Wind Turbine Market
Report ID: SQMIG20E2095
Wind Turbine Market Size, Share, Growth Analysis, By Axis, By Installation, By Connectivity, By Power, By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20E2095 |
Region:
Global |
Published Date: December, 2024
Pages:
183
|Tables:
0
|Figures:
0
Wind Turbine Market Insights
Wind Turbine Market size was valued at USD 61.72 Billion in 2023 and is poised to grow from USD 66.04 Billion in 2024 to USD 113.46 Billion by 2032, growing at a CAGR of 7.0% during the forecast period (2025-2032).
Since its emergence, the global wind turbine industry has developed and improved significantly, thus establishing wind energy to dominant power in the sustainable energy sector. Since its invention, wind turbines, which capture wind energy and convert it to electrical power, have undergone significant developments by becoming cheaper, efficient, and capacity supplying larger one. The large amounts of R&D expenditures and improvement in infrastructure and production processes led to these developments. Moreover, the rise in renewable energy sources due to a need to fight climate change and global endeavors to decrease greenhouse gas emissions are propelling the wind turbine market growth. In addition to the reducing cost of producing wind power, government regulations and incentives in favor of clean energy have been necessary for its growth. In addition, the resultant technical improvements allow for larger turbines with better energy outputs that are also now more economical to construct. Offshore wind farms using the wind power captured from the marine environment have unlocked possibilities that are precious to produce clean, renewable energy outside the confines of lands used for presenting energy. The wind turbine market will therefore economically grow as countries continue on the road to achieving their sustainability goals. The wind sector is well positioned for the future in terms of growth and influence in the world's transition towards more sustainable energy through sustained innovation, encouraging regulations, and growing awareness of the need for sustainable energy.
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Wind Turbine Market Segmental Analysis
Global Wind Turbine Market is segmented by Axis, Installation, Connectivity, Rating, Application and Region. Based on Axis, the market is segmented into Horizontal, Vertical. Based on Installation, the market is segmented into Onshore, Offshore. Based on Connectivity, the market is segmented into Grid Connected, Stand Alone. Based on Power, the market is segmented into <100 kW, 100-500 kW, 100-1000 kW, > 1 MW. Based on Application, the market is segmented into Residential, Commercial, Utilities. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Axis Type
As per the turbine market analysis, in 2023, the horizontal-axis segment dominated the market. Horizontal axis wind turbines, also known as HAWTs, make up the majority of installed capacity around the world and lead the way regarding total installed wind capacity. In these machines, generally mounted on tall towers to take advantage of higher and more consistent wind speeds at greater altitudes, blades turn around a horizontal axis much like a propeller. Large-scale onshore and offshore wind farms are particularly well suited for the HAWTs, due to their excellent efficiency in conversion of wind energy to electrical power. In addition, the dependability, scalability, and generous power output of HAWTs have made them the first choice for utility-scale wind energy projects across the globe. Thus, these advantages will guarantee HAWT technology for reigning supreme in the market well into the future, supported by an already well-set supply chain and infrastructure.
However, a relatively smaller but growing segment of the wind turbine industry is comprised of vertical-axis wind turbines, or VAWTs. VAWTs can collect wind energy from any direction since, unlike HAWTs, their blades rotate about a vertical axis. Due to that feature, they are particularly well suited for decentralized or urban power generation, where wind conditions may be more unstable or turbulent. In addition, these devices are being researched for off-grid or small-scale applications where space is at a premium because they are more easily integrated into existing infrastructures. Presently, VAWTs form the fastest-growing sector in this industry-even though it has been more inefficient than HAWTs in large-scale power generation historically. The reason is that technological innovations keep developing continuously, improving their performance and cost-effectiveness, particularly in niche markets.
