Wind Power Market Size Worth $165.99 Billion by 2030 - Grand View Research, Inc.

SAN FRANCISCO, June 14, 2022 /PRNewswire/ -- The global wind power market size is expected to reach USD 165.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2022 to 2030. The increasing demand for clean and affordable energy is expected to drive the growth of the market. The adoption of wind power is increasing at a significant pace owing to the increasing viability of wind power for large-scale energy production.

Key Industry Insights & Findings from the report:

• Various governments are focusing on reducing carbon footprint and increasing the share of renewable energy in the energy mix of the countries. This is expected to drive renewable power generation and thus the growth of the market for wind power.
• The onshore location segment accounted for 71.66% of revenue share in 2021. Onshore wind power is cheaper to install than offshore wind power due to the shorter distance from power generation to the final consumer.
• Asia Pacific is projected to grow at a substantial pace throughout the forecast period. China is expected to account for the largest revenue share in the Asia Pacific region.
• Wind power accounted for 9.2% of the total electricity generation mix in the U.S. in 2021.
• North America is likely to display a moderate growth rate during the projected period.

Read 130-page market research report, "Wind Power Market Size, Share & Trends Analysis Report By Location (Onshore, Offshore), By Application (Utility, Non-utility), By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Wind Power Market Growth & Trends

Governments across various nations have been supporting the use of renewable energy sources including solar power, hydropower, wind power, and biomass. Regulatory bodies are emphasizing on reducing carbon footprints and reducing reliance on conventional energy sources which in turn promotes power generation using wind turbines. Increasing energy needs in countries such as India, China, the U.K., and Brazil, owing to rapid industrialization is projected to have a positive impact on the market growth.

Wind power energy finds wide use in numerous sectors such as commercial and residential. The Onshore wind power sector has emerged as a valued renewable energy source, across the world. The cumulative installed onshore and offshore wind power capacity is projected to observe a count of 837 GW in 2021. The offshore wind power sector has been gaining thrust in the global market for wind power.

Regions such as South America and Middle East & Africa offer a robust business opportunity for the market with countries, such as Brazil, Chile, and South Africa playing a vital role in the development of the growth. The increasing demand for electricity generation from green and clean sources is likely to drive the growth of the market in the forthcoming years. Besides, the massive wind power potential, coupled with a continuous decrease in the cost of installation, is expected to offer extensive business opportunities to the market.

Wind Power Market Segmentation

Grand View Research has segmented the global wind power market based on application, location, and region:

Wind Power Market - Location Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

• Onshore
• Offshore

Wind Power Market - Application Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

• Utility
• Non-utility

Wind Power Market - Regional Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Chile
• Middle East & Africa
• South Africa

List of Key Players in the Wind Power Market

• GE Wind
• Vestas, Siemens Wind Power,
• Suzlon Group, Goldwind
• United Power,
• Acciona, Nordex SE,
• Sinovel Wind Group
• EDF Renewable Energy
• ReGen Powertech
• Vensys Energy
• ABB Limited
• NextEra Energy Inc.
• Northland Power Inc.
• DONG Energy

Check out more related studies published by Grand View Research:

• Wind Turbine Operations and Maintenance Market - The global wind turbine operations & maintenance market is expected to reach USD 20.3 billion by 2025, according to a new report by Grand View Research, Inc. Rising focus to minimize environmental impact in the power generation industry, has fueled the wind energy market. Exponential rise in wind turbine installation across the globe, especially in Asia Pacific, Europe, and North America is expected to have a positive impact on the industry over the forecast period.
• Wind Energy Foundation Market - The global wind energy foundation market is expected to reach USD 241.14 billion by 2024, according to a new report by Grand View Research, Inc. Increasing concerns over depleting petroleum resources has resulted in influencing growing demand for renewable energy. Increasing global population and industrialization have become major factors for moving towards non-conventional resources.
• Renewable Power Generation Market - The global renewable power generation market demand is expected to reach 12,630.9 TWh by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.9% over the forecast period. Switching from conventional fossil fuels to renewable sources is underway to achieve economic, social, and environmental developments.

Browse through Grand View Research's Renewable Energy Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.