Wind Energy Market By Type (Onshore, Offshore), By Component (Turbines, Blades, Towers, Nacelles, Control Systems, Generators), By Application (Residential, Commercial, Industrial, Utility-Scale), By Installation (New Installation, Upgrades & Refurbishments); Global Insights & Forecast (2024 - 2030)

As per Intent Market Research, the Wind Energy Market was valued at USD 111.2 Billion in 2024-e and will surpass USD 186.5 Billion by 2030; growing at a CAGR of 9.0% during 2025 - 2030.

The wind energy market is experiencing remarkable growth, driven by global efforts to transition toward renewable energy sources and reduce greenhouse gas emissions. As one of the fastest-growing renewable energy sectors, wind power is increasingly being adopted for its efficiency, scalability, and ability to provide a clean energy alternative to fossil fuels. The market encompasses both onshore and offshore wind energy systems, each offering unique benefits and catering to diverse energy demands across residential, commercial, and utility-scale applications.

Governments worldwide are introducing favorable policies, subsidies, and ambitious renewable energy targets, further boosting investments in wind energy infrastructure. Additionally, technological advancements in turbine efficiency, control systems, and installation processes are driving down costs and making wind energy more competitive with traditional energy sources.

Onshore Segment is Largest Owing to Established Infrastructure

The onshore wind energy segment dominates the market due to its well-established infrastructure, lower installation costs, and widespread adoption in both developed and developing regions. Onshore wind farms are easier to install and maintain compared to their offshore counterparts, making them a cost-effective solution for countries looking to scale up renewable energy production quickly.

Regions with vast open spaces and favorable wind conditions, such as North America, Europe, and Asia-Pacific, have significantly contributed to the growth of the onshore segment. These projects are particularly attractive for their shorter development timelines and reduced technical complexities, making onshore wind energy a cornerstone of global renewable energy strategies.

Offshore Segment is Fastest Growing Due to High Energy Potential

The offshore wind energy segment is the fastest-growing, driven by its ability to harness stronger and more consistent winds available at sea. Offshore wind farms have higher energy output potential, making them ideal for meeting the energy demands of densely populated coastal regions. Additionally, advancements in floating turbine technology are expanding the possibilities for offshore installations in deeper waters, further fueling the segment's growth.

Governments in regions like Europe and Asia-Pacific are heavily investing in offshore wind energy projects, incentivized by the opportunity to generate large-scale, reliable renewable energy while minimizing land use. The segment’s rapid expansion is also supported by declining costs and improvements in installation techniques, solidifying its role as a critical component of the global energy transition.

Turbines Segment is Largest Owing to Central Role in Power Generation

The turbines segment accounts for the largest share of the wind energy market due to its central role in converting wind energy into electricity. Modern wind turbines are equipped with advanced features such as aerodynamic blades, efficient generators, and smart control systems, making them more reliable and productive. The continuous evolution of turbine technology, including the development of larger and more powerful turbines, is further enhancing the segment's dominance.

Manufacturers are focusing on innovations such as lightweight materials, modular designs, and enhanced durability to improve turbine performance and reduce maintenance costs. The growing demand for high-capacity turbines for both onshore and offshore applications underscores the segment's significance in driving the wind energy market forward.

Utility-Scale Application Segment is Fastest Growing Due to High Energy Demand

The utility-scale application segment is the fastest-growing, driven by the need for large-scale renewable energy solutions to meet the energy demands of cities and industries. Utility-scale wind farms contribute significantly to national energy grids, making them a key focus for governments and energy companies aiming to transition to sustainable energy sources.

Utility-scale projects benefit from economies of scale, enabling lower energy production costs compared to smaller installations. With increasing investments in grid infrastructure and the integration of energy storage systems, utility-scale wind farms are becoming an essential part of the global energy mix, particularly in regions with ambitious renewable energy targets.

New Installation Segment is Largest Owing to Expanding Renewable Energy Infrastructure

The new installation segment holds the largest share of the market, driven by the global push to expand renewable energy infrastructure. Countries are increasingly commissioning new wind farms to meet renewable energy targets, reduce dependency on fossil fuels, and address climate change challenges.

The segment's growth is further supported by declining costs of wind energy components and enhanced installation processes, making new wind energy projects more feasible and attractive for investors. Emerging economies in Asia-Pacific and Latin America are leading the charge in new installations, reflecting the increasing accessibility of wind energy technology worldwide.

Europe is Largest Market Owing to Strong Renewable Energy Policies

Europe is the largest market for wind energy, attributed to its strong renewable energy policies, supportive regulatory frameworks, and advanced technology infrastructure. Countries like Germany, the United Kingdom, and Denmark are pioneers in wind energy adoption, with extensive onshore and offshore wind farm networks.

The European Union's ambitious climate goals, including achieving carbon neutrality by 2050, have accelerated investments in wind energy projects across the region. Additionally, Europe’s leadership in offshore wind technology and innovations in floating turbines has further solidified its position as a global leader in the wind energy market.

Competitive Landscape

The wind energy market is highly competitive, with leading companies such as Vestas Wind Systems, Siemens Gamesa Renewable Energy, GE Renewable Energy, and Nordex SE driving innovation and growth. These players are focusing on enhancing turbine efficiency, expanding offshore capabilities, and reducing the overall cost of wind energy projects.

Collaboration between governments, private investors, and technology providers is also shaping the competitive landscape, enabling large-scale projects and advancements in wind energy technologies. As the demand for renewable energy continues to grow, the competition is expected to intensify, fostering further innovation and market expansion.

List of Leading Companies:

• Vestas Wind Systems A/S
• Siemens Gamesa Renewable Energy, S.A.
• General Electric (GE) Renewable Energy
• Nordex SE
• Goldwind Science & Technology Co., Ltd.
• Suzlon Energy Limited
• Envision Energy
• Mingyang Smart Energy
• Enercon GmbH
• Acciona Energia
• Ørsted A/S
• EDP Renewables
• NextEra Energy, Inc.
• Senvion S.A.
• Sinovel Wind Group Co., Ltd.

Recent Developments:

• Vestas Wind Systems A/S secured a major order for onshore wind turbines in the U.S. in December 2024.
• Siemens Gamesa Renewable Energy, S.A. announced the development of a new offshore turbine with a higher energy yield in November 2024.
• General Electric (GE) Renewable Energy launched a digital solution to optimize turbine performance in October 2024.
• Nordex SE entered a partnership to expand wind turbine manufacturing in India in September 2024.
• Goldwind Science & Technology Co., Ltd. installed its first hybrid wind-solar power system in China in August 2024.

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