Global Wind Power Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Global Wind Power Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Market Research Reports | Q1 2024 | Report ID: BR01934

About the Report

The global wind power market is growing rapidly. This expansion of the market is attributed to several key factors, including the widespread deployment of wind power projects, decreasing wind turbine costs, government policies aimed at achieving emission reduction targets and enhancing energy security, and a surge in investments in the wind energy market.

 

However, the time-consuming permitting process, environmental concerns, and grid infrastructure constraints are some of the major restraints on global wind power market growth.

 

Global Wind Energy Scenario

In 2022, the global wind energy sector saw an increase of 75 GW in installed capacity, comprising 12 GW in offshore wind power and 63 GW in onshore installations. While this figure represents a 17% decrease compared to the previous year, it stands as the third-highest year in history for wind capacity additions.

 

Global annual wind power installations, in GW, 2017-2022

 

Regarding wind power generation, the year 2022 witnessed a remarkable increase in wind electricity generation, with a record-breaking growth of 265 terawatt-hours (TWh), marking a 14% rise. This boost propelled wind energy production to surpass 2,100 TWh, securing its position as the second-highest growing renewable power technology, following closely behind solar photovoltaics (PV).

 

Drivers

Supportive Policies

Policy support by governments around the world continues to be the main driver of global wind power market. A wide range of policy mechanisms are propelling capacity growth, encompassing auctions, feed-in tariffs, contracts for difference, and renewable energy portfolio standards.

 

For instance, in August 2022, the U.S. federal government unveiled the Inflation Reduction Act (IRA), a comprehensive initiative that substantially augments support for renewable energy sources over the next decade. This support is achieved through a combination of tax credits and various other measures.

 

The IRA has new advanced manufacturing production credits for companies that domestically manufacture and sell clean energy equipment in the United States between December 31, 2022, and December 31, 2032.

 

Similarly, in October 2023, the European Commission unveiled the European Wind Power Action Plan, designed to align the clean energy transition with industrial competitiveness. This comprehensive plan outlines immediate collaborative actions to be taken by the Commission, Member States, and the industry. It builds upon existing policies and legislation and centers on six primary focus areas.

 

One of the key focal points is the acceleration of deployment through enhanced predictability and streamlined permitting procedures. To facilitate this, the Commission is initiating the "Accele-RES" program in partnership with Member States. This initiative aims to expedite the implementation of revised EU renewable energy regulations, with an emphasis on digitalizing permitting processes and providing technical support to Member States.

 

Regional Analysis

The Asia-Pacific wind power market is currently dominating the global market, primarily due to China. Following the establishment of a local wind supply chain between 2008 and 2010, China has not only risen to prominence as the world's leading wind turbine manufacturing hub but has also become the largest production center for critical components and raw materials in the wind energy industry.

 

China also remains at the forefront in terms of wind capacity growth, having added an impressive 37 GW in 2022, which includes 7 GW from offshore farms. The unveiling of the 14th Five-Year Plan for Renewable Energy in 2022 sets forth ambitious objectives for the deployment of renewables by 2025, including an 18% target for wind and solar technologies. These targets are expected to propel even more significant advancements in the years ahead.

 

India has also gained a prominent position in the global wind supply chain.

 

In response to the energy crisis, the European Union is ramping up its wind deployment efforts, achieving a remarkable addition of 13 GW in 2022. The proposed policies and targets outlined in the REPowerEU Plan and the Green Deal Industrial Plan are poised to play pivotal roles in stimulating investments in wind power.

 

In 2022, the United Kingdom made substantial strides in offshore wind energy by installing nearly 3 GW of capacity. Notably, this achievement surpasses the combined offshore wind capacity additions of the entire world, excluding China.

 

In the North American region, the United States is leading the market with the addition of 7.8 GW of wind power capacity. This was due to the inclusion of generous new funding for wind power in the Inflation Reduction Act (IRA), introduced in 2022. Investment and production tax credits are expected to boost capacity deployment during the forecast period.

 

In the wake of the COVID-19 pandemic, European and American turbine Original Equipment Manufacturers (OEMs) made strategic decisions to diversify their supply chains, with the aim of ensuring a secure and reliable source of supply.

 

Segment Analysis

The Onshore wind segment continues to lead the wind capacity addition growth. However, the offshore segment is increasing its share. By the end of 2022, globally, 93% of the total installed wind power capacity was in the onshore segment, and the remaining 7% was in the offshore segment.

