Wind Power Market Size Worth $3 Billion By 2030: IndustryARC

Global Wind Power Market size is predicted to reach $3 billion by 2030, growing at a CAGR of 10.6% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The Wind Power Market has been witnessing significant growth and attention in recent years. This growth is driven as floating offshore wind farms are gaining momentum as a key market trend in the wind power industry, particularly in regions with deep waters unsuitable for fixed-bottom foundations. This trend reflects a growing interest and investment in offshore wind expansion into new areas with stronger and more consistent wind resources. Floating turbines offer a viable solution to overcome geographical limitations and tap into untapped offshore wind potential, finds IndustryARC in its recent report, titled “Wind Power Market  – By Installation Type (Onshore, Offshore (Shallow Water, Transitional Water, Deep Water), Airborne. By Component (Turbines, Electrical Infrastructure, Rotor Blades, Generators, Brushes, Towers (Tubular Steel Towers, Concrete Towers, Hybrid Towers, Lattice Towers, Guyed), Others.) By Wind Turbine Capacity (Less than 30 kW, 31 kW – 500 kW, 501 kW – 2 MW, More than 2 MW), By Technology (Horizontal, Vertical, Others)., By Connectivity (On Grid, Off Grid), By End-Users (Energy & Power, Agriculture, Food & Beverage, Paper & Pulp, Chemical, Commercial, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”

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APAC to Register Highest Growth:

The APAC Wind Power Market is projected to experience significant growth CAGR of 12% during the forecast period. The low cost of producing wind power is one of the main drivers of this quick increase, along with large investments in renewable energy projects. Concerning large-scale wind power developments, nations like China and India are leading the way. China is a world leader in the wind energy sector thanks to its dedication to lowering carbon emissions and large investments in infrastructure. Similar to this, the region is expanding as a result of India’s focus on renewable energy to meet its expanding electricity needs and lessen reliance on fossil fuels. In addition, APAC countries are creating a climate that is conducive to the development of wind power through supportive government policies and incentives. Aiming for high targets in renewable energy, these programs include tax breaks and subsidies. Its potential for wind energy generation is further enhanced by the region’s extensive coastal areas, which also offer perfect conditions for offshore wind projects.

Wind Power Market 2023-2030: Scope of the Report

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Wind Power Market Report – Key Takeaways:

Offshore Segment to Register the Highest Growth

Offshore Segment analyzed to grow with the highest CAGR of 11.5% during the forecast period 2024 to 2030. Offshore wind energy is the fastest-growing segment in the wind power market. This growth is driven by the significant advancements in offshore wind turbine technology, which allows for larger turbines and higher energy yields. Offshore wind farms benefit from stronger and more consistent wind speeds compared to onshore installations, resulting in higher efficiency and energy output. Additionally, the development of floating wind turbines has expanded the potential for offshore wind farms in deeper waters. The offshore wind energy market is expected to see substantial investments and rapid growth in the coming years, making it the fastest-growing segment in the industry.

Turbine Segment is Leading the Market

Turbine Segment is dominating the wind power market in 2023 with a market share of approximately 30%. Wind turbines are the dominating component in the wind power market. They are the central unit of wind power generation, converting kinetic energy from the wind into mechanical power. The wind turbine market is expected to grow significantly, driven by both onshore and offshore segments. Turbines consist of several sub-components, including rotor blades, towers, and generators, which all play crucial roles in the overall efficiency and performance of the wind energy system. The continuous advancements in turbine technology, such as increased turbine size and improved materials, enhance energy capture and reduce costs, further cementing turbines as the dominant component in the market.

Rising Cost of Capital is a Major Challenge

The wind power industry is capital-intensive, requiring significant upfront investments for the construction and installation of wind turbines and related infrastructure. One of the pressing challenges facing the industry is the rising cost of capital. Higher interest rates and increased investor risk premiums have made financing new wind projects more expensive. This rise in capital costs impacts the overall economics of wind power, potentially slowing down the development of new projects. Additionally, the availability of financing can be influenced by policy uncertainty and market conditions, further complicating project planning and execution. Addressing the cost of capital challenge requires stable and supportive policies, innovative financing mechanisms, and risk mitigation strategies to attract investment and sustain growth in the wind power sector.

