The global Wind Power Market size was valued at USD 95.16 billion in 2023 and is projected to grow from USD 106.42 billion in 2024 to USD 254.27 billion by 2031, exhibiting a CAGR of 13.25% during the forecast period. Growing adoption of offshore wind farms and surge in wind energy projects are augmenting market growth.

The growing adoption of offshore wind farms is a significant trend in the wind power market. Offshore wind farms are being increasingly developed due to their numerous advantages over onshore counterparts. They benefit from stronger and more consistent wind speeds prevalent over the ocean, leading to higher energy yields and improved efficiency.

Additionally, offshore wind farms reduce land use conflicts, as they are situated away from populated and agricultural areas. Government incentives and advancements in technology are key factors fueling this trend. Many countries are offering subsidies, tax incentives, and supportive policies to promote the development of offshore wind projects.

Technological advancements, such as the development of larger and more efficient turbines designed to withstand harsh marine environments, are making offshore wind farms more viable and cost-effective. This trend contributes to lowering carbon emissions and reducing reliance on fossil fuels, thereby playing a crucial role in meeting the increasing global demand for renewable energy sources.

Wind Power Market Trends

The integration of wind power with energy storage systems is an emerging trend that addresses its intermittency, which represents a significant limitation of wind energy. By pairing wind turbines with advanced storage solutions, such as lithium-ion batteries or pumped hydro storage, the energy generated during peak wind periods is stored and used during times of low wind activity or high demand. This trend is gaining significant traction due to advancements in energy storage technologies, which are enhancing efficiency and cost-effectiveness. The combination of wind power and storage systems enhances the reliability and stability of the electricity supply, making wind energy a more viable and consistent source of renewable energy.

Additionally, integrated storage systems help mitigates the impact of sudden fluctuations in wind power generation on the grid, thereby reducing the need for backup fossil fuel-based power plants. This trend is supported by government policies and incentives aimed at promoting the adoption of renewable energy and energy storage technologies.

Wind Power Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific wind power market accounted for a significant share of 36.25% and was valued at USD 34.50 billion in 2023, reflecting the region’s significant commitment to renewable energy development. The rapid expansion of wind power in Asia-Pacific is reinforced by the growing energy needs of its populous nations, particularly China and India, which are making substantial investments in both onshore and offshore wind projects. China has emerged as major country in wind power capacity due to its aggressive renewable energy targets, extensive government support through subsidies, and favorable policies.

Moreover, India’s national wind-solar hybrid policy and other initiatives are bolstering wind energy deployment. The region’s abundant wind resources, coupled with technological advancements and decreasing costs of wind power generation, are propelling domestic market growth. Additionally, the increasing environmental awareness and the urgent need to reduce greenhouse gas emissions are prompting countries across Asia- Pacific to adopt wind energy as a key component of their energy strategies.

North America is set to grow at a robust CAGR of 13.35% in the forthcoming years, largely attributable to several factors such as ongoing technological advancements, supportive regulatory frameworks, and increasing investments in renewable energy. The incentives are prompting utilities and independent power producers to invest in new wind projects. Additionally, advancements in wind turbine technology, including the production of larger and more efficient turbines, are reducing the cost of wind energy, thereby enhancing its competitiveness compared to traditional energy sources.

For instance, in 2023, according to US Department of Energy, Wind energy in the United States contributed to the reduction of 336 million metric tons of carbon dioxide emissions annually, which is equivalent to the emissions generated by 73 million cars.

Canada is further supporting this growth with its favorable wind resources and supportive provincial policies aimed at expanding renewable energy capacity. The commitment to sustainability and reducing carbon emissions is leading to the widespread adoption of wind energy in North America.

All of the electricity consumed by Amazon’s operations, including its data centers, was matched with 100% renewable energy in 2023.

x In 2019, we set a goal to match all of the electricity consumed across Amazon’s global operations—including our data centers, corporate buildings, grocery stores and fulfillment centers—with 100% renewable energy by 2030. Today, we’re proud to share that we’ve met that goal seven years ahead of schedule. To get there, we’ve become the largest corporate purchaser of renewable energy in the world for four years running, according to Bloomberg NEF, and have invested billions of dollars in more than 500 solar and wind projects globally, which together are capable of generating enough energy to power the equivalent of 7.6 million U.S. homes.

Achieving this goal is an important milestone in our efforts to meet our Climate Pledge commitment of net-zero carbon by 2040. Looking ahead, we remain as committed as ever to getting there, but the path is changing in ways that no one quite anticipated even just a few years ago – driven largely by the increasing demand for generative AI. This will require different sources of energy than we originally projected, so we’ll need to be nimble and continue evolving our approach as we work toward net-zero carbon.

While we’ll continue investing heavily to add substantial amounts of renewable energy to our portfolio, we’re also exploring new carbon-free energy sources that can complement renewables and balance our needs. We’ve known from the start that our path to net-zero would have many obstacles and need to be adjusted for changes to both our business and the world. Nevertheless, as with all of our long-term goals, we remain optimistic and focused on achieving them.

“Reaching our renewable energy goal is an incredible achievement, and we’re proud of the work we’ve done to get here, seven years early. We also know that this is just a moment in time, and our work to decarbonize our operations will not always be the same each year—we’ll continue to make progress, while also constantly evolving on our path to 2040,” said Amazon Chief Sustainability Officer Kara Hurst. “Our teams will remain ambitious, and continue to do what is right for our business, our customers, and the planet. That’s why we’ll continue investing in solar and wind projects, while also supporting other forms of carbon-free energy, like nuclear, battery storage, and emerging technologies that can help power our operations for decades to come.”

