- Onshore
- Offshore
Wind Turbine Market sizewas valued at USD 63.9 billion in 2023 and is poised to grow at a 6.4% CAGR over the forecasting years 2024 - 2030. Factors such as rising demand for renewable energy sources, particularly wind power, in the power generating mix, attempts to minimize reliance on fossil fuel-based power generation, and energy efficiency standards are projected to drive the wind turbine market.
Wind Turbine Market Key Developments:
- In November 2023, GE Vernova has signed an agreement with O2 generating Private Limited to deliver, install, and commission 36 of its workhorse 2.7-132 onshore wind turbines for 97 MW wind generating facilities in Maharashtra, India.
- In January 2023, Braun Windturbinen GmbH, a wind turbine manufacturer in Germany, has announced the installation of 7.5 kW of small wind turbines. The system runs three Smart Wind SW7.5s in parallel with the grid, as well as a 6.0 kW heating rod as a backup system.
Wind Turbine Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
6.4%
Largest Market
Asia Pacific
Fastest Growing Market
Asia Pacific
Wind Turbine Market Dynamics
The increased demand for renewable energy sources, particularly wind power, and efforts to minimize reliance on fossil fuel-based power generation are projected to be important factors driving the growth of this market. Governments provide many tax breaks and incentives that help to reduce component prices, which is projected to enhance the wind turbine market. As a result of a mismatch between production and demand in many developing countries, the wind turbine market is expanding rapidly. Companies can install taller turbines and larger blades in offshore wind turbine installations, sweeping more area than smaller turbines. The increased size of wind turbines has also contributed to decreasing wind energy costs. The use of offshore wind markets for wind energy with the help of new technologies has enticed several nations and enterprises to make significant investments. However, the adoption of alternative clean energy sources such as solar and other alternatives is projected to impede market growth.
Asia-Pacific Got Significant Share of
Wind Turbine Market Regional Analysis
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. In Asia-Pacific, wind energy is one of the most abundant energy resources, making it an ideal source for meeting the region's energy needs. Given wind energy's enormous development potential, Asian countries such as China, India, Japan, and others are actively working on massive deployment of this renewable energy resource. For example: China contributed for 65% of worldwide wind capacity in 2023, propelling four Chinese wind turbine original equipment manufacturers (OEMs) to the top five global rankings, a first for the sector. According to Wood Mackenzie's most recent research, Goldwind retained its lead position for the second consecutive year, with a record 16.3 gigawatts (GW) of installed capacity. Furthermore, China's first batch of big renewable bases faces a 2024 deadline, which has pushed installations to an unprecedented 74.7 GW. This, paired with a developed supply chain and ambitious provincial targets, is driving wind deployment to an all-time high in China. These factors are projected to position Asia-Pacific as an outstanding business destination for wind turbine market players throughout the forecast period.
Latin America
Europe
Asia Pacific
Middle East
North America
Wind Turbine Market Segmentation
By Installation
By Application
- Utility
- Industrial
- Commercial
- Residential
- Others
Frequently Asked Questions
The Wind Turbine Market was valued at USD 63.9 billion in 2023 and is projected to reach USD 97.6 billion by 2030, growing at a CAGR of 6.4%.
The adoption of wind turbines is predicted to be driven by rising urbanization, increased demand for sustainable energy, and the continuous development in clean fuel sources of energy.
The current trend projected to influence the Global Wind Turbine Market in the coming years is the technological evolution of wind turbines, rising renewable energy demand, and the rapid expansion of favorable government regulations.
Market research is segmented based on installation, application, and region.
Asia-Pacific is estimated to fastest growing with the highest CAGR over the forecast period.
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and key strategies.
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenarios.
| 1.Executive Summary |
| 2.Global Wind Turbine Market Introduction |
| 2.1.Global Wind Turbine Market - Taxonomy |
| 2.2.Global Wind Turbine Market - Definitions |
| 2.2.1.Installation |
| 2.2.2.Application |
| 2.2.3.Region |
| 3.Global Wind Turbine Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Wind Turbine Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Wind Turbine Market By Installation, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Onshore |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Offshore |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6.Global Wind Turbine Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Utility |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Industrial |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Commercial |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Residential |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Others |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7.Global Wind Turbine Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Installation Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Onshore |
| 8.1.2.Offshore |
| 8.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Utility |
| 8.2.2.Industrial |
| 8.2.3.Commercial |
| 8.2.4.Residential |
| 8.2.5.Others |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Installation Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Onshore |
| 9.1.2.Offshore |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Utility |
| 9.2.2.Industrial |
| 9.2.3.Commercial |
| 9.2.4.Residential |
| 9.2.5.Others |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 10.Asia Pacific (APAC) Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Installation Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Onshore |
| 10.1.2.Offshore |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Utility |
| 10.2.2.Industrial |
| 10.2.3.Commercial |
| 10.2.4.Residential |
| 10.2.5.Others |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Installation Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Onshore |
| 11.1.2.Offshore |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Utility |
| 11.2.2.Industrial |
| 11.2.3.Commercial |
| 11.2.4.Residential |
| 11.2.5.Others |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Installation Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Onshore |
| 12.1.2.Offshore |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Utility |
| 12.2.2.Industrial |
| 12.2.3.Commercial |
| 12.2.4.Residential |
| 12.2.5.Others |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Aeolos Wind Energy Ltd. |
| 13.2.2.Structural Integrity Associates, Inc. |
| 13.2.3.Siemens |
| 13.2.4.City Windmills Holdings PLC. |
| 13.2.5.SD Wind Energy |
| 13.2.6.GE Vernova |
| 13.2.7.Aeolos Wind Energy Ltd. |
| 13.2.8.Structural Integrity Associates, Inc. |
| 13.2.9.Siemens |
| 13.2.10.City Windmills Holdings PLC. |
| 13.2.11.SD Wind Energy |
| 13.2.12.GE Vernova |
| 13.2.13.Vestas Wind Technology Private Limited |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
- Aeolos Wind Energy Ltd.
- Structural Integrity Associates, Inc.
- Siemens
- City Windmills Holdings PLC.
- SD Wind Energy
- GE Vernova
- Kliux Energies
- Northern Power Systems Inc.
- Ryse Energy
- Fortis Wind Energy
- Shanghai Ghrepower Green Energy Co. Ltd.
- Bergey Wind Power Co.
- Vestas Wind Technology Private Limited