Wind Energy Market Research Report By Type (Horizontal Axis Wind Turbine, Vertical Axis Wind Turbine, Offshore Wind Turbine, Onshore Wind Turbine), By Application (Power Generation, Mechanical Power, Hybrid Systems), By Component (Rotor Blades, Gearbox, Generator, Control System, Tower), By End Use (Utility, Commercial, Industrial, Residential) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2035

wind energy market Summary

As per MRFR Analysis, the Wind Energy Market was valued at 150.87 USD Billion in 2023 and is projected to grow to 300 USD Billion by 2035, with a CAGR of 5.89% from 2025 to 2035. The market is driven by government support, technological advancements, and rising energy demand, particularly in emerging economies. Key players are focusing on innovations in turbine technology and digital solutions to enhance efficiency and reduce costs.

Key Market Trends & Highlights

The Wind Energy Market is experiencing transformative trends that are shaping its future.

• Government policies aim for net-zero emissions by 2050, with the EU targeting a 55% reduction in greenhouse gases by 2030.
• Horizontal Axis Wind Turbines are projected to dominate the market with a valuation of 60.0 USD Billion in 2024.
• North America is expected to reach 85.0 USD Billion by 2035, driven by strong investments in renewable energy infrastructure.
• Offshore Wind Turbines are valued at 45.0 USD Billion in 2024, capitalizing on stronger wind resources.

Market Size & Forecast

2023 Market Size: USD 150.87 Billion

2024 Market Size: USD 159.76 Billion

2035 Market Size: USD 300 Billion

CAGR (2025-2035): 5.89%

Largest Regional Market Share in 2024: Europe

Major Players

Senvion, Suzlon, Nordex, NextEra Energy, Ming Yang, Iberdrola, Siemens Gamesa, Enercon, EDPR, Vestas, Orsted, GE Renewable Energy, Enel Green Power, Acciona Energy, Goldwind

Key Wind Energy Market Trends Highlighted

There are a few main market factors that are giving the Wind Energy Market a lot of momentum. Governments and businesses are putting a lot of money into renewable energy, especially wind power since they are worried about climate change and the need for energy sources that will not run out. The world is also working to become less dependent on fossil fuels and more energy independent. This has led to good laws and incentives to build more wind energy infrastructure. 

As countries work towards net-zero emissions goals, the need for sustainable energy sources like wind power is expected to grow a lot. There are many chances to be had in this industry, especially in emerging areas where there is a rising demand for energy access and a strong move towards renewable sources.

More and more, governments and private investors are looking at offshore wind energy. This is because the wind currents are stronger and more stable there. New developments in wind turbine technology are also getting people's attention. They make wind energy more accessible and attractive by making it more efficient and less expensive. In recent years, there has been a big rise in corporate investments in wind farms. 

Many firms are doing this to improve their efforts to be more environmentally friendly. Using digital technology for predictive maintenance and efficiency optimization is becoming more widespread. This makes operations run more smoothly and cuts down on downtime. Also, wind projects that are located in the community are becoming more popular. This lets people in the area help make energy, which makes them more likely to support and embrace wind energy projects.

As these patterns keep changing, the wind energy sector throughout the world is expected to see big changes that will help make the world a greener place.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Wind Energy Market Drivers

Growing Demand for Renewable Energy Sources

The Wind Energy Market Industry is witnessing a substantial increase in demand for renewable energy sources, primarily driven by the global urgency to combat climate change and transition towards sustainable energy systems. According to the International Energy Agency, the share of global electricity generation from wind power has doubled in the last decade, now contributing to approximately 10% of total global electricity generation. Countries across the globe are setting ambitious targets to expand their renewable energy portfolios, with governments like the European Union aiming for climate neutrality by 2050.

Established organizations such as the Global Wind Energy Council have reported a consistent increase in installations, leading to an annual growth rate of more than 10% in certain regions. The strengthening of international agreements and national policies further supports this driver, highlighting that a shift towards wind energy is essential for achieving carbon emission reduction goals, which are projected to necessitate a tripling of global wind capacity by 2030.

