Wind Energy Market Share, Size, Growth and Forecast 2028

Wind Energy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Capacity (Upto 1MW, 1-3 MW, 3-5 MW, and Above 5MW) and Installation (Onshore and Offshore)

Publication Month : Oct 2022

  • Report Code : TIPRE00027594
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 149
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The wind energy market is expected to grow from US$ 156.8 billion in 2021 and it is anticipated to grow at a CAGR of 5.0% from 2022 to 2028.

Wind energy uses wind turbines to produce electricity using the kinetic energy created by wind in motion. The amount of power that can be harnessed from wind depends on the size of the turbine and the length of its blades. Wind power generation has gained a high level of attention and acceptability across the globe compared to other renewable energy technologies. New developments in technology in designing wind power blades, turbines, shafts, and other components have contributed to significant advances in wind energy penetration and in achieving optimum power from available wind. As per the International Renewable Energy Agency, the global wind installed capacity increased from 731,763 MW in 2020 to 824,874 MW in 2021. Thus, such an exponential rise in the wind installed capacity is expected to drive the wind energy market growth in the coming years.

Furthermore, the upcoming wind projects in the various emerging nations are expected to start operation by 2024 and 2025, which will further accelerate the wind power generation capacity. For instance, as per the report published by Swedish Energy Agency in March 2022, the electricity generated from wind will rise from 27.4 TWh in 2021 to 46.9 TWh by 2024 in Sweden. The published analysis says that Sweden is expected to increase wind power generation by more than 70% by 2024 compared with the level of 2021. The aim of this initiative is to reduce the country’s dependence on fossil fuels and on oil and gas supplied by Russia. In addition, Ocean Winds, a joint venture between Portugal's main utility EDP with Engie, a French company, planned to invest US$ 3.15 billion to develop offshore wind projects by 2025. The equal partners in the venture are targeting to produce ~7GW of new wind capacity. Thus, such upcoming initiatives regarding new wind projects are contributing to the wind energy market growth.

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Wind Energy Market: Strategic Insights

Market Size Value inUS$ 156.8 Billion in 2021
Market Size Value byUS$ 220.7 Billion by 2028
Growth rateCAGR of 5.0% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on Wind Energy Market 

The COVID-19 outbreak dramatically impacted the global economy in early 2020, and the crisis hampered the business activities in manufacturing industries. However, the renewable sector was exposed to new growth opportunities due to the onset of the pandemic. As per the data published in Renewables 2021 Analysis and forecast to 2026 report, the cumulative offshore wind capacity is forecast to more than triple by 2026, reaching ~120GW. Large-scale projects are expected to be commissioned beyond the established markets of the UK, Germany, Belgium, Denmark, and the Netherlands in the next five years, with a boost to the global installed capacity set to come from France, Taiwan, South Korea, Vietnam, Japan, and the US. Also, from the second half of 2020, wind power sales increased due to the high number of wind turbine installations. In addition, the power sales in the Electric Reliability Council of Texas increased over 109% to 1.79 million MWh in Q4 compared to ~856,000 MWh sold in Q4 2019. Thus, such growth prospects in energy sector has boosted the demand for renewable energy, which has propelled the wind energy market during the pandemic recovery period.

Lucrative Regions: Wind Energy Market Share

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Market Insight – Wind Energy Market

Government Initiatives to Promote Installation of Wind Turbine Farms


Support of various governments of different countries in terms of policies and investment for increasing the installation of wind energy projects is expected to fuel the market growth over the coming years. Also, the UK government had pledged to invest US$ 272 million in fresh funding for offshore wind projects. The growing initiative from leading countries for adopting wind energy is likely to fuel the market growth. For example, in January 2022, Brazil published initial guidelines for offshore wind power generation. In March 2021, Shell applied for environmental licensing with the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) to develop offshore wind farms along the coast of Brazil. Further, in July 2022, PEC Energia, an Engeform Energia Renovável company, signed an agreement with Vestas to supply wind turbines to the Serra das Vacas’ wind farms in the state of Pernambuco, Brazil. Thus, such growing initiatives from leading players for supplying wind turbines and applying for licensing to develop offshore wind farms are the key factors boosting the market growth.

Capacity-based Insights

The wind energy market is bifurcated into capacity and installation. Based on capacity, the wind energy market is segmented into upto 1MW, 1-3 MW, 3-5 MW, and above 5MW. The 1-3 MW segment is dominating the market in 2021, with increasing demand for onshore installation application. 

Players operating in the wind energy market are mainly focused on the development of advanced and efficient products.

In June 2022, Vestas has sold the 183 MW Delta wind project to The AES Corporation, a global energy company in the US. The project is developed by Steelhead Americas, Vestas’ North American development arm

The wind energy market is segmented into five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC led the market with a substantial revenue share, followed by Europe and North America. Further, Europe is expected to register the highest CAGR in the wind energy market from 2022 to 2028. The wind energy market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that are expected to influence the market growth in the coming years.

The key players profiled in the wind energy market study are Vestas Wind Systems A/S; Xinjiang Goldwind Science & Technology Co., Ltd; Siemens Gamesa Renewable Energy S.A.; ENVISION Group; GE Renewable Energy; Mingyang Smart Energy; Nordex SE; Shanghai Electric; Zhejiang Windey Co., Ltd; and China Shipbuilding Group Haizhuang Wind Power Co. Ltd. The wind energy market report provides detailed market insights, which help the key players to strategize the growth in the coming years.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Capacity, and Installation

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What will be the global market size for the wind energy market by 2028?

The global wind energy market size is projected to reach US$ 220.7 billion by 2028.

Which countries are registering a high growth rate during the forecast period?

US, UK, India, South Africa, and Brazil are the countries are registering a high growth rate during the forecast period.

Which is the fastest growing regional market?

APAC is the fastest-growing regional market in the global Wind energy market in 2021.

Which are the key players holding the major market share of wind energy market?

The key players holding the major market share of wind energy are Vestas Wind Systems A/S;; Siemens Gamesa Renewable Energy S.A.; ENVISION Group; GE Renewable Energy; Mingyang Smart Energy; Nordex SE; Shanghai Electric; China Shipbuilding Group Haizhuang Wind Power Co. Ltd.; and Zhejiang Windey Co., Ltd.

What are the driving factors impacting the global wind energy market?

The driving factors impacting the Wind energy market are
1. Increasing Investments in Renewable Energy Sources
2. Government initiatives to promote Installation of Wind Turbine Farms

What are the future trends of the wind energy market?

The Future trends impacting the wind energy market are growing power consumption coupled with significant efforts to minimize carbon footprint

What is the estimated global market size for the wind energy market in 2022?

The global wind energy market was valued at US$ 156.8 billion in 2022

The List of Companies - Wind Energy Market

  1. Vestas Wind Systems A/S
  3. Siemens Gamesa Renewable Energy S.A.
  4. ENVISION Group
  5. GE Renewable Energy
  6. Mingyang Smart Energy
  7. Nordex SE
  8. Shanghai Electric
  9. China Shipbuilding Group Haizhuang Wind Power Co. Ltd.
  10. Zhejiang Windey Co., Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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