By 2030, the global wind power market will reach $124.5 billion

According to GlobalData, a global market research firm, the size of the global wind power market increased from $71.
6 billion in 2010 to $96.
4 billion in 2018, an increase of 35%
during that period.

During 2019-2030, the market size is expected to reach USD 124.
5 billion
by 2030 due to significant capacity increase in Asia Pacific.
If realized, then this increase would mean a 29%
increase based on the 2018 figures.

The main increase in investment was due to the increase
in capacity installations in countries led by China, the United States, Germany and India.
The demand for clean, reliable and affordable electricity is the most important potential factor
for the growth of the wind power market.
The regulatory frameworks and policy structures that support wind power in various regions and countries have led to significant developments
in the industry.

Global wind power capacity increased from 197.
6 GW in 2010 to 594.
5 GW in 2018, representing a compound annual growth rate (CAGR) of 14.
8%.

This growth was mainly driven
by preferential government policies in countries such as China, the United States, Germany, Canada, Brazil, and India.

In terms of new capacity, China is the global leader with about 45.
3% of new capacity, with a cumulative installed capacity of 212 GW
as of 2018.

Harshavardhan Reddy Nagatham, industry analyst at GlobalData, said the Asia-Pacific region is the largest market in terms of cumulative wind capacity, with 262.
2 GW
in 2018.
Europe and North America also have impressive cumulative wind capacity, around 200 GW and 100 GW
, respectively.
In
2018.
South and Central America and MEA have smaller capacity but are expected to grow
between 2019 and 2030.
In the forecast period 2019-2030, China and the United States will continue to dominate the wind power market
.

China installed about 23 GW of wind power capacity in 2018, bringing its total installed capacity to a cumulative total of 212 GW
.
As international pressure to reduce emissions increases, China will continue to add about 20GW of large-scale wind capacity per year during the forecast period, reaching 447 GW
by the end of 2030.

GlobalData's report also found that offshore wind will become widespread and increase its share
of total installed capacity between 2019 and 2030.
At present, the share of offshore wind in the total global cumulative wind capacity is 4.
2%.

This figure is expected to increase significantly to 9.
6%
by 2030.

Nagatham said: "Onshore wind has been the dominant wind technology until now, compared to offshore wind installations on a small
scale.
This will change significantly
with the installation of large offshore facilities already underway in some countries.
China, the UK and Germany will lead the way
in offshore installations between 2019 and 2030.
Joint R&D efforts by organizations around the world are expected to reduce the cost of
installing offshore wind farms.
"