Horizontal Axis Wind Turbine Market Size, Share, Growth Analysis, By Type(Large, Small), By Application(Onshore, Offshore), By Region - Industry Forecast 2024-2031

Horizontal Axis Wind Turbine Market size was valued at USD 42.32 billion in 2022 and is poised to grow from USD 45.24 billion in 2023 to USD 77.15 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

Rotor's axis rotates parallel to both the ground and the wind stream in a horizontal-axis wind turbine (HAWT). The main rotor shaft of a horizontal-axis wind turbine is pointed either into or away from the wind at the top of the tower, along with an electrical generator. The rotor of a horizontal-axis wind turbine typically has two or three blades and is built like a propeller. When the rotor transforms the linear energy of the wind into rotational energy, the generator is driven. The air flows through the blades with an airfoil shape. It travels at a high speed over the longer side of the blade, which lowers the pressure area above the airfoil and causes the blades to rotate.

From 92.4 GW in 2023 to 494.6 GW in 2019, according to the Global Wind Energy Council, there has been an increase in wind power. This shows that wind energy has a bright future in the near term. Additionally, the market is being driven by an increase in projects for the construction of wind farms and wind parks. Wind power is expanding, as seen by the increase in American and Chinese wind farm projects. The market is being constrained, however, by increased offshore wind farm outputs and attention to offshore wind projects.

US Horizontal Axis Wind Turbine Market is poised to grow at a sustainable CAGR for the next forecast year.