Strong Growth Ahead: Wind Energy Market Size To Grow At Arecord 11.7% Cagr By 2029

The Wind Energy Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the Wind Energy Market Size Expected to Be by 2034?
The dimension of the wind energy market has seen a quick surge over the past years. The market is projected to expand from a worth of $126.77 billion in 2024 to $141.16 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.4%. The growth observed in the previous period is primarily due to the expansion of emerging markets, heightened requirement for clean energy, the environmental consequences of traditional power generation methods, and rising fuel prices.

The projection for the wind energy market predicts a swift expansion in the upcoming years, reaching $219.67 billion by 2029 and growing at a compound annual growth rate (CAGR) of 11.7%. Reasons for this growth in the forecast period are global population increase, urbanization, surging demand for electricity and a growing emphasis on alternative power generation sources. Key trends to look out for during this forecast period include hybrid systems combining wind and solar power, robot inspection systems, wind turbines that can be recycled, the application of artificial intelligence (AI), expansions of new plants, innovative product developments, and collaborations as well as acquisitions.

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What Are the Emerging Segments Within the Wind Energy Market?
The wind energy market covered in this report is segmented -

1) By Turbine Type: Horizontal Axis, Vertical Axis
2) By Component: Turbine, Support Structure, Electrical Infrastructure, Other Components
3) By Location: Onshore, Offshore
4) By Application: Utility, Non-Utility

Subsegments:
1) By Horizontal Axis Turbine (HAT): Small Horizontal Axis Turbines, Medium Horizontal Axis Turbines, Large Horizontal Axis Turbines
2) By Vertical Axis Turbine (VAT): Darrieus Vertical Axis Turbines, Savonius Vertical Axis Turbines

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What Long-Term Drivers Are Shaping Wind Energy Market Trends?
The escalation of renewable energy adaptation predicts an acceleration in the wind energy market's growth. Renewable energy is the energy produced from sources that are natural and always renewing but have a restricted flow. The rising demand for renewable energy significantly contributes to the encouragement of wind energy utilization, purely because it is clean, no cost associated, and an easily accessible source of renewable energy. In June 2022, the U.S. Energy Information Administration reported that biomass was the predominant source of the total annual U.S. energy consumption. In 2021, biomass contributed approximately 5 quadrillion British thermal units (Btu) and accounted for 5% of all primary energy used in the United States. Out of the total, biofuels (mostly ethanol) held about 2,316 TBtu, 2,087 TBtu came from wood and wood-derived biomass, and 431 TBtu were derived from municipal solid waste, animal waste material, and left-behind agricultural biomass. Hence, the growing adaptation of renewable energy sources underpins the growth of the wind energy market.

Who Are the Top Competitors in Key Wind Energy Market Segments?
Major companies operating in the wind energy market include Siemens Energy AG, Xinjiang Goldwind Science & Technology Co. Ltd, General Electric Company, Vestas Wind Systems A/S, Nordex SE,Enercon GmbH, China Ming Yang, Suzlon Energy Ltd., Dongfang Electric Corporation Limited, ABB Limited, Goldwind, Envision Energy, MINGYANG, Gamesa, SHANGHAI ELECTRIC, CSSC, Suzlon Energy Limited, Adani Green Energy Limited, NTPC Limited, Teroc AB, ENO Energy GmbH, Greenbyte AB, ENS Energy GmbH, MOWEA GmbH, Voltalia, EuroCape, Kola Wind Farm, Rosatom, Venture Round - NabraWind Technologies, NovaWind, NextEra Energy, TPI Composites, Clearway Energy, Pampa Energia SA, YPF Luz, Enel Green Power S.p.A., Genneia SA, 360 Energy SA, CPFL Energias Renovaveis SA, ENGIE Brazil, Eletrobras Furnas, Omega Geracao SA, Allegheny Technologies Incorporated (ATI), meteocontrol AMEA DMCC, BELECTRIC Gulf, NNQ Energy, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N'diaye Wind Farm, Kangnas Wind Farm

What Wind Energy Market Trends Are Gaining Traction Across Different Segments?
The growing popularity of technological innovations is a major trend in the wind energy industry. To maintain their market position, major businesses in the sector are creating advanced tech-based products. For example, WEG Industries, an electric engineering firm based in Brazil, launched a new wind turbine platform in July 2022. This platform utilizes Medium-Speed Geared (MSG) drive technology and includes a 7 MW and 172-meter rotor diameter. The platform's unique features allow for smooth electric grid connection and adaptability to differing grid codes in different regions due to its incorporation of a full power drive. It can also generate reactive energy in windless conditions, providing additional benefits beyond power generation. The newly modified design also encompasses modular components, like a taller tower, that enhances logistics and eases the assembly process, especially in challenging geographical terrains.

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Which Regions Are Becoming Hubs for Wind Energy Market Innovation?
Asia-Pacific was the largest region in the wind energy market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Wind Energy Market?
2. What is the CAGR expected in the Wind Energy Market?
3. What Are the Key Innovations Transforming the Wind Energy Industry?
4. Which Region Is Leading the Wind Energy Market?

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