The wind power installation market size was valued at US$ 114.5 billion in 2022 and is projected to reach US$ 275.9 billion by 2030; it is expected to grow at a CAGR of 11.6% during 2022–2030.
Analyst Perspective:
The global wind power installation market report has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The wind power installation market is expected to grow considerably owing to the rise in onshore and offshore wind power installations in regions such as Asia Pacific, North America, and Europe. Increasing investment in the renewable industry, an exponential rise in industrialization and urbanization, wind energy generation capacity, new electrification projects, and grid strengthening initiatives significantly contribute to the growing global wind power installation market size in Asia Pacific. Asia Pacific wind energy sector is set for rapid expansion. It is expected to make up nearly a quarter of the power capacity mix in the area this decade, according to a new study, as high domestic demand for offshore wind power turns mainland China into the world's largest market by 2030.
Market Overview:
Wind energy uses wind turbines to produce electricity using the kinetic energy created by air 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 advancements 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 installed capacity of wind owing to the advantages of wind energy and favorable policies, incentives, and tax rebates are expected to favor the market.
The upcoming wind projects in the pipeline are expected to start operation by 2024 and 2025, which will further accelerate the wind power generation capacity. As per the report published by the Swedish Energy Agency in March 2022, the electricity generated from wind is projected to rise from 27.4 TWh in 2021 to 46.9 TWh by 2024 in Sweden. According to the published analysis, Sweden is expected to increase wind power generation by more than 70% by 2024 compared with the level of 2021. This initiative aims to reduce the country's dependence on fossil fuels and oil and gas supplied by Russia. In addition, Ocean Winds, a joint venture between Portugal's main utility, EDP, and 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 capacity. Thus, such upcoming investment initiatives are contributing to the wind power installation market growth.
As per the US Department of Energy, the US offshore wind market is expected to witness massive growth in the next decade. Decreasing offshore auction prices, increasing water depths of projects, rising turbine capacity, and declining levelized cost of energy are the prominent wind power installation market trends expected to benefit the market. The impact of COVID-19 was reflected in a slowdown in project commissioning in markets such as the US, India, and Taiwan. Despite the resurgence of COVID-19, the global onshore wind auction activities stayed on track overall in 2021. China has played a leading role by allotting a total of 50.6 GW of onshore wind capacity in 2021, followed by Spain, India, South Africa, and Germany. The current global scenario depicts an influx in energy policies, new policy initiatives, and massive investment prospects, which increase the trajectory for wind installations to achieve both net zero emissions and energy security targets.
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Wind Power Installation Market: Strategic Insights
Market Size Value in US$ 114.5 billion in 2022 Market Size Value by US$ 275.9 billion by 2030 Growth rate CAGR of 11.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Wind Power Installation Market: Strategic Insights
| Market Size Value in | US$ 114.5 billion in 2022 |
| Market Size Value by | US$ 275.9 billion by 2030 |
| Growth rate | CAGR of 11.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Government Initiatives to Promote Installation of Wind 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 drive the wind power installation market. The Indian government is promoting wind power projects in the country through private sector investments by providing various fiscal and financial incentives such as accelerated depreciation benefits and concessional custom duty exemption on certain components of wind electric generators. In January 2022, the People's Bank of China (PBOC) started providing low-cost loans to fund decarbonization activities. Further, Beijing's current policy initiatives focus on tax breaks and low-interest loans to low-carbon project developers, power market reforms, and grid improvement. In Canada, the Offshore Renewable Energy Regulations (ORER) initiative will support the implementation of Offshore Renewable Energy Projects and Offshore Power Lines by developing modern safety and environmental protection regulations for offshore renewable energy (ORE) projects and power lines in Canada's offshore areas.
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Segmental Analysis:
Based on deployment type, the wind power installation market is segmented into onshore and offshore wind power deployment. The onshore segment accounted for 79.53% of the total wind power installation market share in 2022. The offshore segment is expected to register the highest growth rate of 13.8% during the global wind power installation market forecast period. This is owing to a rise in investment toward offshore wind power installations in regions such as North America and Europe. The growth prospects in the adoption of offshore wind technology are primarily attributed to an increase in advancement in technology, associated advantages, and turnkey solutions provided by various service providers. The growing awareness of various countries' achieving clean energy targets is propelling the demand for floating offshore wind power, which is creating a potential opportunity for the wind power installation market growth.
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Regional Analysis:
According to The Insight Partners wind power installation market analysis, in 2022, Asia Pacific registered the highest wind power installation market share of 52.8% and is expected to grow at a CAGR of 11.1% during the forecast period, owing to planned and ongoing wind power projects additions in the coming years. Countries in Asia Pacific are engaged in adopting key strategies toward carbon reduction goals and energy security for their people from wind power generation. To meet the carbon emission reduction goals for 2050, many countries in the region are moving toward carbon-free energy generation and utilization. India is the 2nd largest country in the Asia Pacific wind power installation market, with a total wind power installation of more than 1.5 GW in 2022. The rise in demand for clean power generation in the country is anticipated to drive the growth of the wind power installation market in the coming years. Further, Europe and North America are the key regions that accounted for 28.5% and 11.0% of the total wind power installation market in 2022, respectively.
With the rapid growth of renewable energy in Asia Pacific, solar and wind power will play an increasingly important role in integrating variable renewable energy and ensuring the reliability of the overall power system. In many developing countries in the region, energy storage markets are still emerging, but there is enormous potential for development. The installation of wind power plants is expected to grow in order to maximize the utilization of cost-effective and flexible low-carbon energy sources and fulfill the growing electricity demand.
Key Player Analysis:
Siemens Gamesa Renewable Energy SA, General Electric, Mitsubishi Heavy Industries, Vestas Wind Systems, Senvion SA, Wind World Limited, Indowind, DNV GL, Goldwind, and Bergey Wind Power are among the key players profiled in the global wind power installation market report.
Recent Developments:
Inorganic and organic strategies such as partnerships, collaborations, and mergers and acquisitions are highly adopted by companies in the global wind power installation market. A few recent developments by key wind power installation market players are listed below:
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2022 | Vestas partnered with PEC Energia to build an 86 MW wind park in Brazil. With this project, Vestas surpassed the milestone of 7 GW of order intake in Brazil for 4 MW platform wind turbines since 2018. | South America |
2022 | Siemens Gamesa formed a new partnership with Azure Power to install 96 turbines with a focus on boosting India's wind industry. | Asia Pacific |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment Type, Power Capacity, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Rise in demand for power generation from less carbon emitting sources, rise in establishment of wind power plants, rise in awareness towards renewable energy resources are contributing to the growth of the wind power installation market.
Ongoing research and innovation on advanced offshore wind power technologies in potential countries such as Brazil, U.S., India, Japan, and China where the adoption of the above-mentioned technology is maturing at a significant rate is expected to be the key opportunity in the market.
Siemens Gamesa Renewable Energy SA, General Electric, Mitsubishi Heavy Industries, Vestas Wind Systems, and Senvion SA are the key market players operating in the global wind power installation market.
Key role of wind power in future energy transition is anticipated to stimulate the wind power installation market growth in the coming years.
Regions such as Europe, North America and Asia-Pacific will boost the growth of the wind power installation market during the forecast period. This growth is owing to the rise in investment on construction of wind power plant facilities in the regions.
The List of Companies - Wind Power Installation Market
- Siemens Gamesa Renewable Energy SA
- General Electric
- Mitsubishi Heavy Industries
- Vestas Wind Systems
- Senvion SA
- Wind World Limited
- Indowind
- DNV GL
- Goldwind
- Bergey Wind Power
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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