What is the global market size of Horizontal Axis Wind Turbine Market?

Horizontal Axis Wind Turbine Market size was valued at USD 34.64 billion in 2022 and is poised to grow from USD 37.03 billion in 2023 to USD 63.14 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

Global Horizontal axis wind turbine Market

Horizontal Axis Wind Turbine Market Size, Share, Growth Analysis, By Type(Large, Small), By Application(Onshore, Offshore), By Region - Industry Forecast 2025-2032

Report ID: SQMIG20E2070 | Region: Global | Published Date: October, 2024
Pages: 221 | Tables: 61 | Figures: 75

Horizontal Axis Wind Turbine Market Regional Insights

Europe is expected to control the horizontal axis wind turbine market share. Europe's horizontal axis wind turbine market is anticipated to expand during the forecast period as a result of the region's expanding wind turbine installation. Additionally, the European Union member states' growing environmental concerns and established goals for reducing their reliance on non-renewable energy sources are encouraging the installation of wind turbines in the region, which is positively affecting the development of the wind turbine market in Europe. A 50-turbine wind farm in southern Scotland, for instance, will be operational by 2023 and supply electricity to nearly 170,000 homes in the UK, according to a recent statement from the renewable energy company Vattenfall.

Horizontal axis wind turbine market in Asia Pacific is anticipated to grow significantly over the coming years. On the wind turbine market in Asia Pacific, China is anticipated to have a significant impact. It is expected that the annual installation volume of wind turbines in China will surpass 29 GW by 2024. Lower component costs and higher domestic system production are anticipated to improve the regional market environment.

Horizontal Axis Wind Turbine Market Report Snapshots

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Horizontal Axis Wind Turbine Market size was valued at USD 45.24 Billion in 2023 and is poised to grow from USD 48.36 Billion in 2024 to USD 82.47 Billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).

Global Horizontal axis wind turbine market is competitive. The market is dominated by only few players. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Vestas Wind Systems A/S', 'Siemens Gamesa Renewable Energy', 'General Electric Company', 'Goldwind Science & Technology Co., Ltd.', 'Suzlon Energy Limited', 'Nordex SE', 'Enercon GmbH', 'Senvion S.A.', 'Ming Yang Smart Energy Group Co., Ltd.', 'Clipper Windpower, LLC', 'Dongfang Electric Corporation Limited', 'XEMC Windpower Co., Ltd.', 'Envision Energy Limited', 'Bergey Windpower Co.', 'Xzeres Wind Corp.', 'Northern Power Systems Corporation', 'ReGen Powertech Private Limited', 'KMW Energy Inc.', 'Aerodyn Energiesysteme GmbH', 'Wind Energy Solutions BV'

Industry expansion is fueled by both the incorporation of renewable energy sources and the increased use of clean energy. Additionally, the expansion of the industry as a whole is fueled by both private and public investment in utility-scale projects, as well as ongoing efforts to identify potential offshore wind project sites. Technology acceptance is fueled by rapid advancements in the development of sustainable energy systems, such as fixed and floating offshore wind projects. A small land footprint, low maintenance requirements, and low labor costs are some of the main factors influencing market share.

Offshore wind turbines are currently the subject of numerous technological advancements aimed at lowering the costs associated with offshore wind farm installation. To save money, one of these involves raising the voltage of the array to 66 kV. It is important to note that electrical array cable cost rises with wind turbine spacing and falls with size in this context. However, there is a trade-off between the cost of the array cable and the wake losses from the wind turbines when it comes to wind turbine spacing. Following offshore wind turbines are typically spaced 6 to 8 D apart, where D is the rotor diameter. But because of a number of factors, including technological advancements, the installation cost of offshore wind farms is continuously declining.

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Horizontal Axis Wind Turbine Market Size, Share, Growth Analysis, By Type(Large, Small), By Application(Onshore, Offshore), By Region - Industry Forecast 2025-2032

Horizontal Axis Wind Turbine Market Regional Insights

Horizontal Axis Wind Turbine Market Report Snapshots

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