Wind Energy Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, Canada, China, Japan, Germany - Size and Forecast 2024-2028

Wind Energy Market Forecast 2024-2028

The wind energy market size is forecast to increase by USD 47.88 billion, at a CAGR of 7.93% between 2023 and 2028. The report includes historic market data from 2018 - 2022. The market is experiencing an increasing need for the incorporation of energy storage solutions, digitalization, and data analytics integration to enhance the efficiency of wind farm operations. There is also notable innovation in wind turbine technology contributing to this trend. This demand stems from the desire to maximize the output and sustainability of wind farms, aligning with global initiatives for clean energy and environmental conservation. The integration of energy storage allows for better management of energy fluctuations and grid stability. Additionally, digitalization and data analytics provide valuable insights into wind farm performance, enabling operators to make informed decisions for optimal operation and maintenance. These advancements signify a shift towards more efficient, reliable, and sustainable wind power generation.

Market Overview :

•  Onshore is the fastest-growing segment during the forecast year
• The  onshore  was the largest segment and was valued at  USD 65.41 billion in 2018
• APAC is the most dominating region during the forecast period
• It also includes an in-depth analysis of the increasing awareness of environmental pollution and support for renewable energy, the integration of energy storage solutions, and the high upfront costs and investments needed in wind energy.

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Market Trends 

Integration of energy storage solutions is an emerging trend in the market. The incorporation of energy storage solutions is an important trend in the global market, fuelled by the need to address the intermittent and variable nature of wind energy output. In addition, energy storage methods enable the capture and storage of excess renewable energy, which may subsequently be used when there is little wind or higher demand.

Moreover, this trend is especially important in nations with aggressive renewable energy targets and a significant proportion of wind power in their energy mix. For instance, in nations with large renewable energy capacities, such as Germany and Denmark, the use of energy storage solutions such as batteries and pumped hydro storage systems has gained popularity. Furthermore, these storage systems serve to balance any fluctuations in wind power output and improve grid stability, enabling the integration of more renewable energy into the power grid. Hence, such factors are driving the market during the forecast period.

Market Largest-Growing Segments 

The market encompasses a wide array of segments crucial for harnessing the power of wind as a sustainable energy source. One of the key challenges faced is the intermittent of renewable energy, which refers to the variability in wind speeds that can affect power generation. To address this, Onshore wind turbines and Land-based turbines are strategically deployed on land to capture renewable energy efficiently. The vast Ocean presents immense potential for Renewable energy form utilization, including Hydrogen energy production from water through electrolysis, which can be stored in Liquid, Solid, or Gaseous forms for later use. This stored energy is converted into Electric energy through Generators and Electrical wind generators, driving Renewable energy sources integration into the grid. The shift towards Clean energy sources is driven by concerns over Fossil fuels and their Greenhouse gas emissions. Advancements in Wind energy technologies have led to reduced costs, known as the Declining cost of wind energy, making wind power competitive in the market.

Onshore

The onshore segment is estimated to witness significant growth during the forecast period. In the past decade, technological progress has facilitated wind power project operators to reduce the costs of new onshore wind power generation by half. In addition, production costs in new onshore wind power projects have declined for the most efficient onshore wind power projects globally. Furthermore, this has made wind power the most economical source of power generation.

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The onshore segment was the largest segment and was valued at USD 65.41 billion in 2018. Moreover, the government of Sweden has set targets to increase onshore power generation. For example, the government of Sweden plans to increase its wind power capacity to 100 terawatt-hours (TWh) by 2040, out of which 80 TWh would be generated by onshore wind farms, an increase from the current 28 TWh that is generated by a fleet of 4,000 wind turbines. In addition, renewable energy is expected to become one of the important renewable energy sources and onshore wind is an essential part of this transition. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

Market Regional Analysis

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APAC is estimated to contribute 44% 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. Several governments and stakeholders are putting more focus on the transition to renewable energy and climate change mitigation initiatives. In addition, countries such as China, India, and Australia are making significant investments in renewable energy infrastructure to cut down carbon emissions and meet their clean energy targets. Moreover, offshore wind farms are becoming increasingly popular in the market in APAC. In addition, countries with long coastlines, such as Japan, South Korea, and Taiwan, are using their abundant wind resources to set up offshore renewable energy projects. For example, Taiwan Formosa 1 and Formosa 2 projects represent significant milestones in the growth of the regional market. Hence, such factors are driving the market in APAC during the forecast period.

