Wind Power Market Size, Growth And Forecast By 2033 - Straits Research

In a wind turbine, wind energy is converted into mechanical energy, which is then transformed into electrical energy by the generator. The generation of wind energy offshore and onshore is viable. Onshore wind energy refers to turbines located on land, while offshore wind turbines are situated in the ocean or sea. However, due to consistent wind flow, offshore wind turbines are more efficient than onshore wind turbines.

Offshore wind energy is the technology used to generate electricity through wind farms situated in bodies of water. Offshore farms produce more electricity than onshore farms and are also less controversial. The benefits of offshore wind energy include:

• Producing renewable energy.
• Eliminating environmental pollutants and greenhouse gas emissions.
• Providing a domestic energy source.

Market Dynamics Increasing Investments in Renewable Energy Sector and Growing Demand for Energy in Various Sectors Drives the Global Market

Growing government investments in the renewable energy sector are one of the primary drivers of the global industry's expansion. Moreover, many multinational corporations are reducing their carbon emissions to promote a greener planet and sustainability. The use of renewable and green energy is increasing due to factors such as the need to reduce carbon emissions, the deficit of fossil fuels, the control of climate change, etc. As a result of the government's stringent environmental regulations, it is anticipated that there will be a continuous shift from conventional energy sources to renewable energy technologies, stimulating market growth.

Energy needs are growing across many sectors, including residential, healthcare, services, and food and beverage. The benefits of offshore wind energy, such as its low maintenance needs, labor requirements, and negligible environmental impact, are among the main factors influencing the market's expansion. The rapid R&D activities are also expected to accelerate market expansion and improve the capacity utilization factor for energy generation.

Regional Analysis

Asia-Pacific accounted for the largest revenue share and is anticipated to maintain its dominance during the forecast period. China accounted for the most installations in the region due to the government's ongoing initiatives and investments to promote industry growth. North America and Europe are the competitive and mature regions in the wind power market .

Key Highlights

• The global wind power market size was valued at USD 103.24 billion in 2024 and is estimated to grow from USD 111.14 billion in 2025 to reach USD 200.53 billion by 2033, growing at a CAGR of 7.64% during the forecast period (2025–2033).
• Based on location, the market is categorized into onshore and offshore. The onshore segment will dominate the market and have the highest revenue share during the forecast period.
• Based on application, the market is bifurcated into utility and non-utility. The utility sector holds the most significant market share in the industry.
• Asia-Pacific accounted for the largest revenue share and is anticipated to maintain its dominance during the forecast period.