Wind Power Market Size, Trends, Growth, Type, Analysis, 2030

Description
Segmentation & Scope

This study intends to analyse diverse aspects of the global wind power market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.

Market Analysis in Brief

The global wind power market has been experiencing significant growth in recent years, driven by increasing demand for renewable energy sources and government initiatives to reduce carbon emissions. The Asia Pacific region is expected to be the largest market for wind power, followed by Europe, and North America. Offshore wind power is also expected to gain traction, with several large-scale projects currently under development. However, challenges such as high upfront costs and intermittency issues still exist, and technological advancements and supportive policies will be crucial in driving further growth in the industry. In short, the global wind power industry presents significant opportunities for investors and stakeholders looking to capitalize on the growing demand for clean energy.

Key Report Findings

The global wind power market was valued at over US$112 Bn in 2021
Global wind power capacity reached 743 GW by the end of 2020
Offshore wind power capacity is expected to grow from 34 GW in 2020 to about 234 GW by 2030
Asia Pacific to index the highest CAGR over the forecast period

Growth Drivers

Higher Adoption of Sustainable Energy, and Favorable Governmental Initiatives

In recent years, a growing number of nations have gradually begun to make a conscious effort to lower their respective carbon emission levels. This can primarily be attributed to the ever-looming detrimental impacts of climate change, which only seem to be becoming more evident each passing year. As such, the adoption of sustainable sources of energy has taken greater precedence. Wind power is a major renewable energy contributor in various parts of the world. For instance, a report found that wind power generation increased by about 17% in 2022, enough to power all of the United Kingdom.

Fairfield Market Research found that the global wind power market was valued at about US$99 Bn in 2022, and this industry is expected to expand at a considerable CAGR over the forecast period. Furthermore, respective governments are now implementing favourable policies and regulatory frameworks that promote the use of renewable energy resources of energy as well as lower the overall cost of wind energy. This is expected to promote further adoption and foster innovation to better existing infrastructure. Factors such as this are expected to have a profound influence on the growth trajectory of the global wind power market in the coming years.

Technological Advancements, and Increasing Global Investments

As a means of making wind power generation more efficient and cost-effective, various industry players are engaged in developing advancements in wind turbine technology, thus enabling wind energy to be more competitive with traditional fossil fuel energy solutions. Additionally, a recent study by Fairfield Market Research has indicated that a growing number of private-public entities are now increasing their investments to improve current energy generation and distribution processes with the aim of fostering growth in the global wind power market.

For example, TotalEnergies SE, an energy giant, has entered into an agreement with SSE Renewables to acquire a 51% stake in its Seagreen-1 offshore wind farm. In doing so, TotalEnergies SE is predicted to invest over US$70 Mn in the project. It is expected that offshore wind is slated to have created about US$166 Bn in new investments, and in turn, generated over US$1.7 Bn in new tax revenues in 2022. Factors such as these are expected to further augment the global wind power market.

Growth Challenges

Intermittency and Infrastructural Limitations

Owing to the sporadic nature of wind power is considered to be an intermittent energy source, as in, it isn’t always available when needed. This could limit its usefulness as a primary source of energy and make it difficult to integrate wind power into the grid. Moreover, for wind power to function successfully, a significant amount of infrastructure such as power lines and substations is necessary, which in turn could prove to be a major deterrent. As this industry is subject to complex regulations, it can be arduous task to secure permits and/or approvals to build new wind projects. These elements could hinder the progression of the global wind power market.

Growth Opportunities Across Regions

Asia Pacific to Gain Traction

While North America, and Europe are established, mature markets for wind power, the Asia Pacific is expected to index a significant rate of growth over the forecast timeline. This can be attributed to the significant increase in the number of wind power installations that are expected to be developed soon. China, Japan, and India are major markets, while Australia, Thailand, and Vietnam are emerging markets in this region. The largest market for wind power is China, with a capacity of 281 GW followed by the United States (122 GW), and Germany (62 GW). Europe has the highest penetration of wind power in electricity generation, with approximately 15.4% of its electricity coming from wind in 2020.

