United States Wind Energy Market Size (2024 - 2029)

The US wind energy market is poised for growth, driven by favorable government policies, increased investment, and reduced costs, which have enhanced the adoption of wind energy. Despite challenges from alternative energy sources like gas and solar power, the market's expansion is supported by the onshore segment's dominance due to cost-effective electricity generation. Technological advancements in offshore wind turbines are also expected to offer significant opportunities, with the US maintaining a leading position in installed capacity and market size during the forecast period.

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Market Size of United States Wind Energy Industry

United States Wind Energy Market-Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.87 %
Market Concentration Medium

Major Players

United States Wind Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

US Wind Energy Market Analysis

The US wind energy market is expected to register a CAGR of approximately 5.87% during the forecast period, 2022-2027. The COVID-19 pandemic had no negative impact on the market, as the year witnessed a growth of around 14 GW in 2020. The market had just a slight disturbance in Q1 and Q2 of 2020. Major factors attributing to the growth include the 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 US market. The increasing adoption of alternate energy sources, such as gas-based power and solar power, is expected to hinder the market growth in the region.

  • The onshore segment is expected to be the largest market during the forecast period in the United States, owing to increased onshore wind capacity additions, supported by reducing the cost of electricity generation from onshore wind projects.
  • 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 the United States. Several projects, such as the 84-turbine and 800-megawatt Vineyard Wind project, which is the first large utility-scale offshore wind project scheduled for development, are expected to present an opportunity for major companies in the region.
  • In 2020, the United States had the highest installed capacity in the region. It is expected to be the largest market during the forecast period, bolstered by constant growth in offshore wind power projects.

US Wind Energy Industry Segmentation

The US wind energy market report includes:

Location
Onshore
Offshore
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United States Wind Energy Market Size Summary

The US wind energy market is poised for significant growth, driven by favorable government policies, increased investments, and the declining cost of wind energy. The market's resilience was evident during the COVID-19 pandemic, which saw continued expansion despite initial disruptions. The onshore segment is expected to dominate the market, supported by advancements in technology and cost reductions in electricity generation. Offshore wind energy, although currently limited, is anticipated to grow with projects like the Vineyard Wind and the Montauk Point installations, highlighting the country's commitment to expanding its renewable energy capacity. The market's growth is further bolstered by the increasing adoption of wind energy as a crucial component in addressing climate change and meeting rising electricity demands.

The US wind energy sector is moderately fragmented, with key players such as Acciona Energia SA, Orsted AS, Duke Energy Corporation, General Electric Company, and Siemens Gamesa Renewable Energy actively participating in the market. The development of large-scale projects, such as Equinor's Empire Wind and the Deerfield 2 wind farm, underscores the sector's potential. These initiatives, along with supportive government policies and strategic partnerships, are expected to enhance the market's trajectory. As the country aims to meet its energy needs through renewable sources, wind energy is set to play a pivotal role in the US energy landscape, contributing significantly to the nation's electricity supply in the coming years.

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United States Wind Energy 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 United States Renewable Energy Mix, 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

United States Wind Energy Market Size FAQs

The United States Wind Energy Market is projected to register a CAGR of 5.87% 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 United States Wind Energy Market.

US Wind Energy Market Report Snapshots

US Wind Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)