 

Onshore wind technology is well-established, with a presence in 115 countries globally. In contrast, offshore wind is still in its early stages of expansion and is currently operational in just 20 countries. However, the offshore reach is expected to grow in the forthcoming years as more nations are in the process of developing or planning their inaugural offshore wind farms.

 

Recent Developments

  • In November 2023, Shell plc made the decision to withdraw from its power purchase agreement (PPA) associated with the SouthCoast windfarm project, located off the coast of Massachusetts. Instead of proceeding with the project and incurring escalating construction costs, Shell opted to pay a penalty.
  • Bangladesh approved the feasibility study for its first offshore wind power project. The initial phase of development of the site is also scheduled to be completed within the next three years.
  • Global energy developer Orsted has made an unexpected decision to cancel two significant offshore wind projects, Ocean Wind 1 and Ocean Wind 2, off the coast of New Jersey. This move is attributed to shifting macroeconomic dynamics, including elevated inflation rates, supply chain disruptions, and the increasing cost of borrowing due to rising interest rates.
  • In November 2023, Vestas, a leading Danish wind turbine manufacturer, in collaboration with Zhong Neng offshore wind farm, successfully launched the first locally assembled offshore wind turbine rotor hub in Taiwan.
  • The Biden administration has granted approval for the largest offshore wind project in the United States in October 2023. The Coastal Virginia offshore wind project, upon its completion, will provide clean energy to power 900,000 homes, generate thousands of job opportunities, and contribute an impressive 2,600 megawatts of clean energy to the grid.
  • In November 2023, HD Hyundai Electric, a Korean energy solutions company, signed a multi-partner agreement to help develop a 3.2-gigawatt offshore wind power project off the coast of South Korea.
  • Rajalakshmi Group, based in Chennai, India, has embarked on a new venture in the manufacturing of wind turbines. Their manufacturing facility is expected to be established in Gummidipoondi, near Chennai, with technology support from Germany's Vensys. The company is actively developing a 4 MW turbine through its subsidiary, Ventus Power, and aims to commence turbine sales in 2025. This move represents an exciting development in India's renewable energy landscape.

 

Blackridge Research's global wind power market report provides insights into the current global and regional market demand scenario and its outlook.

 

The new report from Blackridge Research on the global wind power market provides comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market.

 

(You can access a comprehensive list of both existing and upcoming wind energy projects, along with their current status, through our extensive Global Wind Projects Database.)

 

What Do We Cover in the Report?

Wind Power Market Drivers & Restraints

The study covers all the major underlying market dynamics that help the market develop and grow, as well as the factors that constrain global market growth.

 

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

 

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and will function as a guide for you to analyze the degree of impact.

 

Wind Power Market Analysis

This report discusses the market overview, the latest updates, important commercial developments and structural trends, and government policies and regulations.

 

Wind Power Market Size and Demand Forecast

The report provides the global wind power market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.

 

Wind Power Industry Analysis

The report examines the critical elements of the wind energy industry supply chain, its structure, and the participants.

 

Using Porter's five forces framework, the report covers an assessment of the wind power industry's state of competition and profitability.

 

Wind Power Market Segmentation & Forecast

The report dissects the global wind energy market into various segments based on type (onshore wind, and offshore wind). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each market segment.

 

Further, wind power market share, size, and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

 

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.

 

Regional Market Analysis

The report covers detailed profiles of major regions across the world. Each region's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

 

In addition, market size, demand forecasts, and growth rates will be provided for all regions. The region is segmented geographically into North America, Europe, Asia-Pacific, and the rest of the world (South America, the Middle East, and Africa).

 

Key Company Profiles

This report presents detailed profiles of key companies in the wind power industry, such as NextEra Energy Inc., Iberdrola SA, Ørsted A/S, Enel SpA, Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, GE Renewable Energy, Nordex Acciona, Envision Energy, etc. In general, each company profile includes an overview of the company, relevant products and services, a financial overview, and recent developments.

 

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

 

The study also discusses the strategies adopted by leading players in the industry.

 

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

 

The report begins with an executive summary chapter and ends with conclusions and recommendations.