Key Market Players – Wind Power Market Landscape

Some key companies in the global wind power market include GE Wind, Vestas, Siemens Wind Power, Suzlon Group, Goldwind, United Power, Acciona, Nordex SE, Sinovel Wind Group, EDF Renewable Energy, ReGen Powertech, Vensys Energy, ABB Limited, NextEra Energy Inc., Northland Power Inc., and DONG Energy, to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.

Recent Notable Developments

In September 2022, Vattenfall AB, after exercising its right of entry, was granted permission to the N-7.2 wind power project off the coast of Germany’s North Sea
In September 2022, Danish firm Vestas announced that it was launching the tallest onshore wind turbine tower with a hub height measuring 199 meters. The tower has been designed to be used with Vestas’ V172-7.2 MW turbine
In May 2021, Siemens Gamesa was confirmed as a preferred supplier for the complete 1,044 MW Hai Long offshore wind projects in Taiwan
In May 2021, GE Renewable Energy announced that it has finalized the Turbine supply, service, & warranty contracts for the third and final phases of the Dogger Bank offshore windfarm project

Regional Classification of the Global Wind Power Market is Listed Below:

North America

U.S.
Canada

Europe

Germany
France
Spain
U.K.
Italy
Russia
Rest of Europe

Asia Pacific

China
Japan
India
Southeast Asia
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East and Africa

GCC
South Africa
Rest of Middle East & Africa

1. Executive Summary
1.1. Global Wind Power Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations

2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
  2.2.1.2. Driver B
  2.2.1.3. Driver C
  2.2.2. Restraints
  2.2.2.1. Restraint 1
  2.2.2.2. Restraint 2
  2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
  2.5.1. Pre-Covid and Post-Covid Scenario
  2.5.2. Supply Impact
  2.5.3. Demand Impact
2.6. Government Regulations
2.7. Technology Landscape
2.8. Economic Analysis
2.9. PESTLE

3. Wind Power Generation, 2018-2022
3.1. Regional Production Statistics
  3.1.1. North America
  3.1.2. Europe
  3.1.3. Asia Pacific
  3.1.4. Latin America
  3.1.5. Middle East & Africa
3.2. Trade Statistics

4. Price Trends Analysis and Future Projects, 2018 - 2030
4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. By Location
4.4. By Region

5. Global Wind Power Market Outlook, 2018 - 2030
5.1. Global Wind Power Market Outlook, by Location, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  5.1.1. Key Highlights
  5.1.1.1. Hydroponics
  5.1.1.2. Aeroponics
  5.1.1.3. Aquaponics
5.2. Global Wind Power Market Outlook, by End-user, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  5.2.1. Key Highlights
  5.2.1.1. Utility
  5.2.1.2. Non-utility
5.3. Global Wind Power Market Outlook, by Region, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  5.3.1. Key Highlights
  5.3.1.1. North America
  5.3.1.2. Europe
  5.3.1.3. Asia Pacific
  5.3.1.4. Latin America
  5.3.1.5. Middle East & Africa
  5.3.2. BPS/Market Attractiveness Analysis

6. North America Wind Power Market Outlook, 2018 - 2030
6.1. North America Wind Power Market Outlook, by Location, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  6.1.1. Key Highlights
  6.1.1.1. Onshore
  6.1.1.2. Offshore
6.2. North America Wind Power Market Outlook, by End-user, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  6.2.1. Key Highlights
  6.2.1.1. Utility
  6.2.1.2. Non-utility
6.3. North America Wind Power Market Outlook, by Country, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  6.3.1. Key Highlights
  6.3.1.1. U.S.
  6.3.1.2. Canada
  6.3.2. BPS/Market Attractiveness Analysis

