Global Wind Energy Market Report and Forecast 2025-2034

Global Wind Energy Market Report and Forecast 2025-2034

Market Outlook

According to the report by Expert Market Research (EMR), the global wind energy market size reached approximately 2307.89 TWh in 2024. Aided by the growing focus on renewable energy sources and the increasing shift towards sustainable power generation, the market is projected to grow at a CAGR of 7.6% between 2025 and 2034, reaching a value of around 4536.55 TWh by 2034.

Wind energy, one of the fastest-growing sources of electricity, is generated by converting wind currents into electricity using wind turbines. The global push toward decarbonisation, reducing greenhouse gas emissions, and limiting reliance on fossil fuels has driven the adoption of wind energy as a cleaner alternative. Moreover, wind power's scalability, cost-effectiveness, and ability to provide renewable energy without the emissions associated with traditional energy sources have propelled its popularity globally.

The increasing shift towards renewable energy as part of global climate initiatives is one of the primary drivers propelling the wind energy market growth. Governments across the world are implementing policies, subsidies, and incentives to support the deployment of wind power as part of their energy mix. International agreements like the Paris Agreement have further intensified efforts to reduce carbon emissions, which is leading countries to set aggressive targets for renewable energy generation, with wind energy playing a crucial role in meeting these goals.

Another key factor boosting the market is the declining cost of wind power generation. Technological advancements in turbine design, materials, and grid integration have resulted in a steady decrease in the cost per megawatt (MW) of wind power. Innovations such as larger turbine blades, improved gearbox efficiency, and enhanced predictive maintenance have led to better performance, making wind energy more competitive with conventional energy sources like coal and natural gas.

Furthermore, the rising demand for electricity, driven by urbanisation and industrialisation in emerging economies, has accelerated the need for additional energy sources. Wind energy, with its capability to generate power on a large scale and integrate into existing energy grids, is an attractive option for meeting this growing demand. The increasing need for energy security and diversification of power sources is also playing a role in propelling wind energy adoption, consequently driving up the wind energy market share.

Technological advancements in wind energy generation have been instrumental in driving market growth. One of the most significant innovations in recent years has been the development of offshore wind energy systems. Offshore wind farms, which are installed in large bodies of water, benefit from stronger and more consistent wind currents compared to onshore installations. This has led to higher energy output and reduced intermittency, making offshore wind farms increasingly popular in regions with high population densities and limited land availability, such as Europe and Asia.

The growth of floating wind turbines is another notable innovation within the sector. Floating wind turbines are a game-changer for offshore wind energy, as they can be deployed in deeper waters where traditional fixed-bottom turbines are not feasible. Countries with deep coastal waters, such as Japan and the United States, are investing in floating wind technology to harness wind resources that were previously inaccessible.

Additionally, the integration of artificial intelligence (AI) and machine learning (ML) in wind farm management has significantly enhanced the efficiency and reliability of wind power generation. AI-powered systems enable predictive maintenance, optimising the operation of wind turbines by analysing data in real-time and identifying potential issues before they result in costly downtime. These innovations are contributing to better performance, lower operational costs, and higher returns on investment, thus driving the wind energy market expansion.

Geographically, Europe holds the largest share of the market, driven by strong governmental support, stringent environmental regulations, and ambitious renewable energy targets. Countries such as Germany, the United Kingdom, and Denmark have been at the forefront of wind energy adoption, with extensive investments in both onshore and offshore wind farms. The European Union’s Green Deal, which aims to achieve carbon neutrality by 2050, has further boosted the development of wind energy projects across the continent.

As per the wind energy market analysis, Asia-Pacific is expected to witness the fastest growth during the forecast period, primarily driven by the increasing energy demand in emerging economies such as China and India. China, in particular, is a global leader in wind energy, accounting for a significant share of the world’s installed wind capacity. The country’s commitment to reducing its reliance on coal and transitioning to cleaner energy sources has led to substantial investments in wind power infrastructure. India is also rapidly expanding its wind energy capacity, with favourable government policies and large-scale projects aimed at meeting its growing energy needs sustainably.

Market Segmentation

The global wind energy market can be divided based on the location, application, and region.

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global wind energy market. Some of the major players explored in the report by Expert Market Research are as follows:

• 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

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.