to the companies that generate electricity from wind. It is expected that the offshore wind power projects will pave the way for the enjoyment of projects in deep-water areas, where the high speed produces a much more favourable environment for operations. Wind, solar, biomass, and other renewable energy sources have received widespread backing from regional governments.
Report Coverage
Global Wind Power research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Wind Power report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Wind Power competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Wind Power market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), and Bergey Wind Power (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Wind Power Market from 2021 to 2030.
- Market Forecast for Wind Power Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Wind Power competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Wind Power
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Wind Power market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Wind Power market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), and Bergey Wind Power (US)
Primary Target Market
- Market Players of Wind Power
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Wind Power market based on the below-mentioned segments:
Global Wind Power Market, By Turbine Capacity
<100 KW
100 KW to 500 KW
500 KW to 1 MW
1MW to 3 MW
> 3 MW
Global Wind Power market, By Application
Residential
Commercial
Industrial
Global Wind Power Market, By Installation
Onshore
Offshore
Global Wind Power market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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