Wind Energy Market Analysis, Size, and Forecast 2025-2029: North America (US, Canada, and Mexico), Europe (Germany and UK), APAC (Australia, China, India, Japan, and South Korea), and Rest of World (ROW)

Wind Energy Market Size 2025-2029

The wind energy market size is forecast to increase by USD 70.9 billion at a CAGR of 8.7% between 2024 and 2029.

• The market is experiencing significant growth, driven by the increasing awareness of environmental pollution and the global push towards renewable energy sources. However, the market faces substantial hurdles, with high upfront costs and investments required to establish wind energy projects. Energy policy and climate policy are shaping the market, pushing for grid parity and energy efficiency. Turbine efficiency is a key focus, with advancements in yaw control, torque control, and blade pitch enhancing power curve performance.
• These financial constraints necessitate strategic planning and innovative financing models for companies seeking to capitalize on this market's potential. Navigating these challenges will be crucial for stakeholders looking to succeed in the market. Land use and turbine installation are also essential considerations, with power transmission infrastructure playing a crucial role in integrating wind power into the grid. Research and development in sustainable energy have led to the integration of battery energy storage and hydrogen storage for improved energy storage capabilities.

What will be the Size of the Wind Energy Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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• In the dynamic market, meteorological data plays a crucial role in optimizing wind atlas analysis for site assessment. Circular economy principles are increasingly applied, with blade recycling and material recycling reducing operational costs and promoting green technology. Sustainable investing and green finance are driving the adoption of renewable energy portfolios, including both bottom-fixed and floating wind turbines.
• Wind shear and wake effect management are essential for maximizing energy output from wind farms. Offshore substations are becoming more common, enabling larger wind farms and greater grid integration. Research and development in areas like battery energy storage, control systems, and condition monitoring are also crucial to optimizing energy yield and power output.

How is this Wind Energy Industry segmented?

The wind energy industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

• Type
  • Onshore
  • Offshore
• End-user
  • Industrial
  • Commercial
  • Residential
• Component
  • Turbines
  • Support structures
  • Electrical infrastructure
  • Control systems
  • Others
• Geography
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
  • APAC
    • Australia
    • China
    • India
    • Japan
    • South Korea
  • Rest of World (ROW)

By Type Insights

The onshore segment is estimated to witness significant growth during the forecast period. Wind power has experienced significant advancements in the last decade, driving down production costs by half for new onshore projects. This economic shift has positioned wind power as the most cost-effective source of electricity generation globally. Sweden, for instance, has set ambitious targets to expand onshore wind energy, with wind temporarily surpassing traditional sources in December 2024. In this record-breaking year, wind energy generated 40.8 TWh, accounting for a quarter of the nation's electricity mix, up from 22% in 2023. During this period, wind covered 35% of Sweden's electricity demand, underscoring its growing importance. Technological innovations have played a pivotal role in this progress.

For example, blade manufacturing has evolved with the use of carbon fiber, enhancing durability and energy yield. Wind turbine design has advanced, with rotor dynamics and control systems optimized for increased power output and grid integration. Environmental regulations have also influenced the wind power industry, with a focus on climate change mitigation and carbon emissions reduction. Wind energy associations have advocated for renewable portfolio standards and condition monitoring, ensuring wind farms operate efficiently and adhere to environmental guidelines.

Offshore wind has emerged as a promising sector, with offshore installation and capacity factor improvements contributing to increased power output. Despite these advancements, challenges remain. Wind direction and wind speed variability, noise pollution, and public acceptance are critical concerns.

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The Onshore segment was valued at USD 87.00 billion in 2019 and showed a gradual increase during the forecast period.

The Wind Energy Market is rapidly expanding as nations invest in sustainable power solutions. Innovations in offshore substations enhance energy transmission efficiency for coastal wind farms. The rise of floating wind turbines enables deployment in deep waters, maximizing wind potential beyond shallow seabeds. Meanwhile, bottom-fixed wind turbines continue to dominate nearshore installations due to their stability and cost-effectiveness. Conducting a thorough life cycle analysis helps assess the environmental impacts and long-term sustainability of wind projects. Securing a power purchase agreement ensures financial viability, fostering investor confidence and stable revenue streams. A well-balanced renewable energy portfolio integrates wind energy alongside solar and hydro power, driving global decarbonization efforts.

