Economics of Wind Energy: Markets, Policy, and Investment Insights

ABSTRACT

Wind energy is central to energy transitions, but research on its economics remains fragmented across markets, policy, finance, lifecycle costs, and system integration. This review consolidates the field by applying co‐word analysis, Louvain clustering, and tech‐mining emergence metrics to 2448 publications from 2015 to 2025. The analysis identifies ten thematic clusters covering grid integration, market design, techno‐economic assessment, policy instruments, socio‐environmental impacts, resource optimization, turbine and hybrid technologies, offshore costs, lifecycle and circular economy, and storage‐based sector coupling. The findings show increasing convergence on hybrid systems, uncertainty‐aware modeling, circularity, adaptive regulation, and investment risk management. Persistent gaps remain in quantifying externalities, evaluating lifecycle liabilities, managing revenue volatility, and designing policies that respond to technological and market change. The review offers an integrative economic framework that links energy systems, finance, and policy and provides guidance for policymakers, investors, and researchers seeking to support resilient, competitive, and inclusive wind energy deployment.