Wind Power - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The wind power market size was valued at 1.27 Terra-watt in 2025 and estimated to grow from 1.4 Terra-watt in 2026 to reach 2.31 Terra-watt by 2031, at a CAGR of 10.52% during the forecast period (2026-2031). This report is Segmented by Location (Onshore and Offshore), Turbine Capacity (Up To 3 MW, 3 To 6 MW, and Above 6 MW), Application (Utility-Scale, Commercial and Industrial, and Community Projects), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

Global Wind Power Market Trends and Insights

Rapid cost declines in ≥15 MW turbines

Larger turbines cut foundation, cabling, and maintenance costs by 15-20% compared with smaller units, thereby lifting capacity factors by 8-12% at taller hub heights.(1)These economics allow developers to pursue sites that once sat at the margin of commercial viability and, in many offshore locations, to reach grid parity. Transportation bottlenecks created by 100-meter-plus blades persist, but port upgrades and heavy-lift vessel orders are underway, suggesting a short-lived constraint. The resulting capital-efficiency gain positions the wind power market for sustained cost competitiveness.

Surge in corporate PPAs from data-center operators

Major cloud providers are signing 10- to 20-year PPAs that bundle electricity with renewable energy certificates and 24/7 clean-energy matching guarantees. These contracts de-risk cash flows for new projects and encourage developers in the wind power industry to size wind farms around data-center load profiles, particularly near North Sea interconnectors and U.S. coastal grids. Electricity demand from artificial-intelligence workloads is expected to climb 35-50% by 2040, turning renewable procurement into an operational necessity rather than a CSR initiative.

Commodity price volatility (steel, rare-earths)

Steel makes up roughly 70% of turbine mass, and a 10% spot-price swing can nudge project capital expenditure by up to 3 percentage points Rare-earth magnets remain 70% sourced from China, so supply shocks in neodymium and dysprosium add further unpredictability. Some OEMs explore electrically excited generators to sidestep these metals, though the switch can trim efficiency by around 2%.(2)

Other drivers and restraints analyzed in the detailed report include:

• Inflation Reduction Act & EU wind power package
• Repowering of early-2000s onshore fleets
• Lengthy permitting timelines (≥5 yrs EU avg.)

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Onshore turbines held 92.45% of installed capacity in 2025, reflecting entrenched supply chains and quicker builds. Nevertheless, offshore assets post a 15.62% CAGR through 2031, due to stronger winds, fewer land-use conflicts, and the readiness of floating foundations. Japan’s first barge-type floater proves commercial viability for typhoon-prone deep-water zones. With 16 MW machines now standard offshore, fewer turbines deliver the same megawatts, compressing installation timelines and lowering lifecycle costs. The wind power market thus tilts toward sea-based growth in land-scarce economies while onshore repowering drives gains in mature regions.

Emerging-economy developers favor onshore builds for lower capex and faster returns, but falling floating-foundation prices begin to level the field. As coastal grids upgrade, offshore output can smooth solar-driven daytime peaks and night-time dips, easing integration challenges.

Complete Report Scope:

• By Location
  • Onshore
  • Offshore
• By Turbine Capacity
  • Up to 3 MW
  • 3 to 6 MW
  • Above 6 MW
• By Application
  • Utility-scale
  • Commercial and Industrial
  • Community Projects
• By Component (Qualitative Analysis)
  • Nacelle/Turbine
  • Blade
  • Tower
  • Generator and Gearbox
  • Balance-of-System
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • Spain
    • United Kingdom
    • France
    • Norway
    • Turkey
    • Nordic (ex-Norway)
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Vietnam
    • Indonesia
    • Malaysia
    • Thailand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Chile
    • Colombia
    • Rest of South America
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Egypt
    • Nigeria
    • Qatar
    • Rest of Middle East & Africa

Geography Analysis

Asia-Pacific dominated with 53.55% wind power market share of global capacity in 2025 and maintains an 11.42% CAGR to 2031. China alone added 76 GW in 2024, blending record onshore builds with a South China Sea offshore push. India’s auction pipeline targets 140 GW by 2030, though state-level grid upgrades lag capacity growth. Japan and South Korea lean toward floating projects to sidestep land scarcity, and Vietnam eyes early-stage tenders that link wind to green-ammonia exports. The wind power market, therefore, benefits from integrated supply chains and government purchase guarantees across the region.

Europe anchors offshore innovation. The North Sea hosts 60% of installed offshore capacity, with Denmark and the Netherlands trimming permitting times via one-stop agencies. REPowerEU’s local-content rules spur turbine factories in Spain, Poland, and France, while green-hydrogen pilot plants secure new offtake channels. Repowering across Germany, Denmark, and Spain adds capacity without new land, relying on upgraded 6 MW machines on existing pads.

North America sees mixed momentum. The January 2025 moratorium on new federal offshore leases stalls fresh acreage but does not affect active projects. Eighteen state attorneys general contest the ban, leaving a court-driven timeline for resolution. Onshore growth stays healthy in Midwestern grids, yet queue congestion in PJM and MISO regions stretches interconnection timelines. The Inflation Reduction Act still underpins project economics pending legislative clarity.

Middle East and Africa emerge as growth frontiers in the wind power market. Egypt’s 10 GW build-own-operate deal and Morocco’s hybrid wind-hydrogen hubs exemplify regional ambition. Namibia and South Africa plan cross-border grid links to tap their formidable wind corridors. Latin America benefits from Brazil’s Rio Grande do Sul and Chile’s Patagonia resources, yet long-haul transmission investment must catch up to exploit full potential.

List of Companies Covered in this Report:

• Acciona Energia
• Duke Energy
• EDF
• Ørsted
• NextEra Energy
• E.ON
• Iberdrola
• Enel Green Power
• Pattern Energy
• Invenergy
• General Electric Vernova
• Vestas
• Siemens Gamesa
• Goldwind
• Envision Energy
• MingYang Smart Energy
• Suzlon
• Nordex
• Enercon
• Dongfang Electric
• CSIC Haizhuang

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support