Wind Power Market: Expanding Installed Capacity and Continued Grid Integration Investment to Drive Market Growth

The global wind power market was valued at over USD 135 billion in 2025 and is projected to register a compound annual growth rate of approximately 6.6% from 2026 to 2035. The market covers electricity generated from onshore and offshore wind installations sold under power purchase agreements, merchant market arrangements, and government-backed feed-in or contract-for-difference structures, serving utilities, corporate offtakers, and grid operators. Global offshore wind installed capacity reached approximately 89.2 GW in 2025, with China continuing to account for more than half of annual global additions, while onshore wind remains the larger overall contributor to total installed capacity worldwide.

The market is expected to grow steadily through the forecast period, owing to continued policy support for renewable generation, falling per-megawatt costs from larger turbine platforms, and growing corporate demand for renewable power procurement. Offshore wind site tender and offtake award activity slowed considerably in 2025 relative to the 2022 to 2024 average, due to regulatory uncertainty in several markets including the United States, though early signals point to a partial recovery in award volumes beginning in 2026. Onshore wind capacity additions have continued at a steadier pace, supported by shorter development timelines and lower per-unit capital costs relative to offshore projects.

Executive Snapshot

What is the size and growth rate of the global wind power market?
The market was valued at over USD 135 billion in 2025 and is projected to grow at approximately an 6.6% compound annual growth rate from 2026 to 2035, supported by continued policy support and falling per-megawatt generation costs.

How much global offshore wind capacity was installed as of 2025, and which country leads global additions?
Global offshore wind capacity reached approximately 89.2 GW in 2025, with China accounting for more than half of worldwide additions for a fifth consecutive year, according to industry tracking referenced by global offshore wind reporting.

Why did offshore wind site tender and offtake award activity decline in 2025?
Global offshore site awards totaled approximately 17.2 GW in 2025, a sharp decline from the 2022 to 2024 average, due in large part to regulatory uncertainty and stop-work orders affecting several major U.S. projects.

Which utilities and developers operate the largest wind power generation portfolios globally?
Large utility-scale developers including Ørsted, NextEra Energy, and Iberdrola maintain some of the largest wind power generation portfolios globally across both onshore and offshore assets.

How significant is corporate renewable power procurement as a demand driver for wind power specifically?
Growing corporate demand for renewable electricity, including from technology and data center operators, continues to support long-term power purchase agreements with wind developers including NextEra Energy.

What recovery signals exist for offshore wind award activity heading into 2026?
Industry reporting suggests offtake awards could rise to as much as 17.6 GW in 2026, up sharply from 3.1 GW in 2025, with site tender activity also expected to recover according to recent global offshore wind market analysis.

Market Dynamics: Wind Power Market

China continues to account for the majority of global offshore wind capacity additions. China commissioned approximately 6 GW of offshore wind capacity in 2025, marking its fifth consecutive year delivering over half of global additions, due to sustained domestic project development pace.
Offshore wind site tender and offtake award activity declined sharply in 2025 relative to recent years. Due to regulatory uncertainty and project disruptions in several markets, global offshore site awards fell to approximately 17.2 GW in 2025, down substantially from the 2022 to 2024 average.
Corporate renewable power procurement continues to expand as a demand driver for new wind capacity. Growing demand from technology and data center operators continues to support long-term power purchase agreements with developers including NextEra Energy.
Onshore wind capacity additions have continued at a comparatively steady pace despite offshore market volatility. Shorter development timelines and lower capital costs relative to offshore projects continue to support consistent onshore capacity growth across core markets.
Early signals point to a partial recovery in offshore wind award activity beginning in 2026. Industry analysis points to potential offtake award volumes of up to 17.6 GW in 2026, according to recent offshore wind market reporting, representing a marked increase from 2025 levels.
Large utility-scale developers continue to expand diversified wind power portfolios spanning multiple geographies. Developers including Iberdrola and Ørsted continue to maintain and expand portfolios spanning Europe, North America, and Asia-Pacific markets.

Market Segmentation: Wind Power Markett

By Location

On shore
Off shore

By Turbine Capacity

<100 KW
100 KW to 500 KW
500 KW to 1 MW
1MW to 3 MW
> 3 MW

By Application

Utility-Scale
Commercial and Industrial
Community Projects

By Geography

North America: United States, Canada, and Mexico
Europe: Germany, U.K., France, Italy, Spain, Russia, Benelux, Nordics, and Rest of Europe
Asia Pacific: China, Japan, India, South Korea, Australia, New Zealand, Taiwan, South East Asia, and Rest of Asia Pacific
Latin America: Brazil, Argentina, Columbia, Chile, Peru, and Rest of Latin America
Middle East: Saudi Arabia, United Arab Emirates, Oman, Qatar, and Rest of Middle East
Africa: Nigeria, Egypt, Ethiopia, South Africa, and Rest of Africa

Key Growth Drivers: Wind Power Market

Continued policy support for renewable generation across major markets is sustaining new capacity additions. Due to this, onshore wind capacity continues to expand steadily, and the market is expected to grow on the back of sustained policy support through the forecast period.
Falling per-megawatt costs from larger turbine platforms are improving wind power project economics. Continued turbine platform scaling continues to lower per-megawatt generation costs, supporting improved project returns for developers across core markets.
Growing corporate demand for renewable power procurement is expanding the addressable offtake market. Rising demand from technology and data center operators continues to support long-term power purchase agreements with developers including NextEra Energy.
Expected recovery in offshore wind site tenders and offtake awards is anticipated to support medium-term growth. Recovery in offshore award activity following the 2025 slowdown is expected to support renewed offshore capacity growth from 2026 onward.
Continued large-scale development activity in China is sustaining global offshore capacity addition rates. Sustained Chinese project development pace continues to support more than half of annual global offshore wind capacity additions.
Expanding utility-scale developer portfolios are supporting continued geographic diversification of wind power generation. Developers including Iberdrola continue to expand wind power portfolios across multiple regions, supporting overall market growth.

Regional Outlook: Wind Power Market

Asia-Pacific: Largest regional wind power market by installed capacity, led by sustained large-scale offshore and onshore development activity in China.
Europe: Strong established onshore and offshore wind power base, with significant portfolios managed by Ørsted and Iberdrola.
North America: Significant onshore wind power base, with offshore activity affected by recent regulatory uncertainty, alongside continued portfolio growth from NextEra Energy.

Competitive Landscape: Wind Power Market

Notable key players include Vestas, GE Vernova, Ørsted, RWE, NextEra Energy, Iberdrola, ENGIE, SSE Renewables, and Nordex.

Recent Developments

Vestas reported in February 2026 a record full-year 2025 revenue of EUR 18.8 billion across its turbine supply and service business, alongside a record order backlog of EUR 71.9 billion at year-end.

Consultant POV

The wind power market closed 2025 with a notable divergence between steady onshore capacity growth and a sharp slowdown in offshore site tenders and offtake awards, driven largely by regulatory uncertainty in several major markets. China continued to anchor global offshore additions, while utility-scale developers across Europe and North America maintained diversified onshore and offshore portfolios despite near-term offshore headwinds. Early signals point to a meaningful recovery in offshore award activity beginning in 2026. Overall, the market is expected to grow due to continued policy support, falling per-megawatt costs, and expanding corporate demand for renewable power procurement.

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