Wind Turbines Market Size, Share, Growth, Trends, and Global Industry Analysis: By Installation (Onshore, and Offshore), By Axis Type (Horizontal, and Vertical), By Application (Industrial, Commercial, Residential, Utility, and Others), By Component (Rotator Blade, Gearbox, Generator, Nacelle, and Others), and Region

Wind Turbines Market size was valued at US$ 58,278.2 million in 2023 and is projected to reach a value of US$ 85,907.5 million by 2030, at a CAGR of 5.7% from 2024-2030. Moreover, the U.S. Wind turbine market is projected to grow significantly, reaching an estimated value of US$ 35,032.7 million by 2032.

The primary drivers of the market include increasing demand for the development of renewable energy. Initiatives to deliver clean electricity for various applications and the increased need to minimize carbon emissions have a significant impact on the market. To increase energy security and boost the economy, major authorities are attempting to replace traditional energy sources with renewable ones. However, the variability and dependency of wind turbines on weather conditions are expected to hamper the market. Furthermore, innovations in blade design, materials, and aerodynamics are expected to represent a significant opportunity for the wind turbine market trends

Key Players

Key players in the wind turbine market include Siemens Gamesa Renewable Energy, GE Renewable Energy, Vestas Wind Systems, Nordex SE, Suzlon Energy, MHI Vestas Offshore Wind, Envision Energy, Goldwind, EDP Renewables, and Senvion. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape about the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach

Key Takeaways

• Asia-Pacific is the fastest-growing region in the market
• North America is the largest region
• Based on the installation onshore segment holds a 63.8% market share
• Based on the axis type horizontal segment holds a 56.2% market share
• Based on the application utility segment holds a 28.4% market share
• Based on the components rotator blade segment holds a 32.6% market share

Facts & Figures

• In October 2023: The global installed capacity of wind energy reached approximately 1,000 GW (gigawatts), marking a significant milestone in renewable energy generation.
• August 2023: China added 27.6 GW of new wind capacity in the first half of 2023, continuing to lead the world in wind energy installations.
• In July 2023: The U.S. installed 8.1 GW of new wind capacity in 2022, bringing the total installed capacity to over 140 GW.

Key Developments

• In August 2023: Siemens Gamesa announced the launch of its new SG 14-222 DD offshore wind turbine, aimed at enhancing efficiency and sustainability
• In June 2023: GE Renewable Energy secured a contract for the supply of 107 turbines for the 1,050 MW Empire Wind project off the coast of New York.
• In April 2023: Vestas launched the V162-6.0 MW turbine, designed for enhanced performance in low-wind conditions.

Wind Turbines Market Segmentatiom

By Installation: The onshore segment is the largest in terms of wind turbine installation capacity. This is so since the existing infrastructure comes with a lower price tag. Nevertheless, the offshore segment has been steadily gaining ground driven by the advancements in technology.

By Axis Type: The market for wind turbines is further segmented according to axis type into horizontal-axis and vertical-axis turbines. Horizontal-axis turbines dominate the market because of their high efficiency and higher energy output. They are applied in both onshore and offshore applications. Less frequent vertical-axis turbines also have advantages such as less maintenance requirements and collecting wind from every direction

By Application: The utility segment has the biggest market share because of the huge sizes of wind farms that will produce significant energy for use in national grids. Industrial uses are also conspicuous as companies sponsor wind power generation activities to power their operations to save costs and drive sustainability. The commercial aspect is becoming huge as entities embrace renewable energy sources to upgrade their approaches to sustainability. Residential uses are also becoming relevant despite taking much smaller shares as individuals embrace the possibility of using wind energy for their consumption

By Component: Rotator Blade is the leading segment. The main function of rotor blades is to capture wind energy and convert it to rotation. The gearbox transmits low-speed rotation from the rotor to high speeds needed in the production of electricity. Generators play a crucial role in converting mechanical to electrical energy. The nacelle accommodates important parts such as the gearbox and generator, thereby being an integral part of the overall functionality of the turbine.