The Wind Energy Market continues to expand, driven by supportive policies like the feed-in tariff, which incentivizes renewable power adoption. Conducting a thorough environmental impact assessment is crucial to ensure sustainable development while mitigating ecological concerns. Industry collaboration through organizations like the Wind Energy Association fosters advancements and regulatory improvements. Continued research and development enhance turbine efficiency, grid integration, and storage solutions, making wind power more reliable. This trend is further bolstered by the integration of energy storage solutions, which addresses the intermittency challenge of wind energy and enhances its reliability as a power source.

Regional Analysis

APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market is experiencing significant growth as governments and stakeholders prioritize the transition to sustainable energy and climate change mitigation initiatives. In the coming years, the Asia Pacific (APAC) region is projected to lead the market, with countries like China, India, and Australia making substantial investments in wind energy infrastructure. Offshore wind farms are gaining popularity due to the abundant wind resources in countries with long coastlines, such as Japan, South Korea, and Taiwan. This shift towards offshore wind energy is driving advancements in blade manufacturing, wind turbine design, and grid integration.

Wind energy associations and industry players are collaborating to promote the use of renewable energy credits, green bonds, and feed-in tariffs. The wind power industry is also exploring innovative technologies like hydrogen storage and carbon fiber turbine blades to enhance energy efficiency and capacity factor. Land use and turbine installation remain critical considerations in the wind energy sector, with a growing emphasis on public acceptance and power transmission infrastructure.

Market Dynamics

Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the Wind Energy market drivers leading to the rise in the adoption of Industry?

• The growing consciousness regarding environmental pollution and the subsequent demand for renewable energy sources serve as the primary market motivators. The market is experiencing significant growth due to the increasing demand for clean and sustainable energy sources. Environmental concerns, such as climate change mitigation and air pollution reduction, have driven governments, corporations, and consumers to invest in renewable energy solutions, including wind power. Many countries, like India, China, and the US, have set ambitious goals to decrease greenhouse gas emissions and increase the use of renewable energy. These objectives necessitate substantial investments in wind energy infrastructure, such as wind farms and grid integration systems. Moreover, public awareness and support for environmental conservation have heightened the demand for clean energy alternatives.

• Wind energy offers numerous advantages, including the ability to generate energy yield through wind speed and the potential for carbon fiber offshore installations. Additionally, wind energy can contribute to carbon tax initiatives and hydrogen storage systems, further enhancing its appeal as a renewable energy source. The market is poised for continued growth as the world transitions to cleaner energy sources. Governments, corporations, and consumers are increasingly recognizing the importance of reducing greenhouse gas emissions and investing in renewable energy solutions, making wind energy a key player in the global energy landscape.

What are the Wind Energy market trends shaping the Industry?

• The integration of energy storage solutions is an emerging market trend. This includes the implementation of advanced battery technologies and smart grid systems to optimize energy usage and ensure energy reliability. The market is experiencing significant growth due to the global energy transition towards renewable sources. Wind resource assessment plays a crucial role in the market's expansion, with wind direction and speed being essential factors in determining the viability of wind energy projects. In the wind energy sector, advancements in turbine blade design and rotor dynamics have led to increased efficiency and reduced carbon emissions. Feed-in tariffs, which provide long-term contracts for the sale of renewable energy, continue to drive investment in wind energy projects. Additionally, the use of green bonds to finance renewable energy projects has gained traction, as investors seek to support environmentally sustainable initiatives.

• Despite these challenges, the integration of energy storage solutions is an important trend, addressing the intermittent and variable nature of wind energy output. This trend is especially significant in countries with ambitious renewable energy targets and a substantial wind power presence, such as Germany and Denmark, where the adoption of energy storage technologies like batteries and pumped hydro storage systems has become increasingly popular.