“By achieving its 100% renewable energy goal, Amazon has made it possible for hundreds of new solar and wind projects to be constructed, bringing new sources of clean energy to grids and communities around the world,” said Kyle Harrison, head of sustainability research at BloombergNEF. “Addressing climate change while balancing society’s skyrocketing energy demands is a massive challenge, and Amazon’s commitment to clean power demonstrates how a single company can help accelerate the transition to the low-carbon economy on a global scale.”

Amazon renewable energy

Here’s a look at just a few of our newest renewable energy projects around the world.

Amazon’s renewable energy highlight

Since 2019, we’ve enabled renewable energy projects in 27 countries. In fact, we were the first corporation to enable utility-scale renewable energy projects in India, Greece, South Africa, Japan, and Indonesia, among other countries. To accomplish this, Amazon worked with policymakers to enable first-of-their-kind policies to help corporations support the construction of new solar and wind projects in these countries. The use of renewable energy has also been incorporated across Amazon’s broader corporate footprint. Amazon’s HQ2 headquarters in Virginia was designed to run with zero operational carbon emissions, and its electricity consumption is matched by a local solar farm. In addition to utility-scale projects, we’ve also enabled almost 300 on-site solar projects on the rooftops and properties of Amazon fulfillment centers, Whole Foods Market stores, and other corporate buildings around the world. In total, Amazon’s renewable energy portfolio will help avoid an estimated 27.8 million tons of carbon per year once all projects are operational.

Launching Mississippi’s first wind farm, supporting local residents while helping power Amazon data centers

Operations recently began at Delta Wind, the first utility-scale wind farm in Mississippi, which is generating carbon-free energy to help power Amazon’s nearby operations, including future data centers. The project includes some of the tallest land-based wind turbines in the U.S., allowing the project to optimize energy production. The project is hosted on 14,000 acres of farmland owned by Abbot Myers, a third generation farmer who receives revenue from the project’s developer, AES. This has helped Myers purchase new farm equipment and expand his rice and soybean crops. Amazon also recently announced a first-of-its-kind deal with local Mississippi utility company Entergy to enable 650 megawatts (MW) of new renewable energy projects in the state over the next three years, and provides funding for future upgrades to local grid and energy infrastructure over the next two decades. Amazon is now poised to enable a total of 1.3 gigawatts (GW) of new renewable energy projects through a combination of new solar and wind farms being built across the state.

Enabling nearly 1.7 GW of offshore wind—more than any company in the World

Enabling nearly 1.7 GW of offshore wind—more than any company in the World

Amazon is supporting nearly 1.7 GW of capacity across six offshore wind farms in Europe that, once fully operational, are expected to produce enough energy to power 1.8 million average European homes. These projects make Amazon the top corporate purchaser of offshore wind globally. Offshore wind is able to generate significant amounts of energy due to the consistent flow of ocean breezes, and has the potential to meet more than one-third of global power needs, according to the United Nations. Amazon is also working with developers focused on optimizing wind turbine technology, which helps maximize the amount of electricity produced. Last year, the Amazon-Shell HKN Offshore Wind Project, or HKN, became the first offshore wind farm enabled by Amazon to begin operations. The project spans two locations off the coast of the Netherlands, and boasts more than 750 MW of renewable energy capacity.

Growing renewable energy opportunities in the Asia Pacific region

Amazon has enabled more than 80 renewable energy projects across the Asia Pacific region to date, including 50 projects across India, and projects in countries including Australia, China, Indonesia, Japan, New Zealand, Singapore, and South Korea. In Japan specifically, Amazon is announcing our first onshore wind farm and standalone utility-scale solar project—a 33 MW wind project located in Rokkasho, Aomori Prefecture, as well as a 9.5 MW solar farm located in Kudamatsu, Yamaguchi Prefecture.Amazon is the largest corporate purchaser in Japan, with a total of 20 projects enabled to date. The projects include 14 onsite solar installations on rooftops of local Amazon buildings, and six offsite wind and solar projects.

While there has been a surge in solar projects in Japan, with solar accounting for nearly 10% of Japan’s energy mix in 2022, the mountainous terrain in the country covering over 70% of land has led to limited space to build large utility-scale energy projects. This is why aggregated solar projects—where many smaller, distributed projects are bundled into one larger power purchase agreement (PPA)—have worked well in Japan. In 2021, Amazon enabled the country’s first utility-scale aggregated solar project to be backed by a corporate PPA. Since then, we’ve engaged with Japanese industry groups and policy stakeholders to help expand corporate renewable energy procurement options in the country.

Modernizing the grid to deliver new carbon-free energy

An important part of Amazon’s renewable energy investments includes work to improve the grid, which needs to be modernized in order to deliver energy from new solar, wind and other carbon-free energy projects to users. According to the International Energy Agency (IEA), the world must add or replace 80 million kilometers of grids by 2040 to meet climate targets, and more than 1,500 GW of renewables projects are waiting in the queue globally. To help address this, teams across Amazon are engaging with energy regulators to find new ways to support grid modernization, remove permitting obstacles, and deploy grid enhancing technologies. We also co-founded the Emissions First Partnership, a coalition of energy purchasers focused on encouraging renewable energy investments in regions with grids that are primarily fueled by fossil fuel energy sources.

There are teams of Amazonians around the world working on projects like these every day because, with operations as broad and complex as ours, there’s no easy way or single path to get to net zero carbon. But we love taking on big challenges and we’re proud of the progress we’ve made so far.