Technological Advancements in Turbine Efficiency

Technological advancements in turbine efficiency are a key driver for the growth of the Wind Energy Market Industry. Innovations in design and materials have led to the development of larger, more efficient turbines capable of generating more energy at lower wind speeds. A report from the U.S. Department of Energy highlights that the capacity factor of onshore wind projects has increased from an average of 33% in 2008 to over 41% in 2020. This increase is indicative of the improved operational efficiency of wind farms, achieved through enhanced blade designs and advanced control systems.

Companies such as Siemens Gamesa and GE Renewable Energy are at the forefront of this technology, contributing to increased competitiveness of wind energy compared to fossil fuels. With these advancements, the cost of wind energy generation continues to decline, making it an increasingly viable option for sustained energy production across the globe.

Government Schemes and Incentives for Green Energy

The establishment of supportive government schemes and financial incentives for green energy projects is significantly propelling the Wind Energy Market Industry. Many governments are introducing feed-in tariffs, tax credits, and subsidies to promote the development of renewable energy sources. For instance, the United States has implemented the Investment Tax Credit, allowing for a 30% tax credit for wind energy investments, which has been pivotal in driving wind project financing.

The Global Wind Energy Council indicates that such financial incentives have contributed to wind energy capacity installations reaching over 100 GW annually in recent years. Furthermore, initiatives such as the United Nations Framework Convention on Climate Change encourage countries to integrate renewable energy sources into their energy mix, building a supportive policy framework that influences investment and development in the Wind Energy Market.

Wind Energy Market Segment Insights

Wind Energy Market Type Insights

The Wind Energy Market exhibits significant growth and diversification across its Type segment, comprising Horizontal Axis Wind Turbine, Vertical Axis Wind Turbine, Offshore Wind Turbine, and Onshore Wind Turbine. As of 2024, the overall market stands at 159.76 USD Billion, with the Horizontal Axis Wind Turbine leading the charge at a valuation of 43.56 USD Billion. This type has garnered popularity due to its efficiency and widespread application, accounting for the majority holding in the market, reflecting the preference of developers and utilities towards its established technology.

The Onshore Wind Turbine follows closely, valued at 56.57 USD Billion in 2024, showcasing its significant role in harnessing wind energy across various terrains and its cost-effectiveness compared to offshore installations. Offshore Wind Turbines, with a valuation of 40.74 USD Billion in 2024, present an emerging opportunity with vast potential in harnessing stronger wind currents far from shore and are expected to play a crucial role in the future landscape of the Wind Energy Market. Meanwhile, the Vertical Axis Wind Turbine, while valued at 18.89 USD Billion in 2024, offers unique advantages in urban settings due to its compact design and reduced noise levels, though it currently commands a smaller share of the market.

By 2035, all these segments are projected to experience substantial growth, with values of 86.01 USD Billion for Horizontal Axis Wind Turbine, 36.78 USD Billion for Vertical Axis Wind Turbine, 79.2 USD Billion for Offshore Wind Turbine, and 98.01 USD Billion for Onshore Wind Turbine, indicating a robust expansion driven by the global shift towards renewable energy solutions. The increasing demand for clean energy and government initiatives to promote sustainable practices are significant growth drivers, while challenges include technological advancements and the high capital costs associated with wind energy projects.

The Wind Energy Market statistics reveal a compound annual growth rate of 5.9 from 2025 to 2035, suggesting a healthy trend as industries and governments seek renewable energy sources to mitigate climate change effects. The prospects for the wind energy sector remain promising, with opportunities emerging as innovation progresses and efficiencies improve across all turbine types.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Wind Energy Market Application Insights

The Wind Energy Market revenue showcases significant growth potential within the Application segment, particularly emphasizing Power Generation, Mechanical Power, and Hybrid Systems. The market has gained momentum, reaching a valuation of 159.76 USD Billion in 2024, driven by the increasing demand for renewable energy sources and governments' push for sustainable practices. Power Generation has become a pivotal area due to its ability to harness wind for electricity production, fulfilling energy needs while reducing carbon footprints. Mechanical Power applications are noteworthy as they offer practical solutions in various industries, promoting efficiency and energy savings.

Meanwhile, Hybrid Systems are emerging strongly, combining wind energy with other renewable sources to enhance reliability and stabilize power supply. The Wind Energy Market segmentation highlights these areas as critical contributors to market growth, addressing both environmental and economic challenges, while presenting numerous opportunities for innovation and investment in the transitioning energy landscape. The expected expansion underscores the market's resilience and adaptability as the world moves toward a greener future.