Market Dynamics and Customer Landscape

The market is driven by several factors, including the increasing focus on clean energy sources, advancements in wind energy technologies such as Onshore wind turbines and Electrical wind generators, and the declining cost. Renewable energy forms such as Hydrogen energy is also gaining traction. However, challenges such as the intermittency of renewable energy, environmental rules, and competition from traditional energy sources like Fossil fuels pose hurdles. The market is witnessing trends towards Renewable energy technology and Global market expansion, along with innovations in Wind turbines and Clean energy sources. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Drivers of the Market

Increasing awareness of environmental pollution and support for renewable energy is notably driving the market. The increasing demand for clean and sustainable energy sources is a key driver of the global market. In addition, environmental concerns, including climate change, air pollution, and the decreasing supply of fossil fuel resources, have spurred governments, corporations, and consumers to turn toward renewable energy solutions like wind power.

For instance, countries across the world, such as India, China, and the US, have set lofty goals for reducing greenhouse gas emissions and increasing the proportion of renewable energy in their energy mix. In addition, these goals frequently require considerable expenditures on renewable energy infrastructure, such as wind farms and grid integration systems. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market during the forecast period.

Significance Challenges of Market

High upfront costs and investments needed in wind energy a major challenges hindering the market.  One of the main challenges in the global market is the high upfront costs and investment needed to set up renewable energy projects, which include infrastructure and grid connections. In addition, the initial capital investment for establishing wind farms, which includes the purchase of land and the construction of wind turbines, transmission lines, substations, and other infrastructure, can be significant.

Moreover, integrating renewable energy into the existing power grid necessitates additional expenditure on grid infrastructure, such as grid improvements, smart grid technologies, and energy storage systems, to overcome the intermittent nature of wind power. For instance, in nations such as Germany and the US, where renewable energy has observed significant growth, the challenge of high upfront costs and investments is clear. Hence, such factors are driving the market during the forecast period.

Market Customer Landscape

The market research 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Customer Landscape

Major Market Companies

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

ABB Ltd: The company offers foot insoles such as Fascia Fix Orthotic Insoles, Interpod Modular Foot Orthotic Insoles, Slimflex Comfort Plantar Fasciitis Orthotic Insoles, Slimflex Berry Wide Fit Orthotic Insoles, and others.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

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

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 market 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.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Type Outlook
  • Onshore
  • Offshore
• End-user Outlook
  • Industrial
  • Commercial
  • Residential
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is undergoing significant transformations driven by various factors. One crucial aspect is the global shift towards clean energy sources due to concerns over fossil fuels and their environmental impact. The declining cost of wind energy has made it a competitive alternative, especially with larger turbine capacities and lower installation costs. This has led to widespread adoption in both the commercial sector (including office buildings, retail stores, hotels, and hospitals) and the residential sector (individual households and residential communities). Advancements in this technologies, such as offshore wind expansion and larger offshore wind turbines, have unlocked vast wind power potential. Additionally, innovations like kinetic energy and mechanical energy conversion for water pumping and electricity generation have expanded the scope of this application

Moreover, despite challenges like intermittency due to weather conditions and sea depth constraints for offshore installations, regulatory support and environmental rules favoring renewable energy technology have bolstered the wind power market. Moreover, initiatives like wind battery charging and wind pumps offer cost-effective energy solutions for isolated coastal areas. Overall, the market continues to evolve, offering a promising pathway towards a sustainable energy future while gradually reducing reliance on traditional energy sources like coal, natural gas, and oil.

Market Scope
Report Coverage	Details
Page number	170
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.93%
Market Growth 2024-2028	USD 47.88 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	6.96
Regional analysis	APAC, North America, Europe, South America, and the Middle East and Africa
Performing market contribution	APAC at 44%
Key countries	US, Canada, China, Japan, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., Acciona SA, Adani Green Energy Ltd., Ameresco Inc., Electricite de France SA, General Electric Co., Inox Wind Ltd., LM Wind Power, Nextera Energy Inc., Orsted AS, ReGen Powertech Pvt. Ltd., Renewable Energy Systems Ltd., SB Wind Energy Pvt Ltd., Siemens Energy AG, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., Tata Power Co. Ltd., Vensys Energy AG, Vestas Wind Systems AS, and Northland Power Inc.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2028
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, North America, Europe, South America, and the Middle East and Africa
• A thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive  analysis of factors that will challenge the growth of market companies

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