Wind Power Market growing at a CAGR of 4.9% from 2025 to 2030

ByGrandViewResearch

The global wind power market size was estimated at USD 97.05 billion in 2024 and is projected to reach USD 141.09 billion by 2030, growing at a CAGR of 4.9% from 2025 to 2030. The growing need to replace conventional sources of energy with renewable sources is projected to drive the market for wind power in the upcoming years.

Key Market Trends & Insights

  • Asia Pacific dominated the wind power market with the largest revenue share of 40.71% in 2024.
  • The wind power market in the U.S. is anticipated to grow at the fastest CAGR during the forecast period.
  • Based on location, the on-shore segment led the market with the largest revenue share of 75.52% in 2024.
  • Based on application, the utility segment led the market with the largest revenue share of 83.5% in 2024.

Market Size & Forecast

  • 2024 Market Size: USD 97.05 Billion
  • 2030 Projected Market Size: USD 141.09 Billion
  • CAGR (2025-2030): 4.9%
  • Asia Pacific: Largest market in 2024

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Solar and wind power generation, which were considered expensive two decades ago, are now considered more cost-competitive than new-built coal or gas plants today. Moreover, in the coming years, it is expected to become more cost-efficient to build new wind and solar than to run existing coal or gas plants. The urge for dependable, clean, and cheap power is expected to drive market growth in the future. Favorable policy structures and regulatory frameworks by various governments across various countries to promote renewable power generation are further expected to propel the market globally.

Drivers, Opportunities & Restraints

The market is primarily driven by several key factors, including government policies and incentives, technological advancements, and growing environmental concerns. Governments worldwide are implementing supportive frameworks such as tax credits, feed-in tariffs, and renewable energy targets to stimulate investment in wind energy.

Technological innovations have led to decreased costs and improved efficiency of wind turbines, making wind energy increasingly competitive with traditional fossil fuels23. In addition, the urgent need to address climate change and reduce carbon emissions has heightened the demand for clean energy sources, further propelling the growth of the wind power sector globally.

The market faces several significant restraints that hinder its growth potential. Grid integration challenges are paramount, as the variability and intermittency of wind energy complicate the balancing of supply and demand, necessitating substantial upgrades to existing grid infrastructure.

Location Insights & Trends

Based on location, the on-shore segment led the market with the largest revenue share of 75.52%in 2024. Onshore wind power has emerged as the most appreciated renewable source of energy across the regions owing to its low cost over offshore wind power coupled with easy installation process and reduction in Greenhouse Gases (GHG). Globally, the cost of installation of the onshore and offshore wind power projects has declined and is projected to be declined in the upcoming years which is further expected to drive the market growth.

The Levelized Cost of Electricity (LCOE) for installed onshore wind projects is already modest as compared to the fossil fuel source of generation and is further set to decrease the installed cost and will help to improve the performance of the wind power plants in the future. China, in the Asia Pacific region, will continue to dominate the onshore wind power industry, followed by North America. Brazil, India, Vietnam, and Australia are expected to be the potential markets for offshore wind power installation; however, varying political support in these countries is expected to propel the market growth.

Wind Power Market Report Scope

Report Attribute

Details

Market size value in 2025

USD 111.15 billion

Revenue forecast in 2030

USD 141.09 billion

Growth rate

CAGR of 4.9% from 2025 to 2030

Base year for estimation

2024

Historical data

2018 – 2023

Forecast period

2025 – 2030

Quantitative units

Capacity in MW, Revenue in USD million/billion, and CAGR from 2018 to 2030

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Location, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; Mexico; Germany; France; UK; Italy; Spain; Russia; China; India; Japan; Australia; Brazil; Argentina; Saudi Arabia; South Africa; UAE

Key companies profiled

GE Wind; Vestas; Siemens Wind Power; Suzlon Group; Goldwind; United Power; Acciona; Nordex SE; Sinovel Wind Group; EDF Renewable Energy; ReGen Powertech; Vensys Energy; ABB Limited; NextEra Energy Inc.; Northland Power Inc.; DONG Energy

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

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