Wind Energy Market Component Insights

The Wind Energy Market is experiencing substantial growth, with the market valued at 159.76 billion USD in 2024 and projected to reach 300.0 billion USD by 2035. This trajectory underscores a robust expansion driven by increasing energy demands and an urgent shift towards renewable sources. Within the Component segment, critical elements such as Rotor Blades, Gearboxes, Generators, Control Systems, and Towers play significant roles in determining the overall efficiency and output of wind energy systems. Rotor Blades are essential for capturing wind energy and converting it into rotational motion, which is pivotal for maximizing energy generation.

Gearboxes, responsible for increasing the rotational speed, and Generators that convert mechanical energy into electrical energy, further highlight the interdependence of these components. Control Systems ensure that operations are optimized and safe, while Towers provide the necessary height for wind capture, contributing to the overall stability and durability of the installation. The growing focus on reducing the cost of wind energy generation, along with technological advancements in these components, presents ample opportunities for market growth and innovation, positioning them as vital drivers of the Wind Energy Market.

Overall, the Wind Energy Market data reflects a clear trend towards enhanced efficiency and sustainability, with a strong emphasis on the development and optimization of these critical components.

Wind Energy Market End Use Insights

The Wind Energy Market exhibits significant growth driven by various end use applications, primarily categorized into Utility, Commercial, Industrial, and Residential sectors. By 2024, the market is set to achieve a valuation of 159.76 USD Billion, reflecting the increasing reliance on wind energy for sustainable electricity generation. The utility segment is crucial, as it is the largest consumer of wind energy, providing large-scale energy solutions and renewable resources to meet growing demand. The commercial segment also plays a vital role, with businesses increasingly investing in wind energy to enhance their sustainability profiles and reduce operational costs.

Moreover, the industrial segment leverages wind power to achieve energy efficiency in manufacturing processes, thus driving down production costs. The residential sector, while smaller, is gaining traction as homeowners adopt wind energy solutions for their energy needs. This trend is fueled by rising awareness of renewable energy benefits and favorable government policies promoting wind energy adoption. Overall, the Wind Energy Market segmentation signifies a comprehensive shift towards diversified energy sources, bolstered by the need for sustainable development worldwide.

As of 2024, this market landscape is characterized by changing energy demands and the pursuit of eco-friendly practices.

Wind Energy Market Regional Insights

In the Regional segment of the Wind Energy Market, the overall market is anticipated to showcase substantial growth, with North America leading at a valuation of 40.0 USD Billion in 2024, escalating to 85.0 USD Billion by 2035. Europe follows closely, reflecting its strong commitment to renewable energy, with values of 50.0 USD Billion in 2024 and projected to reach 115.0 USD Billion in 2035. The Asia Pacific region holds a significant position as well, with 45.0 USD Billion in 2024, expected to climb to 70.0 USD Billion by 2035, driven primarily by the increasing demand for clean energy solutions and supportive government policies.

South America, valued at 10.0 USD Billion in 2024, and growing to 20.0 USD Billion by 2035, is emerging steadily in the wind energy sector, while the Middle East and Africa show a contrasting trend with a projection of 14.76 USD Billion in 2024 but a decline to 10.0 USD Billion in 2035. This decline reflects unique regional challenges in embracing wind energy. The predominant growth in North America and Europe underlines a significant emphasis on sustainability and technological advancements, alongside favorable policy frameworks, which are essential drivers in establishing these regions as leaders in the Wind Energy Market revenue.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Wind Energy Market Key Players and Competitive Insights

The Wind Energy Market is characterized by a dynamic and rapidly evolving competitive landscape, driven by increasing demand for renewable energy sources and stringent environmental regulations aimed at mitigating climate change. The market is populated by various companies that offer innovative solutions and technologies to harness wind energy effectively. These companies engage in a wide range of activities, including the manufacturing of wind turbines, provision of installation services, and operations and maintenance of wind farms. The competition is intensified by advancements in technology, fluctuations in energy policies across different regions, and the varying investment levels from both private and public sectors. As countries continue to prioritize sustainable energy commitments, the market exhibits remarkable growth potential, with new entrants striving to carve a niche amid established players.

