Wind Energy Market Size 2022-2027: Industry Growth, Share, Trends and Forecast

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The global wind energy market size reached US$ 76.17 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 123.24 Billion by 2027 exhibiting a growth rate (CAGR) of 8.10% during 2022-2027.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Wind energy refers to a clean and renewable source utilized for generating electricity through a turbine that converts kinetic power into mechanical energy. It does not impact the overall environment like fossil fuels and other conventional resources that rely on combustion and emit sulfur dioxide (SO2) and nitrogen oxide (NO). Wind energy is sustainable, cost-effective, and readily available. As a result, this source finds widespread applications in the industrial, commercial, and residential sectors across the globe.

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Wind Energy Market Trends:

The escalating demand for renewable power sources, on account of the rising environmental concerns and the launch of several policies by the government bodies across countries, is among the primary factors driving the wind energy market.

Besides this, the increasing improvements in the performance and reduction in the prices of various technologies are further augmenting the market growth. Moreover, the wind is a practical resource for generating energy in remote locations where conventional power lines cannot be extended. It even stabilizes the cost of electricity and reduces supply disruptions, which is also catalyzing the global market.

Apart from this, the elevating employment opportunities in turbine component manufacturing, maintenance and operations, construction and installation, legal and marketing services, transportation and logistics, etc., are acting as significant growth-inducing factors. Furthermore, the inflating number of onshore and offshore power farms and the growing popularity of power distribution networks are expected to bolster the wind energy market in the coming years.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Component:
• Turbine
• Support Structure
• Electrical Infrastructure
• Others

Breakup by Rating:
• ≤ 2 MW
• >2 ≤ 5 MW
• >5 ≤ 8 MW
• >8 ≤ 10 MW
• >10 ≤ 12 MW
• >12 MW

Breakup by Installation:
• Offshore
• Onshore

Breakup by Turbine Type:
• Horizontal Axis
• Vertical Axis

Breakup by Application:
• Utility
• Industrial
• Commercial
• Residential

By Geography:
•North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

The major players in the market are
• ABB Ltd.
• Ameren Corporation
• Avangrid, Inc. (Iberdrola S.A)
• Dnv (Det Norske Veritas group)
• Enercon GmbH
• General Electric Company
• Goldwind
•NextEra Energy Resources
• LLC
• Nordex SE
• Siemens AG
• Vestas Wind Systems A/S
• Wind World (India) Limited
•Xcel Energy Inc.

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