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Key Opportunity Analysis:

Offshore Wind Energy Development

One of the most significant opportunities in the wind power market is the development of offshore wind energy. Offshore wind farms have the potential to generate large amounts of electricity due to stronger and more consistent wind speeds compared to onshore locations. This makes them particularly suitable for densely populated coastal areas that require substantial energy supplies. Additionally, offshore wind projects can be developed on a much larger scale, utilizing bigger turbines that are not feasible on land. The increasing focus on reducing carbon emissions and transitioning to renewable energy sources is driving substantial investments in offshore wind energy. Countries like the United States, the United Kingdom, and China are leading the way with ambitious offshore wind targets and supportive policies. This sector offers significant business opportunities for manufacturers, developers, and service providers in the renewable energy industry.

Wind Energy in Emerging Markets

Emerging markets, particularly in Asia and Africa, present another major opportunity for the wind power market. Countries like India are rapidly expanding their renewable energy capacity to meet growing energy demands and reduce dependence on fossil fuels. The Indian wind energy sector, for example, offers numerous business opportunities across the value chain, from raw material manufacturing to component supply, project development, and maintenance services. The Indian government’s favorable policies, including incentives and subsidies for renewable energy projects, are attracting both domestic and international investments. The development of wind energy projects in these regions also has the potential to create significant employment opportunities, driving economic growth and sustainable development.

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The report also covers the following areas:

• Wind Power Market Size and Forecast
• Wind Power Market Trends
• Wind Power Market Analysis by Product Type

Wind Power Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Wind Power Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Wind Power Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic had mixed impacts on the wind power market. While initial disruptions in supply chains and project timelines slowed down installations, the pandemic also highlighted the importance of renewable energy for economic recovery and resilience. Government stimulus packages and recovery plans prioritized investments in clean energy, including wind power, driving market growth. Remote work and digitalization accelerated project development and grid integration efforts. However, financing challenges and delays persisted, hindering some projects. Overall, the pandemic underscored the resilience of the wind power market and reinforced its role in building a sustainable energy future amidst global uncertainties.

The Russia-Ukraine crisis can impact the wind power market through potential disruptions in the global supply chain for wind turbine components and raw materials. Both Russia and Ukraine are key producers of steel, a critical material for manufacturing wind turbines. Any disruptions in the supply of steel or other components could lead to delays and increased costs for wind power projects worldwide. Additionally, geopolitical tensions may create uncertainties in international trade, affecting market sentiment and investment decisions in the wind power industry. Consequently, the crisis highlights the importance of diversifying supply chains and mitigating geopolitical risks for the stability of the wind power market.

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List of Key Market Players in the Wind Power Market :

The Global Wind Power Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Vestas Wind Systems A/S
• Siemens Gamesa Renewable Energy
• GE Renewable Energy
• Goldwind
• Envision Energy
• Nordex Group
• Enercon GmbH
• MingYang Smart Energy Group
• Suzlon Energy Limited
• Siemens Energy
• Orient Green Power
• NextEra Energy, Inc
• Regen Powertech
• Indowind Energy
• Senvion S.A.

Related Reports:

LiDAR for Wind Power Market: LiDAR technology is increasingly being adopted in offshore wind projects due to its ability to provide accurate wind data in challenging marine environments. This is crucial for optimizing turbine placement and improving overall efficiency.

Offshore Wind Power Market :The development of larger, more efficient turbines is a major trend. Turbines with capacities exceeding 15 MW are becoming more common, which can harness more wind energy and reduce the cost per megawatt.

Small Wind Power Market: Small wind turbines are gaining traction in remote and off-grid locations where traditional grid connectivity is either challenging or impossible. This includes rural areas and islands where small wind power systems provide a reliable and sustainable energy source.

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