Market Size of Global Wind Power Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 27.87 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Global Wind Power Market Analysis
The Global Wind Power Market size in terms of installed base is expected to grow from 1.01 Thousand gigawatt in 2024 to 3.47 Thousand gigawatt by 2029, at a CAGR of 27.87% during the forecast period (2024-2029).
- In the medium term, factors such as favorable government policies, the increasing investment in upcoming wind power projects, and the reduced cost of wind energy have led to increased adoption of wind energy and are expected to drive the market between 2024 and 2029.
- The increasing adoption of alternative energy sources, such as gas-based and solar power, is expected to hinder the growth of the market.
- Nevertheless, technological advancements in efficiency and decreased production costs of offshore wind turbines are expected to create ample opportunity for the global market.
- Asia-Pacific is the fastest-growing market due to the rising energy demand. This growth is attributed to increasing investments, coupled with supportive government policies in the countries of this region, including India, China, and Australia.
Global Wind Power Industry Segmentation
Wind power is generated by the force of the wind, mainly through the rotor, which transforms kinetic energy into mechanical energy, and through the generator, thus using the principle of Faraday's law of electromagnetic induction, which finally converts this mechanical energy into electrical energy.
The wind power market is segmented by location and geography. By location, the market is segmented into onshore and offshore wind installations. The report also covers the market size and forecasts for the wind power market across major regions. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).
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| Offshore |
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Global Wind Power Market Size Summary
The wind power market is poised for significant expansion over the forecast period, driven by favorable government policies, increased investments, and the declining cost of wind energy. The market's growth is expected to be robust, with technological advancements in offshore wind turbines creating substantial opportunities. The Asia-Pacific region, particularly China, India, and Australia, is anticipated to be the fastest-growing market due to rising energy demand and supportive government initiatives. Europe remains a leader in offshore wind, with its substantial operational wind farms meeting a significant portion of the continent's electricity needs. The shift towards offshore wind farms is gaining momentum, as they offer higher wind speeds and fewer land obstructions compared to onshore installations.
Despite the promising growth prospects, the market faces challenges from the increasing adoption of alternative energy sources like gas-based and solar power. However, the offshore wind segment is expected to see considerable growth, supported by substantial investments and government budgets in countries like the United Kingdom and the United States. These investments are aimed at enhancing research and development, as well as expanding offshore wind capacity. The market is characterized by fragmentation, with key players such as Acciona Energia SA, Duke Energy Corporation, and Orsted AS actively participating in the sector. Overall, large-scale installations and upcoming projects are set to drive the wind power market's growth between 2024 and 2029.
Global Wind Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Renewable Energy Mix, 2023
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1.3 Wind Power Installed Capacity and Forecast in GW, till 2029
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1.4 Recent Trends and Developments
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing Investments in Offshore Wind Power Projects
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1.5.1.2 Supportive Government Policies
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1.5.2 Restraints
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1.5.2.1 Increasing Adopting of Alternative Clean Energy Sources (Ex: Solar, Hydro)
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2029 (for regions only)})
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 France
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2.2.2.3 Norway
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2.2.2.4 Germany
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2.2.2.5 Spain
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2.2.2.6 Turkey
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2.2.2.7 Russia
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2.2.2.8 NORDIC
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2.2.2.9 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Japan
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2.2.3.4 Malaysia
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2.2.3.5 Thailand
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2.2.3.6 Indonesia
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2.2.3.7 Vietnam
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2.2.3.8 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 United Arab Emirates
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2.2.4.2 Egypt
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2.2.4.3 Saudi Arabia
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2.2.4.4 Nigeria
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2.2.4.5 Qatar
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2.2.4.6 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Chile
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2.2.5.3 Argentina
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2.2.5.4 Colombia
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2.2.5.5 Rest of South America
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Global Wind Power Market Size FAQs
How big is the Global Wind Power Market?
The Global Wind Power Market size is expected to reach 1.01 thousand gigawatt in 2024 and grow at a CAGR of 27.87% to reach 3.47 thousand gigawatt by 2029.
What is the current Global Wind Power Market size?
In 2024, the Global Wind Power Market size is expected to reach 1.01 thousand gigawatt.