 

Also, check out our other reports:

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Market Opportunities
  • 3.5 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter's Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Location of deployment
    • 5.1.1 Onshore
    • 5.1.2 Offshore

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Asia-Pacific
  • 6.3 Europe
  • 6.4 Rest of the World

7. Key Company Profiles

  • 7.1 Operators
    • 7.1.1 NextEra Energy Inc.
    • 7.1.2 Iberdrola SA
    • 7.1.3 Enel SpA
    • 7.1.4 Ørsted A/S
    • 7.1.5 RWE AG
    • 7.1.6 Other Notable Players
  • 7.2 OEMs
    • 7.2.1 Vestas
    • 7.2.2 Siemens Gamesa Renewable Energy SA
    • 7.2.3 Xinjiang Goldwind Science & Technology Co., Ltd.,
    • 7.2.4 GE Renewable Energy
    • 7.2.5 Envision Group
    • 7.2.6 Ming Yang Smart Energy Group Ltd
    • 7.2.7 Nordex Acciona
    • 7.2.8 Zhejiang Windey Co., Ltd.,
    • 7.2.9 Other Notable Players

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

Disclaimer

  This report helps to:-

  • Gain a deeper understanding of the global wind power market
  • Equip yourself with rigorous analysis and forward-looking insight into the wind power market across various regions
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand across various segments evolve over the next five years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players
  • Keep on top of M&A developments, JV's and other agreements to assess the evolving competitive landscape and enhance your competitive position

  What's included

Report - Global Wind Power Market Outlook to 2028.pdf
Market Data Sheet - Global Wind Power Market Outlook to 2028.xls

  Why buy this report?

  • Gain a deeper understanding of the impact of Covid-19 on the <Wind Power Market>.
  • Equip yourself with rigorous analysis and forward-looking insights into the <Wind Power Market> across multiple regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market size data and forecasts to understand how the demand across various segments evolves over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position

  Want to know about Current Offers?

Offer 1 - Save with Multiple Purchases - Buy two reports or more and instantly save up to 15% off.

Offer 2 - Introductory offer for new customers - Flat 10% off on your first purchase.

To learn more about the report and our other current offers, contact us here or You can send an email to sales@blackridgeresearch.com

  Analyst access from Blackridge Research

All report purchases come with up to 60 minutes of phone time with an expert analyst who will assist you in connecting the report's key findings to the business issues you're dealing with. This must be used within three months of the report's purchase.

The above telephone time is excluding the post-purchase analyst support for any queries that you may have up to one year.

  Free Report Customization

We offer free customization of value USD 1500 for every report that you purchase. Get in touch with us to know more about free customization and our exciting custom research services.

  Further information

If you have any questions about this market research study, please do not hesitate to contact our research team using the top Contact us button, or you may also reach out at research@blackridgeresearch.com or call one of our Business Development managers:

AMERICAS (USA): +1 (917) 993 7467

ASIA (India): +91 8500 460 460

  Common Questions

You can purchase the report directly by selecting the licence type above and paying with a credit or debit card. Please contact sales@blackridgeresearch.com for other payment options.
We can provide quarterly and half yearly report updates. Please contact sales@blackridgeresearch.com for more information.
Single User License
The Single User License will provide access to only one user.

Team User License
The Team License will provide access only up to 7 users. This is great for a team.

Corporate License
This Premium package is ideal for large companies. By having Corporate license, any employee of your organization or its subsidiaries can access the report. You will also receive free industry update after six months and also a white label powerpoint presentation.
Yes, if you'd like to select certain sections of the report, please contact sales@blackridgeresearch.com
The report publication process involves several steps: Secondary Research, Discussion Guide Preparation, Primary Research (interviews, surveys, among others), Data Triangulation, Market Engineering, Data Validation, and Report Writing. One of the research specialists will explain the research process in detail. For more details about the report methodology, contact us at research@blackridgeresearch.com.
If for any reason you're not satisfied with the report, just email us at support@blackridgeresearch.com. We will make sure it's resolved!
We're here to help from day one, with 24/6 outstanding support. For report purchases, we will provide post-purchase analyst support for any queries that you may have related to report up to one year.
Sujith

Got a Question?

Sujith will help you find what you are looking for.

Call: +1 (917) 993 7467
+91 8500 460 460

Some of our clients

Haven’t found what you’re looking for?

More than 70% of our clients seek customized reports. Reach us out to get yours today!

Please Enter Business Email Address

By clicking "Submit" you are indicating that you have read and agree to be bound by the Blackridge Terms of Service and Privacy Policy.