North America Wind Power Market Size (2024 - 2029)

The North America wind power market is poised for growth, driven by supportive government policies, increased investment, and lower wind energy costs, which have boosted its adoption and demand. Despite challenges from alternative energy sources like gas and solar power, the market's expansion is supported by technological advancements and reduced production costs, particularly in offshore wind turbines. The United States, with its significant installed capacity and ongoing projects, is expected to lead the region's market size during the forecast period.

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Market Size of North America Wind Power Industry

North America Wind Power Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 7.34 %
Market Concentration Low

Major Players

North America Wind Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Wind Power Market Analysis

The North America wind power market is expected to register a CAGR of approximately 7.34% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the long term, major factors attributing to the growth include favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy. Moreover, as countries are becoming increasingly concerned about climate change and the role of renewable energy in curtailing it, wind power is expected to increase its share in the North American market.
  • On the other note, the increasing adoption of alternate energy sources, such as gas-based power and solar power, is likely to hinder the market growth in the region.
  • The technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in North America. Several projects, such as the 84-turbine, 800-megawatt Vineyard Wind project, which is the first large utility-scale offshore wind project scheduled for development in the United States, are expected to present an opportunity for major companies in the region.
  • The United States had the highest installed capacity in the region and is expected to be the largest market during the forecast period bolstered by constant growth in onshore wind power additions and upcoming offshore wind power projects.

North America Wind Power Industry Segmentation

Wind power is usually generated using a wind turbine. Wind turbines are mechanical systems that convert kinetic energy into electrical energy. North America Wind Power Market is segmented by onshore and offshore. The report also covers the market size and forecasts for the North America Wind Power Market across the major countries. For each segment, the market size and forecasts have been done based on installed capacity in gigaWatts (GW).

Location
Onshore
Offshore
Geography
United States
Canada
Rest of North America
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North America Wind Power Market Size Summary

The North America wind power market is poised for significant growth, driven by favorable government policies, increased investments, and the declining cost of wind energy. These factors have led to a surge in the adoption of wind energy, aligning with the growing concern over climate change and the need for renewable energy solutions. The market, which experienced a setback due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue expanding. Technological advancements, particularly in offshore wind turbines, are creating new opportunities for market players. The United States, with its substantial installed capacity and ongoing projects, is anticipated to lead the market, supported by both onshore and offshore wind power developments.

The onshore wind segment is expected to dominate the North American wind power market, with significant contributions from the United States and Canada. Despite a decrease in onshore wind additions compared to previous years, the region's abundant wind resources and the decreasing cost of power generation are set to drive further installations. The United States, in particular, is benefiting from government support and a robust offshore wind development strategy, with numerous projects in the pipeline. Key players in the market, such as Acciona Energia SA, Orsted AS, and General Electric Company, are actively involved in expanding wind power capacity across the region. Recent developments, including large-scale projects and strategic partnerships, underscore the market's potential for growth in the coming years.

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North America Wind Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in GW, until 2027

    3. 1.3 North America Renewable Energy Mix, 2021

    4. 1.4 Number of Wind Turbines Installed, 2019-2027

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

      2. 1.7.2 Restraints

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitutes Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Geography

      1. 2.2.1 United States

      2. 2.2.2 Canada

      3. 2.2.3 Rest of North America

North America Wind Power Market Size FAQs

The North America Wind Power Market is projected to register a CAGR of 7.34% during the forecast period (2024-2029)

Acciona Energia SA, Orsted AS, Duke Energy Corporation, General Electric Company and Siemens Gamesa Renewable Energy are the major companies operating in the North America Wind Power Market.

North America Wind Power Market Report Snapshots

North America Wind Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)