Analysis By Installation
As per the wind turbine market forecast, the onshore segment constitutes the majority of the wind turbine market globally. Most of the wind generation capacity is put up on land. This is because installation and operating costs are relatively cheaper compared to offshore projects. As onshore projects do not require specialized infrastructure and technology necessary for offshore projects, they could be set up faster and at a more affordable cost. The concentration of efforts on onshore farms has resulted in wide acceptance, mainly by several countries characterized by large open spaces. Onshore wind turbines happen to be the most common source of large-scale renewable energy sources, especially in countries such as the US, China, and Europe, due to established supply chains, availability of land, and relatively low capital costs.
Although offshore wind turbines occupy a relatively smaller share of the market with the fastest growth rates. Offshore winds are often stronger and more reliable as well because offshore wind farms are built off the shore or along the coast. This may produce greater energy output and efficiency. The offshore installation is more expensive to install and maintain and is becoming increasingly feasible with new technological breakthroughs, coupled with the falling prices. Favorable government regulations, more investment, and demand for high-scale renewable energy production in areas with limited space or high population densities are contributing to the explosive growth of offshore wind projects.
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Wind Turbine Market Regional Insights
Asia-Pacific led the highest wind turbine market share in 2022. This is attributed to fast industrialization, economic growth, and rising energy needs. Governments of China, India, and South Korea are actively looking for substitute energy sources that are more sustainable and less harmful to the environment to meet this growth in demand. Due to abundant resources and declining costs, potential wind energy is becoming increasingly popular as a method to fill the energy gap. Feed-in tariffs, renewable targets, subsidies, and incentives are some of the policies put in place by governments around the area, which encourage the use of wind energy, thus investing in wind energy projects and bringing about a ripe market atmosphere.
Contrarily, North American market is expected to grow robustly, driven by the United States and Canada. In addition to new offshore wind projects coming onstream, particularly along the East Coast, the United States is also a major player in onshore wind energy, with Texas and Iowa leading the installations. Major federal policies also include the Inflation Reduction Act, which provides big incentives in terms of the production of renewable energy and facilitates the growth of wind energy adoption. With the implementation of sustainable energy legislation in Canadian provinces such as Ontario and Quebec, the latter are continuing to develop their wind capacity. Technical innovation and a well-intentioned policy regime will spur the growth of wind power in North America since both countries value the switch to clean energy at a high level.
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Wind Turbine Market Dynamics
Wind Turbine Market Drivers
Regulation and Incentives of Renewable Energy
- Most national governments globally have adopted policies aimed at mitigating climate change and reducing the reliance of humans and their economic activities on fossil fuels. By providing a broad package of incentives to stimulate private and corporate investments in wind energy infrastructure, these policies include feed-in tariffs, tax credits, renewable portfolio standards, and other types of subsidies. All these options create a climate of market development while reducing the costs and risks incurred in the installation of wind turbines.
Advancements in Technology
- Various activities are pursued in the areas of materials science and control systems; aerodynamics of blades, and the general design of turbines. These advances are aimed to improve the competitive position of wind power by maximizing energy capture, extending life spans of turbines, and reducing its operating cost. Advances in blade design optimized forms for more efficient and quieter operations which means turbines can catch more energy at lower wind. The goals of material science improvements will be to develop lighter, stronger materials that enhance the performance and life of turbines.
Wind Turbine Market Restraints:
Technical Challenges of Grid Integration and Intermittency
- As wind resources are inherently intermittent, as variables in wind speed led to inequality in energy generation, it is hard to ensure a steady power output. Since wind power is a variable and unpredictable source, it gives rise to robust solutions for grid integration due to the fact that its regulation becomes comparatively harder. Time of generation of the wind power is another significant cause of concern besides the time of energy consumption. The unpredictability of wind resources heightens supply-demand mismatch that may result in the problems of grid reliability and its instability.
High Initial Investment Cost
- The investment cost to erect a wind farm is thus significantly high as one need to first purchase turbines, prepare the site, erect them, and connect to the grid. At times, the costs outweigh and prevent rapid development of wind energy infrastructure, especially among smaller investors or for places with very limited financial resources. Furthermore, wind energy projects need most of these resources, hence the investment raises financial risks and uncertainties. Some investors get isolated by such high payback periods for the investments, which could run several years or even more than a decade.
