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Wind Power Market Forecasted to Surge, Projected to Reach USD 180.97 Billion by 2031 with a Steady 6.87% CAGR Growth

The Wind Power Market is expected to reach USD 180.97 billion by 2031 and grow at a CAGR of 6.87% over the forecast period of 2024-2031.

The growth of Wind Power Market is encouraged by several key factors. Government initiatives are playing a crucial role. For instance, India, a leader in wind power adoption, aims to achieve a wind power capacity of 100 GW by 2030, actively supporting project development. Declining wind technology costs are making wind power a more attractive proposition compared to traditional sources. This, mix with growing environmental concerns and rising energy demands, is promoting the wind power market towards a bright and sustainable future.


  • 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.
  • DONG Energy

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Despite its potential, the wind power market struggles with economic and logistical hurdles.

Rising material prices and investor risk aversion due to capital intensity are dampening enthusiasm.  Furthermore, grid integration presents a challenge many ideal wind locations are remote, necessitating expensive transmission upgrades. For instance, the U.S. Department of Energy estimates $60 billion is needed to modernize the grid for optimal wind integration.  Governments can play a role by offering subsidies and streamlining permitting processes, as seen in China, which leads the world in wind power capacity.

Segmenting the wind power market by application reveals two distinct categories utility and non-utility.

The utility segment holds the maximum share, contributing around 47% of the market share. In contrast, the non-utility segment, encompassing industrial, commercial, and residential applications, holds the remaining 53% share. Here, we see industries utilizing wind power for their own manufacturing processes, while commercial buildings and residences leverage it to reduce their dependence on traditional energy sources.

Market Segments:

By Location

  • Onshore
  • Offshore

By Application

  • Utility
  • Non-utility

The APAC wind power market holds the maximum share globally, holding a dominant share exceeding both Europe, the Middle East, and Africa (EMEA) and the Americas combined. In 2023, a 47.6% of global wind turbine installations occurred in APAC, driven largely by China’s ambitious renewable energy goals. Onshore wind farms account for the highest share of the market at roughly 80%, capitalizing on cost-effectiveness and strong wind resources in regions like northern China and southern India. However, offshore wind is gaining traction, particularly in developed economies within APAC, and is expected to contribute a growing percentage in the coming years.

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Governments around the world are actively pushing wind energy development through a mix of financial and regulatory initiatives.

Fiscal incentives like tax breaks up to 80% depreciation in some cases have historically been a major driver, making wind farms more attractive investments. Additionally, policies like Renewable Purchase Obligations (RPOs) mandate that utilities source a specific percentage of 20-30% of their electricity from renewable sources, creating a guaranteed market for wind-generated power. These efforts have seen significant success – India, for instance, has grown its wind power capacity by over 39 GW, though this represents only a fraction of its estimated potential.

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Key Trends:

  • While onshore wind dominates currently due to its cost-effectiveness, wind power is gaining traction with advancements in turbine technology and growing government support.
  • Another key trend is the focus on increasing efficiency through innovations like larger turbines and digitalization for improved operations and maintenance.
  • Community engagement is becoming a priority for wind project developers, ensuring sustainable development and social acceptance of these projects.

Key Takeaways:

  • The wind power market is experiencing a boom, with global capacity surging and new installations reaching record highs. This growth is driven by several factors, including government support for renewable energy and decreasing costs of wind technology.
  • Chinese companies have rapidly captured a two-thirds of the market share, putting pressure on established Western players.
  • This trend highlights the increasing competitiveness of the wind power industry, where innovation and cost efficiency will be key differentiators for success in the future.

Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Wind Power Market Segmentation, By Location
  9. Wind Power Market Segmentation, By Application
  10. Regional Analysis
  11. Company Profiles
  12. Competitive Landscape
  13. Conclusion

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