How does Wind Energy market face challenges during its growth?

• The significant upfront costs and investments required in the wind energy sector pose a substantial challenge, hindering its growth and expansion. The wind power industry faces substantial investments and expenses in establishing wind energy projects, which encompass land acquisition, turbine installation, and power transmission infrastructure. The capital outlay for developing wind farms involves purchasing land, constructing wind turbines, transmission lines, substations, and other necessary facilities, representing a substantial financial commitment.

• Another concern in the market is noise pollution from wind turbines, which can impact public acceptance. Addressing this issue through technological advancements and community engagement is crucial for the industry's continued growth. Integrating wind energy into the existing power grid necessitates additional expenditures on grid improvements, smart grid technologies, and energy storage systems to address the intermittent nature of wind power. Countries like Germany and the US, where wind energy has experienced substantial growth, illustrate the challenge of high upfront costs and investments.

Exclusive Customer Landscape

The wind energy market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the wind energy market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, wind energy market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

ABB Ltd. - The company specializes in wind energy technology, providing converters, generators, electrical drivetrain packages, synchronous condensers, and integrated systems for the offshore wind sector.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• ABB Ltd.
• Acciona SA
• Adani Green Energy Ltd.
• Ameresco Inc.
• Electricite de France SA
• General Electric Co.
• LM Wind Power
• Nextera Energy Inc.
• Northland Power Inc.
• Orsted AS
• ReGen Powertech Pvt. Ltd.
• Renewable Energy Systems Ltd.
• SB WIND ENERGY
• Siemens Energy AG
• Sinovel Wind Group Co. Ltd.
• Suzlon Energy Ltd.
• Tata Power Co. Ltd.
• Vensys Energy AG
• Vestas Wind Systems AS

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Recent Development and News in Wind Energy Market

• In February 2024, Vestas Wind Systems, a leading wind turbine manufacturer, announced the launch of its new V160-2.0 MW wind turbine, which is the largest onshore wind turbine in the world. This new product is expected to significantly increase the efficiency and productivity of wind energy projects (Vestas, 2024).
• In June 2024, Siemens Gamesa Renewable Energy and Enel Green Power, two major players in the wind energy sector, signed a strategic partnership agreement to collaborate on the development, construction, and operation of wind farms. This collaboration is expected to strengthen both companies' positions in the market (Siemens Gamesa, 2024).
• In November 2024, Orsted, the world's leading renewable energy company, secured a USD2 billion investment from a consortium of investors led by Goldman Sachs. This investment will be used to finance Orsted's offshore wind projects in the United States and Europe (Orsted, 2024).
• In March 2025, the European Union approved the State Aid Guidelines for Renewable Energy, which includes a new support scheme for offshore wind energy. This scheme is expected to accelerate the growth of the offshore market in Europe and create new opportunities for companies in the sector (European Commission, 2025).

Research Analyst Overview

The market continues to evolve, shaped by dynamic market forces and technological advancements. The ongoing unfolding of market activities is marked by the interplay of various factors, including wind resource assessment, turbine design, and rotor dynamics. Carbon emissions reduction is a key market driver, with feed-in tariffs and renewable portfolio standards incentivizing the transition to green energy. Green bonds and other financing mechanisms support the growth of wind energy projects, while grid integration and energy storage solutions address the intermittency challenges of wind power.

Wind direction and wind speed are essential factors in optimizing wind farm performance, with offshore wind installations offering higher energy yields and capacity factors. Land use and public acceptance are also crucial considerations, with noise pollution and turbine installation techniques under constant scrutiny. Market dynamics continue to shift, with climate change mitigation and carbon pricing influencing the industry's trajectory. The wind power industry's ongoing evolution reflects the sector's commitment to sustainable energy and its role in the global energy transition.

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Wind Energy Market insights. See full methodology.

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What are the Key Data Covered in this Wind Energy Market Research and Growth Report?

• CAGR of the Wind Energy industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2025 and 2029
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the wind energy market growth of industry companies

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