The global wind power generation market was valued at approximately US$ 127.3 billion in 2022 and is anticipated to grow to around US$ 247.2 billion by 2030. This market is expected to experience a compound annual growth rate (CAGR) of 8.6% from 2022 through 2030.

The wind power generation sector is crucial in the worldwide energy framework, making a substantial contribution to the production of clean and renewable electricity. Wind energy, which is harnessed from the kinetic energy of the wind, has been utilized for over a century. Contemporary wind energy projects have advanced significantly, becoming efficient and environmentally sustainable sources of power.

One of the primary benefits of wind energy is its sustainability and minimal environmental footprint when compared to traditional fossil fuel energy sources. Wind power plants can be classified based on their deployment type into onshore and offshore categories. The onshore segment currently holds the largest share of the wind power generation market due to its cost-effectiveness, which is expected to further enhance its growth in the upcoming years. Additionally, the offshore segment is projected to expand at a more rapid rate during the forecast period. According to the European Wind Energy Association, the United Kingdom leads Europe in installed offshore wind capacity, accounting for 44% of all offshore wind energy installations (in megawatts). Following the UK are Germany (34%), Denmark (7%), Belgium (6.4%), and the Netherlands (6%). Consequently, the increasing establishment of offshore wind farms is driving the growth of the wind power generation market in the coming years. Furthermore, a report from the Floating Offshore Wind Centre of Excellence has identified 22 countries poised to become significant players in this emerging renewable energy technology. In January 2022, the UK government announced funding for 11 successful projects, each receiving up to US$ 959.23 million, as part of a US$ 2.97 billion initiative to enhance renewable energy production in the UK. In April 2022, Technip Energies was chosen by Equinor to conduct front-end engineering design (FEED) for the offshore floating wind Firefly project located on South Korea's East Coast.

Nevertheless, wind energy plants primarily consist of large metal components such as towers, nacelles, and rotor blades, which represent about 80% of the total cost of a typical turbine. The initial costs associated with installing offshore wind turbines, which involve multiple mooring lines and anchors, can be quite high. The availability of land for wind turbine installation is limited by various factors, including technical, social, economic, and environmental considerations. As a result, suitable land for wind power plants tends to be more expensive and requires compliance with numerous regulations, which further increases the installation costs. The high costs of components contribute to the overall capital expenditure of wind power plants, which is expected to hinder the growth of the wind power generation market in the near future.

The Asia Pacific region currently leads the wind power generation market, driven by favorable government policies, increased investments in wind energy projects, and declining costs associated with wind energy, which have led to greater adoption. Countries such as China, India, and Japan dominate the market, and their share is expected to grow in the coming years. China, in particular, has maintained its position as the largest onshore market, adding 21.2 GW of new capacity. Supportive government policies and incentives have made China an attractive destination for investment, suggesting that the wind power generation market will continue to thrive. According to the Global Wind Energy Council (GWEC), Asia Pacific is projected to emerge as a leader in offshore wind, with its share of the global offshore wind market expected to rise from 24% in 2019 to 42% by 2025. The GWEC also forecasts significant growth in the global wind energy sector from 2022 to 2025, with a CAGR of 3.5% and an annual added capacity reaching 110.6 GW by 2025. Thus, the increase in wind power installations in the region is likely to propel the growth of the wind power generation market in Asia Pacific from 2022 to 2030.

The global wind power generation market report is categorized based on deployment type, end-user, power capacity, and geography. The deployment types include onshore and offshore wind power generation. The market is also segmented by power capacity into categories of less than 10 MW and above 10 MW. In terms of end-users, the analysis includes residential, commercial, and industrial segments. Geographically, the report divides the global wind power generation market into five major regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

Key players in the wind power generation market include Siemens Gamesa Renewable Energy SA, General Electric, Mitsubishi Heavy Industries, Vestas Wind Systems, Renewable Energy Systems Americas, EDP Renewables, Orsted A/S, NextEra Energy, Inc., EDF S.A., and Suzlon Energy Limited, all of which are profiled in this market analysis.

The overall forecast for the wind power generation market has been developed using both primary and secondary research methods. Extensive secondary research has been conducted utilizing both internal and external sources to gather qualitative and quantitative data regarding the wind power generation market size. This process also provides an overview of the market forecast across all segments. Additionally, numerous primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This includes discussions with industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the wind power generation market.