Global Wind Market Poised for 8.5% Growth, Surpassing $228.78 Billion by 2029

 

The wind market size has grown strongly in recent years. It will grow from $151.09 billion in 2024 to $165.18 billion in 2025 at a compound annual growth rate (CAGR) of 9.3%.  The growth in the historic period can be attributed to the increasing demand for electricity, the increasing demand for clean energy, the declining cost of wind energy, the rising infrastructural development, and rising environmental awareness.

The wind market size is expected to see strong growth in the next few years. It will grow to $228.78 billion in 2029 at a compound annual growth rate (CAGR) of 8.5%.  The growth in the forecast period can be attributed to the surge in demand for renewable power sources, government policies and financial incentives, diversification of energy sources, increasing participation from the private sector through corporate power purchase agreements (PPAs), and increase in demand for offshore wind turbines. Major trends in the forecast period include advanced technologies, the development of floating wind turbines, the integration of advanced sensors, innovative materials, such as carbon composites to improve turbine efficiency, and hybrid energy systems.

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What have been the primary factors driving the wind market’s growth?
A surge in demand for renewable power sources is expected to propel the growth of the wind market going forward. Renewable power sources are energy sources that are naturally replenished on a human timescale and can be continuously used without depleting their supply. The demand for renewable power sources is due to environmental concerns, government policies, and climate goals. Wind energy is a vital component of renewable energy strategies, offering a sustainable and scalable solution to reduce reliance on fossil fuels. Its ability to generate clean electricity without emissions makes it essential to transition to a greener, more resilient energy future. For instance, in December 2023, according to Eurostat, a Luxembourg-based government agency, renewable energy represented 23.0% of energy consumed in the European Union in 2022, up from 21.9% in 2021. Therefore, a surge in demand for renewable power sources is driving growth in the wind market.

What are the key segments within the wind market?
The wind market covered in this report is segmented –
1) By Component: Turbines, Electrical Infrastructure, Rotor Blades, Generators, Brushes, Towers, Other Components
2) By Technology: Horizontal, Vertical, Other Technologies
3) By Location: Onshore, Offshore
4) By End Users: Energy And Power, Agriculture, Food And Beverage, Paper And Pulp, Chemical, Commercial, Other End-Users

Subsegments:
1) By Turbines: Horizontal Axis Wind Turbines (HAWT), Vertical Axis Wind Turbines (VAWT), Offshore Wind Turbines, Onshore Wind Turbines
2) By Electrical Infrastructure: Transformers, Switchgear, Cables and Connectors, Control Systems
3) By Rotor Blades: Composite Rotor Blades, Wooden Rotor Blades, Manufacturing Materials for Rotor Blades, Blade Inspection and Maintenance Tools
4) By Generators: Synchronous Generators, Asynchronous Generators, Gearless Generators, Permanent Magnet Generators
5) By Brushes: Carbon Brushes, Graphite Brushes, Brush Holders and Accessories
6) By Towers: Tubular Steel Towers, Lattice Towers, Concrete Towers, Hybrid Towers
7) By Other Components: Yaw Systems, Pitch Control Systems, Gearboxes, Condition Monitoring Systems

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Which key players are shaping the wind market?
Major companies operating in the wind market are  Hitachi Ltd., Mitsubishi Heavy Industries Ltd., Acciona Energy S.A., Vestas Wind Systems A/S, Doosan Corporation, BVG India Ltd., Goldwind Science & Technology Co. Ltd., Nordex SE, Enercon GmbH, Altana AG, Adani Green Energy Limited, Suzlon Energy Limited, Envision Energy Limited, Sinovel Wind Group Co. Ltd., Apex Wind Energy LLC, Inox Wind Limited, Mingyang Smart Energy Group Co. Ltd., SANY Group Co. Ltd., A2Sea A/S, Amegni LLC, Eco RRB Infra Private Limited

Which transformative trends will shape the wind market landscape?
Major companies operating in the wind market are focused on developing innovative solutions such as wind turbines incorporating medium-speed geared (MSG) drive technology to enhance efficiency, reduce operational costs, and increase the reliability and lifespan of wind turbines while also providing a cost-effective solution compared to traditional high-speed geared and direct-drive systems. Medium-speed geared (MSG) drive technology is a type of drivetrain system used in wind turbines that strikes a balance between the efficiency of direct-drive systems and the cost-effectiveness of high-speed geared systems. For instance, in July 2022, WEG S.A., a Brazil-based motors and generators company, launched a new wind turbine platform with medium-speed geared (MSG) drive technology with a 7 M.W. and a 172-meter rotor diameter. Its unique features enable seamless electrical grid hookup and flexibility to adjust to and adhere to various grid codes in each region because it is integrated with a full power drive. It can produce reactive energy when there is no wind, which has extra benefits in addition to making power. The redesigned design also includes modular components, such as a taller tower, to improve logistical procedures and provide a more straightforward assembly idea, particularly for uneven geographic locations.

How do regional factors impact the wind market, and which region is the largest contributor?
Asia-Pacific was the largest region in the wind market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the wind market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Does The Wind Market Report 2025 Offer?
The wind market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.

Wind is the movement of air from an area of high pressure to an area of low pressure. It is caused by the sun's uneven heating of the Earth's surface, which creates pressure differences in the atmosphere. Wind can vary in speed and direction and is essential to weather patterns, climate, and environmental processes.

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