Wind Energy Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Turbine, Support Structure, Electrical Infrastructure, and Other Components), By Turbine Type (Horizontal Axis and Vertical Axis), By Location (Onshore and Offshore), By Application (Utility and Non-Utility), and Region Forecast 2020-2031

Wind Energy Market size was valued at US$ 90,878.3 million in 2024  and is expected to reach US$ 172,637.2 million by 2031, growing at a significant CAGR of 9.6% from 2025-2031. Moreover, the U.S. market is projected to grow significantly, reaching an estimated value of US$ 53,862.8 Million by 2031.

The global market is involved in the generation, distribution, and utilization of electricity produced from wind power. The global wind energy market is primarily driven by the accelerating push for decarbonization and the global shift toward clean energy, propelled by climate policies, carbon neutrality goals, and falling costs of wind-generated electricity. Technological advancements, such as larger rotor blades, high-efficiency turbines, and AI-enabled digital monitoring, have improved performance, increased viability, and made wind a preferred solution for utilities. A key market trend is the rapid scaling of turbine size, with 10+ MW offshore units becoming more common, allowing for higher energy output even in lower-wind regions. Supporting trends include digital twins, drone inspections, and integration with hydrogen and corporate PPAs.

The most significant opportunity lies in the growth of offshore wind, especially in deep-sea, high-wind zones enabled by floating turbine technology. These developments are opening new investment corridors, boosting energy security, and driving coastal job creation. On the other hand, the primary restraint remains wind energy's intermittency, which challenges grid reliability and requires costly storage and backup systems. Additional hurdles include high permitting timelines, land use issues, environmental impacts, and community resistance. Despite these barriers, the wind energy market continues to evolve into a smarter, more robust, and globally scalable renewable energy solution.

Facts & Figures 

• Global Push for Decarbonization and Net-Zero Targets: Countries and corporations are aggressively working toward climate neutrality, with the energy sector being central to this transformation. Wind energy, as a zero-emission source, plays a critical role in national and corporate decarbonization strategies, making it an essential component of the global energy transition. For instance, according to IRENA's World Energy Transitions Outlook 2024, over 140 countries now have net-zero or carbon-neutrality goals, and renewables, especially wind and solar, are expected to supply over 60% of electricity by 2050. This policy pressure is driving both public and private investments in wind infrastructure worldwide.
• Declining Levelized Cost of Electricity (LCOE): Technological progress, economies of scale, and competitive project pipelines have significantly lowered the LCOE for wind energy, especially onshore. As the LCOE becomes equal to or cheaper than fossil fuels, utilities and investors are naturally shifting toward wind. For instance, the IEA’s Renewables 2024 report noted that the global average LCOE for onshore wind fell from $0.085/kWh in 2010 to as low as $0.035/kWh in 2023. This puts wind energy cost-competitive with coal and gas in many countries, encouraging greater adoption.
• Technological Innovations in Turbines and Automation: Modern wind turbines are becoming larger (up to 15-18 MW), smarter (equipped with sensors and AI), and more efficient, allowing wind farms to produce more power with fewer units. Automation also enhances asset management and reduces maintenance costs. For instance, in May 2024, GE Vernova and Siemens Gamesa both introduced >15 MW offshore turbines. These turbines include predictive maintenance software, digital twins, and IoT-based diagnostics, which increase efficiency by 20-30%, according to Wind Europe Tech Insights.
• Government Incentives, Auctions, and Policy Support: Governments are supporting wind energy deployment through dedicated renewable energy auctions, subsidies, grid priority access, and long-term development roadmaps. These mechanisms ensure investor confidence and reduce financial risks. For instance, the World Bank’s Global Energy Regulatory Review 2024 revealed that over 60 countries introduced or revised renewable energy auctions in the last year, with special provisions for offshore wind. 

Recent Developments 

• In May 2025, Ørsted sold a 24.5% stake in the 389?MW West of Duddon Sands offshore wind farm to Schroders Greencoat for approximately £456?million (US$?610?million), part of its capital recycling strategy.
• In April 2025, Belgian marine contractor DEME agreed to acquire Norwegian offshore wind services provider Havfram for $985?million, expanding DEME’s infrastructure capabilities and reinforcing offshore installation capacity.
• In March 2025, BP and JERA formed a 50:50 joint venture, leveraging combined offshore wind pipelines (13?GW potential capacity) and planning up to $5.8?billion funding for global development by 2030.
• In January 2025, Pine Wind (J&V Energy subsidiary) agreed to acquire a 26% interest in Formosa?2, a 376?MW operational offshore wind farm, partnering with Taiwanese investors to channel local capital into established assets.

Wind Energy Market Segmentation

Based on the components 

• Turbine
• Support Structure
• Electrical Infrastructure
• Other Components

In the global wind energy market, the turbine segment holds the largest market share, as it is the core component responsible for converting kinetic wind energy into electrical power. Turbines account for the highest portion of total project cost, typically ranging from 60% to 70%, and include rotor blades, nacelle, gearbox, and generator. The rising adoption of larger and more efficient turbines, especially in offshore projects, continues to drive segment dominance. These advancements improve energy yield and reduce the levelized cost of energy (LCOE). While turbines lead the market, the "Other Components" segment, which includes items like sensors, brakes, and control systems, remains the smallest due to its relatively lower cost and specialized scope.

Based on the turbine type 

• Horizontal Axis
• Vertical Axis

The horizontal-axis wind turbine (HAWT) segment holds the largest market share in the global wind energy market. HAWTs are widely used in both onshore and offshore installations due to their high efficiency, scalability, and technological maturity. Their ability to harness wind from a wide range of speeds, along with easier integration into utility-scale power generation, makes them the preferred choice globally. Most large-scale commercial wind farms deploy horizontal-axis turbines with advanced blade designs and yaw control systems for optimal performance. In contrast, the vertical-axis wind turbine (VAWT) segment holds a smaller share, primarily due to its lower efficiency and limited use in small-scale or niche urban applications.

Based on the location 

• Onshore
• Offshore

Based on location, the onshore wind energy segment holds the largest market share in the global wind energy market. Onshore wind farms are more cost-effective to install and maintain compared to offshore systems and benefit from shorter construction timelines and easier grid connectivity. Many countries have leveraged vast inland areas with strong wind potential, such as plains, ridges, and deserts, to deploy large-scale onshore projects. These installations are central to national renewable energy strategies due to their quicker return on investment and proven technology. Meanwhile, the offshore segment is growing rapidly, driven by technological advancements like floating turbines and favorable policies, but it still holds a smaller share due to higher costs and complex marine infrastructure requirements.

Based on the application

• Utility
• Non-Utility

The utility segment holds the largest market share. Utility-scale wind projects are designed to generate electricity at high volumes, which is then transmitted through the grid to serve residential, commercial, and industrial users. These projects benefit from economies of scale, long-term power purchase agreements (PPAs), and government incentives, making them highly attractive for investors and energy providers. Countries are increasingly integrating wind into their national grids to meet clean energy targets and reduce carbon emissions. On the other hand, the non-utility segment, which includes distributed or small-scale wind installations for private or localized use, holds a smaller market share due to higher per-unit costs and limited output capacity.