Wind Power Market Growing at a CAGR of 10.52% by 2031 Driven by Renewable Power Demand and Asia-Pacific Dominance, Reports Mordor Intelligence
HYDERABAD, India, May 8, 2026 /PRNewswire/ -- According to recent reports from Mordor Intelligence, the global wind power market size in terms of installed base is expected to grow from 1.4 Terra-watt in 2026 to reach 2.31 Terra-watt by 2031, growing at a CAGR of 10.52%. Expansion is being supported by rising corporate renewable-energy agreements, large offshore wind installations, and favorable government incentives that improve project financing.
Demand from AI-driven data centers is also accelerating long-term clean power contracts. Meanwhile, floating wind technology is unlocking deeper offshore locations with stronger wind capacity, although raw material costs and rare-earth supply risks continue to challenge profit
Wind Power Market Drivers and Key Trends:
Expansion of High-Capacity Turbines
The shift toward larger wind turbines is improving project efficiency by lowering installation and maintenance costs while increasing energy output. Developers are now exploring locations that were previously considered less profitable, especially in offshore regions. Although transporting oversized components remains challenging, ongoing upgrades in ports and logistics infrastructure are helping ease these issues and strengthening the long-term competitiveness of the wind power market.
"Assessment of the wind power market increasingly requires comparison across project pipelines, policy direction, and regional investment activity, making transparent research assumptions and source validation critical for executive decision-making. Mordor Intelligence applies a structured methodology grounded in cross-verified industry data and consistent market tracking to support commercially reliable interpretation of sector developments" says Himanshu Vasisht, Senior Research Manager, Mordor Intelligence.
Rising Renewable Deals from Data Centers
Technology companies and cloud service providers are increasingly signing long-term renewable energy agreements to support growing electricity demand from AI and digital infrastructure. These contracts provide stable revenue for developers and encourage new wind projects near major grid connections and data hubs, making clean energy procurement a core business strategy rather than just a sustainability effort.
Government Support Strengthening Investments
Policy measures in the United States and Europe continue to support wind energy expansion through incentives, simplified approvals, and local manufacturing initiatives. These programs are improving investor confidence, reducing financing pressure, and helping developers move projects forward more quickly across key markets.
Access Detailed Market Insights with Region-Specific and Japan-Focused Editions: https://www.mordorintelligence.com/ja/industry-reports/global-wind-power-market?utm_source=prnewswire
Wind Power Industry Segmentation Insights:
By Location
- Onshore
- Offshore
By Turbine Capacity
- Up to 3 MW
- 3 to 6 MW
- Above 6 MW
By Application
- Utility-scale
- Commercial and Industrial
- Community Projects
By Component (Qualitative Analysis)
- Nacelle/Turbine
- Blade
- Tower
- Generator and Gearbox
- Balance-of-System
By Geography
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
For a full breakdown of wind power industry, segmentation data, and competitive intelligence, access the details of the Mordor Intelligence report: https://www.mordorintelligence.com/industry-reports/global-wind-power-market?utm_source=prnewswire
Wind Power Market Trends by Region
Asia-Pacific continues to lead the wind power market, supported by large-scale installations, expanding offshore projects, and strong government-backed renewable energy programs. Countries such as China and India remain key growth engines, while Japan, South Korea, and Vietnam are increasingly focusing on floating wind and export-linked clean energy projects.
Europe remains a center for offshore wind innovation, driven by faster permitting systems, local manufacturing expansion, and repowering of older wind farms. Countries across the region are upgrading existing infrastructure with advanced turbines to increase efficiency without requiring additional land.
In North America, the market shows steady onshore development despite policy uncertainty surrounding offshore leasing. Grid connection delays remain a challenge in several regions, although supportive clean-energy incentives continue to encourage investment activity.
- Acciona Energia
- Duke Energy
- EDF
- Ørsted
- NextEra Energy
- E.ON
- Iberdrola
- Enel Green Power
- Pattern Energy
- Invenergy
- General Electric Vernova
- Vestas
- Siemens Gamesa
- Goldwind
- Envision Energy
- MingYang Smart Energy
- Suzlon
- Nordex
- Enercon
- Dongfang Electric
- CSIC Haizhuang
Check out related reports published by Mordor Intelligence:
Wind Turbine Blade Recycling Market: the global wind turbine blade recycling industry report is categorized by blade material, recycling method, and region. The study covers carbon fiber, glass fiber, physical recycling, thermo-chemical recycling, and key regions including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa
LM Wind Power, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, Veolia Environnement S.A, Arkema S.A. are major companies operating in the market: https://www.mordorintelligence.com/industry-reports/wind-turbine-blade-recycling-market/companies?utm_source=prnewswire
Base Metals Market: report covers segmentation by source, metal type, end-user industries, and key regions including Asia-Pacific, North America, Europe, South America, and Middle East and Africa, with market forecasts presented in volume (tons).
BHP, Freeport-McMoRan, Rio Tinto, Vale S.A, Glencore are major companies operating in the market: https://www.mordorintelligence.com/industry-reports/base-metals-market/companies?utm_source=prnewswire
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SOURCE Mordor Intelligence Private Limited
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