Nordex has carved a significant presence in the Wind Energy Market, recognized for its high-quality and efficient wind turbines tailored to meet diverse customer needs. The company's strength lies in its strong technological expertise and commitment to research and development, enabling it to offer innovative turbine designs that maximize energy output and minimize costs. Nordex has established a comprehensive manufacturing and operational framework, ensuring the timely delivery and commissioning of projects across global markets. Its extensive portfolio of successful projects bolsters its reputation, with numerous installations across various terrains and climates, further enhancing its credibility and market share. The company capitalizes on partnerships with local firms to ensure efficient project execution and strengthen its position in established and emerging markets.

NextEra Energy is a formidable player in the Wind Energy Market, with a robust portfolio that focuses on providing clean energy solutions through its extensive network of wind and solar power facilities. The company excels in leveraging its substantial investment capabilities to develop expansive renewable energy projects, positioning itself as a leader in the sector. NextEra Energy's strengths are evident in its operational efficiency, cutting-edge technology, and an unwavering focus on sustainability. The company frequently engages in strategic mergers and acquisitions to enhance its service offerings and market reach, allowing it to optimize energy production and distribution across a global spectrum. Its commitment to innovation is reflected in its development of advanced wind turbine technologies and integration of smart grid solutions, creating a sustainable energy infrastructure that aims to meet the ever-increasing demand for clean energy worldwide.

Key Companies in the Wind Energy Market Include:

• Nordex


• NextEra Energy


• Brookfield Renewable Partners


• EDP Renewables


• Suzlon Energy


• Orsted


• Envision Energy


• Iberdrola


• Vestas Wind Systems


• Goldwind


• Siemens Gamesa Renewable Energy


• Innergex Renewable Energy


• GE Renewable Energy

Wind Energy Market Industry Developments

Recent developments in the Wind Energy Market have seen significant advances over the past few months. In September 2023, Nordex announced an expansion of its manufacturing capabilities, aiming to increase production efficiency and lower costs. NextEra Energy reported plans to invest heavily in offshore wind projects, signaling a strategic pivot towards expanding its renewable portfolio. In the merger and acquisition domain, EDP Renewables acquired Horizon Wind Energy in July 2023, enhancing its position in the North American market. 

Vestas Wind Systems also announced a partnership with Siemens Gamesa Renewable Energy in August 2023 to develop advanced wind turbine technology. The market valuation for companies like Orsted and Envision Energy has seen encouraging growth, with Orsted's stock rising substantially due to new project announcements. The ongoing global push for renewable energy sources has prompted Iberdrola to ramp up investments in wind assets, while Goldwind has been expanding its international footprint. In the previous years, significant milestones have included Brookfield Renewable Partners acquiring several wind farms across the Americas in early 2022, showcasing the ever-evolving landscape of this critical market segment.

Wind Energy Market Segmentation Insights

Wind Energy Market Type Outlook

• Horizontal Axis Wind Turbine


• Vertical Axis Wind Turbine


• Offshore Wind Turbine


• Onshore Wind Turbine

Wind Energy Market Application Outlook

• Power Generation


• Mechanical Power


• Hybrid Systems

Wind Energy Market Component Outlook

• Rotor Blades


• Gearbox


• Generator


• Control System


• Tower

Wind Energy Market End Use Outlook

• Utility


• Commercial


• Industrial


• Residential

Wind Energy Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa

Report Attribute/Metric	Details
Market Size 2023	150.87(USD Billion)
Market Size 2024	159.76(USD Billion)
Market Size 2035	300.0(USD Billion)
Compound Annual Growth Rate (CAGR)	5.9% (2025 - 2035)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2024
Market Forecast Units	USD Billion
Key Companies Profiled	Nordex, NextEra Energy, Brookfield Renewable Partners, EDP Renewables, Suzlon Energy, Orsted, Envision Energy, Iberdrola, Vestas Wind Systems, Goldwind, Siemens Gamesa Renewable Energy, Innergex Renewable Energy, GE Renewable Energy
Segments Covered	Type, Application, Component, End Use, Regional
Key Market Opportunities	Increased offshore wind projects, Technological advancements in turbine efficiency, Government incentives and subsidies, Expansion of energy storage solutions, Rising demand for clean energy solutions
Key Market Dynamics	regulatory support and incentives, technological advancements, rising energy demand, environmental sustainability concerns, cost competitiveness of wind energy
Countries Covered	North America, Europe, APAC, South America, MEA