United States Wind Power Market
The United States wind power market has emerged as a key contributor to the nation’s energy mix, driven by favorable policy frameworks, technological advancements, and increasing investments in renewable energy. Wind energy is the largest renewable energy source in the U.S., supplying about 10% of the country’s electricity in recent years. The government’s commitment to achieving net-zero carbon emissions by 2050 has accelerated the growth of wind power projects, particularly in states like Texas, Iowa, and Oklahoma, which have abundant wind resources. Federal tax incentives, such as the Production Tax Credit (PTC), have played a crucial role in boosting investments and making wind energy more cost-competitive.
Offshore wind is another rapidly growing segment of the U.S. wind market. The Biden administration has set an ambitious goal to deploy 30 GW of offshore wind capacity by 2030, primarily along the East Coast. Major offshore wind projects, such as Vineyard Wind and Ocean Wind, are expected to significantly contribute to meeting this goal. In addition to clean energy generation, the development of wind power creates substantial economic benefits, including job creation and local investment. Challenges remain, particularly in grid integration and transmission infrastructure, but ongoing innovations in energy storage and grid management are likely to enhance the reliability of wind power in the U.S.
The global Wind Power Market Size is expected to register a CAGR of ~12% from 2023 to 2030 and hold a value of over USD 262.20 billion by 2030.
Wind power refers to the process of generating electricity from the wind using wind turbines. It is a clean, renewable, and sustainable energy source that is widely used around the world.
The COVID-19 pandemic has had a significant impact on the wind power market, with the slowdown in global economic activity and decreased demand for goods and services leading to reduced investment in renewable energy projects and other sustainability initiatives.
The pandemic has also caused disruptions in the supply chain, making it more difficult to obtain the components and materials needed to build and operate wind turbines. Despite the short-term challenges posed by the pandemic, the long-term outlook for the wind power market remains positive, as the growing demand for clean and renewable energy sources, as well as the increasing concerns over the environmental impact of traditional energy sources, are expected to drive growth in the wind power market in the coming years.
In addition, favorable government policies and regulations aimed at promoting renewable energy and reducing greenhouse gas emissions are expected to provide further support for the growth of the wind power market.
Key Players
- Vestas (Denmark)
- General Electric (US)
- Senvion SA (Germany)
- Wind World Limited (India)
- Orient Green Power Company (India)
- Indowind (India)
- DNV GL (Norway)
- Siemens Gamesa Renewable Energy SA (Spain)
- Goldwind (China)
- Bergey Wind Power (US), among others
Regional Analysis
North America, particularly the United States, has a well-established wind power market and is one of the largest producers of wind energy globally. The region has a favorable policy environment, an advanced infrastructure, and a strong presence of leading players in the wind power industry, which has contributed to its growth.
The region is expected to continue to be a key player in the wind power market in the coming years, with the increasing demand for clean and renewable energy sources driving the growth of the wind power industry in North America.
Market Segmentation
The Global Wind Energy Market Share has been segmented into installation and application.
Based on the installation, the market has been segmented into Onshore and Offshore.
Based on the application, the market has been segmented into Residential, Commercial, and Industrial.
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