Global Wind Energy Market Report and Forecast 2024-2032

Global Wind Energy Market Size

The global wind energy market reached around 2307.89 TWh in 2023. The market is projected to grow at a CAGR of 7.6% between 2024 and 2032, reaching almost 4536.55 TWh by 2032.

Global Wind Energy Market Outlook

• In 2022, wind energy accounted for nearly 27% of the UK’s overall electricity generation.

• In 2022, China added 37GW of wind capacity for electricity generation, surpassing other nations like the USA and Germany.

• Onshore wind energy facilities are present in 115 countries globally.

Global Wind Energy Market Growth

Wind electricity generation recorded a year-on-year growth of 14% in 2022, reaching over 2100 TWh. However, nations are expected to add 350 GW of wind farm capacity by 2030, which is expected to generate 7400 TWh of electricity from wind and facilitate the achievement of net zero emission targets by 2050.

Onshore wind technology accounted for 837 GW of installed wind capacity globally. However, offshore wind technology is expected to become increasingly popular as it significantly enhances energy production and disposes of all environmental or aesthetic concerns. Currently, this technology is present in only 20 countries and accounts for 7% of the world’s installed wind capacity.

Small business owners are expected to boost their reliance on small wind turbines for obtaining electricity. Furthermore, advancements in the design of wind turbines and their blades are expected to play a key role in driving the market forward in the forecast period.

The use of innovative materials, such as carbon fibres and composites, can reduce the weight of turbine blades while enhancing their overall strength. Serrated edges can boost the aerodynamic performance of blades and lower noise production. Besides, the adoption of computer-aided design tools is expected to enhance the technological capabilities of wind turbine blade manufacturers, thereby driving the market growth.

Global Wind Energy Industry Segmentation

Global Wind Energy Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Location

• Onshore

• Offshore

Market Breakup by Application

• Utility

• Non-Utility

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Wind Energy Market Share

Based on region, the market is divided into North America, Europe, the Asia Pacific, Latin America and the Middle East and Africa. Over the forecast period, Europe is expected to emerge as a leading region for offshore wind energy as rising energy demand and technological advancements drive the expansion of existing renewable energy production facilities in the region.

Leading Companies in the Global Wind Energy Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.

• Siemens AG

• Acciona, SA

• EDF Group

• Statkraft AS

• Mainstream Renewable Power Limited

• Enel S.p.A.

• TotalEnergies SE

• Equinor ASA

• Hyosung Heavy Industries Corp.

• Ørsted A/S

• Others

Major market players are receiving government incentives and tax rebates for setting up wind energy generation facilities.

Key Highlights of the Report