What are the recent trends in market size and growth for the wind energy market?
The wind energy market size has grown rapidly in recent years. It will grow from $126.77 billion in 2024 to $141.16 billion in 2025 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to emerging markets growth, increased demand for clean energy sources, high environmental impact of conventional power generation sources and increasing fuel costs.
The wind energy market size is expected to see rapid growth in the next few years. It will grow to $219.67 billion in 2029 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to global population growth and urbanization, the increasing electricity demand and the increasing focus on alternative sources of power generation. Major trends in the forecast period include wind-solar hybrid systems, robot inspection systems, recyclable wind turbines, use of artificial intelligence (ai), new plant expansions, product innovations and collaborations and acquisitions.
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What are the key forces behind the wind energy market’s growth in recent years?
An increase in the adoption of renewable energy sources is expected to propel the growth of the wind energy market going forward. The energy produced from naturally renewing but flow-restricted sources are referred to as renewable energy. The increasing use of renewable energy is creating a huge demand for wind energy as it is a clean, cost-free, and easily accessible source of renewable energy. For instance, in June 2022, as per the report by the U.S. Energy Information Administration, a US-based energy organization, the primary source of the entire yearly U.S. energy consumption was biomass. Approximately 5 quadrillion British thermal units (Btu) and 5% of all primary energy used in the United States were provided by biomass in 2021. Biofuels accounted for approximately 2,316 TBtu (mainly ethanol) of the total; 2,087 TBtu from wood and biomass derived from wood; and 431 TBtu from biomass found in municipal solid waste and sewage, animal manure, and agricultural leftovers. Thus, an increase in the adoption of renewable energy sources is driving the growth of the wind energy market.
What are the major segments of the wind energy market?
The wind energy market covered in this report is segmented –
1) By Turbine Type: Horizontal Axis, Vertical Axis
2) By Component: Turbine, Support Structure, Electrical Infrastructure, Other Components
3) By Location: Onshore, Offshore
4) By Application: Utility, Non-Utility
Subsegments:
1) By Horizontal Axis Turbine (HAT): Small Horizontal Axis Turbines, Medium Horizontal Axis Turbines, Large Horizontal Axis Turbines
2) By Vertical Axis Turbine (VAT): Darrieus Vertical Axis Turbines, Savonius Vertical Axis Turbines
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Which companies dominate the wind energy market?
Major companies operating in the wind energy market include 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, NTPC Limited, Teroc AB, ENO Energy GmbH, Greenbyte AB, ENS Energy GmbH, MOWEA GmbH, Voltalia, EuroCape, Kola Wind Farm, Rosatom, Venture Round – NabraWind Technologies, NovaWind, NextEra Energy, TPI Composites, Clearway 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, Omega Geracao SA, Allegheny Technologies Incorporated (ATI), meteocontrol AMEA DMCC, BELECTRIC Gulf, NNQ Energy, 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
What major trends will shape the wind energy market during the forecast period?
Technological advancements are a key trend gaining popularity in the wind energy market. Major companies operating in the wind energy market are developing products with advanced technologies to sustain their position in the wind energy market. For instance, in July 2022, WEG Industries, a Brazil-based electric engineering company, launched a brand-new wind turbine platform with Medium-Speed Geared (MSG) drive technology and features a 7 MW and a 172-meter rotor diameter. Its unique features enable seamless electrical grid hookup and flexibility to adjust to and adhere to various grid codes in each region because it is integrated with a full power drive. It can produce reactive energy when there is no wind, which has extra benefits in addition to producing power. The redesigned design also includes modular components, such as a taller tower, to improve logistical procedures and provide an easier assembly idea, particularly for uneven geographic locations.
What are the key regional dynamics of the wind energy market, and which region leads in market share?
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.
What Does The Wind Energy Market Report 2025 Offer?
The wind energy market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Wind energy refers to the method of generating electricity by turning the kinetic energy of moving air into electricity. Wind energy is a clean, renewable energy source that is also among the most cost-effective electricity sources.
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