The Wind Power Market is to Touch $3 Billion by 2030; Advances in grid infrastructure and management technologies play a pivotal role in driving the growth of the wind power market. As wind energy penetration increases, grid integration becomes crucial for ensuring a reliable and stable electricity supply.

The Wind Power Market size is estimated to reach $3 billion by 2030, growing at a CAGR of 10.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Wind Power Market  – By Installation Type (Onshore, Offshore (Shallow Water, Transitional Water, Deep Water), Airborne. By Component (Turbines, Electrical Infrastructure, Rotor Blades, Generators, Brushes, Towers (Tubular Steel Towers, Concrete Towers, Hybrid Towers, Lattice Towers, Guyed), Others.) By Wind Turbine Capacity (Less than 30 kW, 31 kW - 500 kW, 501 kW - 2 MW, More than 2 MW), By Technology (Horizontal, Vertical, Others)., By Connectivity (On Grid, Off Grid), By End-Users (Energy & Power, Agriculture, Food & Beverage, Paper & Pulp, Chemical, Commercial, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

The market growth is driven by floating offshore wind farms are gaining momentum as a key market trend in the wind power industry, particularly in regions with deep waters unsuitable for fixed-bottom foundations. This trend reflects a growing interest and investment in offshore wind expansion into new areas with stronger and more consistent wind resources. Floating turbines offer a viable solution to overcome geographical limitations and tap into untapped offshore wind potential. As technology advancements continue and costs decrease, floating offshore wind farms are expected to play a significant role in driving the growth of the wind power market, opening up new opportunities for renewable energy development during the forecast period.

APAC dominated the Wind Power Market in 2023 with a market share of 36% driven by a convergence of factors. The region's burgeoning economies, such as China, India, and Vietnam, are witnessing rapid industrialization and urbanization, leading to soaring energy demand. In response to climate change concerns and air pollution issues, governments across Asia Pacific are implementing ambitious renewable energy targets and supportive policies, spurring investments in wind power projects. Furthermore, Asia Pacific boasts abundant wind resources, particularly in coastal and mountainous regions, providing a conducive environment for wind energy development. Technological advancements, economies of scale, and declining costs have further propelled the growth of the wind power market in the region. With its vast potential and conducive regulatory environment, Asia Pacific continues to lead the global transition towards clean and sustainable energy sources, solidifying its position as a key driver of growth in the wind power industry.

The wind power market is significantly driven by technological advancements in wind turbine design and efficiency. Innovations in aerodynamics, materials science, and blade design have led to the development of larger and more efficient turbines that can generate more electricity at lower costs. For instance, the advent of offshore wind turbines with capacities exceeding 10 MW has revolutionized the sector, enabling the harnessing of wind energy in previously inaccessible locations. Enhanced efficiency reduces the cost per kilowatt-hour, making wind energy more competitive with traditional fossil fuels. Moreover, advancements in predictive maintenance and real-time monitoring through IoT (Internet of Things) have improved operational efficiency and reduced downtime, further driving the adoption of wind power. These technological strides not only increase energy output but also extend the lifespan of turbines, thereby maximizing the return on investment for developers and utilities.

The increasing global demand for renewable energy is a major driver of the wind power market. As countries strive to meet their energy needs while reducing greenhouse gas emissions, wind power has emerged as a key solution due to its scalability and sustainability. The shift towards renewable energy is fueled by growing public awareness of climate change, corporate sustainability goals, and the economic benefits of renewable energy sources. For example, corporations are increasingly investing in wind power to meet their renewable energy targets and to hedge against energy price volatility. Additionally, consumers are demanding cleaner energy, prompting utilities to integrate more wind power into their energy mix. This rising demand is also supported by favorable economics, as the levelized cost of wind energy continues to decline, making it an attractive option for new energy investments.

Key companies profiled in the Wind Power Market are Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy, GE Renewable Energy, Goldwind, Envision Energy, Nordex Group, Enercon GmbH, MingYang Smart Energy Group, Suzlon Energy Limited, Siemens Energy, Orient Green Power, NextEra Energy, Inc, Regen Powertech, Indowind Energy, Senvion S.A.., and others.