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Wind Turbine Market Competitive Landscape
A few major companies do occupy a huge share of the global wind turbine industry, and they have established a good local presence. Besides their active ventures in strategic growth activities, such as product development, launches, joint ventures, and partnerships, the frontline companies are committed to the ongoing research and development work. These companies want to leverage these strategies to enhance their market position, expand their customers, and acquire a sizeable percentage of the market.
Top Player’s Company Profile
- Vestas Wind Systems A/S (Denmark)
- Siemens Gamesa Renewable Energy (Spain)
- GE Vernova (United States)
- ENERCON GmbH (Germany)
- Goldwind (China)
- Envision Energy (China)
- Mingyang Smart Energy (China)
- Nordex SE (Germany)
- Zhejiang Windey Co., Ltd. (Windey) (China)
- Shanghai Electric Wind Power Group Co., Ltd. (SEwind) (China)
- Dongfang Electric Corporation (DEC) (China)
- China Haizhuang (China)
- CRRC Wind Power (Shandong) Co., Ltd. (China)
- United Power Technology Co., Ltd. (China)
- Sany Renewable Energy Co., Ltd. (Sany Renewable Energy) (China)
- Suzlon Energy Limited (India)
- ReNew Power (India)
- Adani Green Energy Limited (India)
- Sembcorp Green Infra Limited (Singapore)
- Gamesa India (Siemens Gamesa) (India)
Recent Developments
- Suzlon Group ordered a new 225 MW of wind energy from Everrenew Energy in January 2024. For the order, the company would install 75 units of wind turbine generators, 3 MW rated, with a hybrid lattice tubular tower at the customer locations of Everrenew Energy, Ottapidaram, Tuticorin district and Vengaimandalam, Trichy district.
- GE Vernova and O2 Power Private Limited entered an agreement in a deal in November 2023. This is to deliver, install, and commission for GE Vernova 36 reliable 2.7-132 onshore wind turbines in the 97 MW wind power projects undertaken by the latter in the Indian state of Maharashtra.
- State-owned Temasek Holdings Pte investor-backed Singaporean energy company will buy operational wind power assets of Leap Green Energy Pvt Ltd at 70 million Singaporean dollars and Qinzhou Yuanneng 200MW at 130 million Singaporean dollars, November 2023.
Wind Turbine Key Market Trends
- Offshore Wind Growth: Advances in turbine technology and increasing efficiencies of offshore installations are key wind turbine market trends for the very fast growth being experienced in offshore wind energy. Offshore wind farms compete at better levels of energy output because the winds at sea are stronger and more reliable. Large-scale expansions and floating turbines will especially boost the development of the offshore wind industry in the next years and are significant investments by major countries such as the UK, Germany, and China.
- Technology for Smart Turbines and Digitalization: Wind turbine companies embrace digitalization, using advanced sensors, AI-driven data analytics, and predictive maintenance. Through these technologies, costs incurred with respect to maintenance will be saved since performance will be maximized and efficiency in the operation amplified. Advanced monitoring of turbines affords operators the ability to witness possible concerns ahead in time, therefore registering more uptime, with reduced operating costs and reliable energy output-all aspects adding value to the industrial growth and competitiveness.
Wind Turbine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, with favorable government regulations, technical advancements, and the burgeoning need for renewable energy sources globally, the wind turbine market is expected to extend further. Horizontal-axis turbines preponderate in the market, while vertical-axis turbines have become a fast-growing niche in their applications. Onshore wind is the fastest growing in its leading installation segment, mainly due to its efficiency and vast untapped potential. These regional segments include wind energy becoming increasingly significant for achieving global sustainability and energy transition goals; as the industry continues to advance with new digital technologies and larger, more efficient turbines, important regions such as Europe, North America, and Asia-Pacific are growing rapidly; and, specifically in North America, where there will also be more investments and favorable policies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 58.4 billion |
| Market size value in 2031 | USD 103.4 billion |
| Growth Rate | 6.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wind Turbine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wind Turbine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wind Turbine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wind Turbine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wind Turbine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wind Turbine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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