7. Europe Wind Power Market Outlook, 2018 - 2030
7.1. Europe Wind Power Market Outlook, by Location, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  7.1.1. Key Highlights
  7.1.1.1. Onshore
  7.1.1.2. Offshore
7.2. Europe Wind Power Market Outlook, by End-user, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  7.2.1. Key Highlights
  7.2.1.1. Utility
  7.2.1.2. Non-utility
7.3. Europe Wind Power Market Outlook, by Country, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  7.3.1. Key Highlights
  7.3.1.1. Germany
  7.3.1.2. France
  7.3.1.3. U.K.
  7.3.1.4. Italy
  7.3.1.5. Norway
  7.3.1.6. Spain
  7.3.1.7. Russia
  7.3.1.8. Rest of Europe
  7.3.2. BPS/Market Attractiveness Analysis

8. Asia Pacific Wind Power Market Outlook, 2018 - 2030
8.1. Asia Pacific Wind Power Market Outlook, by Location, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  8.1.1. Key Highlights
  8.1.1.1. Onshore
  8.1.1.2. Offshore
8.2. Asia Pacific Wind Power Market Outlook, by End-user, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  8.2.1. Key Highlights
  8.2.1.1. Utility
  8.2.1.2. Non-utility
8.3. Asia Pacific Wind Power Market Outlook, by Country, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  8.3.1. Key Highlights
  8.3.1.1. China
  8.3.1.2. Japan
  8.3.1.3. South Korea
  8.3.1.4. India
  8.3.1.5. Southeast Asia
  8.3.1.6. Rest of Asia Pacific
  8.3.2. BPS/Market Attractiveness Analysis

9. Latin America Wind Power Market Outlook, 2018 - 2030
9.1. Latin America Wind Power Market Outlook, by Location, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  9.1.1. Key Highlights
  9.1.1.1. Onshore
  9.1.1.2. Offshore
9.2. Latin America Wind Power Market Outlook, by End-user, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  9.2.1. Key Highlights
  9.2.1.1. Utility
  9.2.1.2. Non-utility
9.3. Latin America Wind Power Market Outlook, by Country, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  9.3.1. Key Highlights
  9.3.1.1. Brazil
  9.3.1.2. Mexico
  9.3.1.3. Rest of Latin America
  9.3.2. BPS/Market Attractiveness Analysis

10. Middle East & Africa Wind Power Market Outlook, 2018 - 2030
10.1. Middle East & Africa Wind Power Market Outlook, by Location, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  10.1.1. Key Highlights
  10.1.1.1. Onshore
  10.1.1.2. Offshore
10.2. Middle East & Africa Wind Power Market Outlook, by End-user, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  10.2.1. Key Highlights
  10.2.1.1. Utility
  10.2.1.2. Non-utility
10.3. Middle East & Africa Wind Power Market Outlook, by Country, Installed Capacity (GW) and Value (US$ Mn), 2018 - 2030
  10.3.1. Key Highlights
  10.3.1.1. GCC
  10.3.1.2. South Africa
  10.3.1.3. Rest of Middle East & Africa
  10.3.2. BPS/Market Attractiveness Analysis

11. Competitive Landscape
11.1. Company Market Share Analysis, 2022
11.2. Competitive Dashboard
11.3. Company Profiles
  11.3.1. Vestas Wind Systems A/S
  11.3.1.1. Company Overview
  11.3.1.2. Product Portfolio
  11.3.1.3. Financial Overview
  11.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
  11.3.2. Siemens Gamesa Renewable Energy
  11.3.3. GE Renewable Energy
  11.3.4. Goldwind
  11.3.5. Suzlon
  11.3.6. Guodian United Power
  11.3.7. Nordex
  11.3.8. Windey
  11.3.9. ENERCON
  11.3.10. SEWind
  11.3.11. NextEra Energy Resources
  11.3.12. Iberdrola
  11.3.13. Envision Energy
  11.3.14. Mingyang

12. Appendix
12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations

Wind Power Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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