Asia Pacific Wind Turbine Market Size - By Axis (Horizontal, Vertical), By Installation (Onshore, Offshore), By Connectivity (Grid-connected, Stand Alone), By Rating, By Application, By Component & Forecast, 2024 – 2032

Asia Pacific Wind Turbine Market

Asia Pacific Wind Turbine Market was valued at USD 68.03 billion in 2023 and is anticipated to grow at a CAGR of 5.5% from 2024 to 2032. A wind turbine is a device designed to harness the kinetic energy of the wind and convert it into mechanical or electrical energy. It consists of blades mounted on a rotor, which spins when exposed to wind, and a generator that converts the rotational energy into electricity. Wind turbines are commonly used in wind farms or as standalone installations to produce renewable electricity for various applications, including powering homes, businesses, and utility-scale electricity grids.
 

Global shift towards renewable energy sources and sustainability initiatives coupled with the rising efforts to reduce greenhouse gas footprints will fuel the business demand. Ongoing developments to improve systems offering lower component costs and enhanced suitability for adverse environments in line with increase in installation of these systems will drive the industry dynamics.
 

Asia Pacific Wind Turbine Market Trends

Formation of international alliance that focuses on developing wind energy in line with major economies focusing to expand their offshore wind infrastructure owing to the introduction of projects which will propel the business scenario. For instance, according to the GWEC, Asia Pacific had total 30.1 GW of offshore wind power capacity as of November 2023. Robust investments by private & public sectors to improve turbine capacities and wind infrastructures coupled with new product developments will stimulate the business outlook.
 

Asia Pacific Wind Turbine Market Analysis

Based on axis, the horizontal wind turbine is projected to surpass USD 110.9 billion by 2032 owing to innovations including large rotor diameters, taller towers, advanced materials, and smart grid integration. It will further enhance the overall energy production and grid integration capabilities of wind turbines. Growing concerns about energy security, volatile fossil fuel prices in conjunction with the environmental impacts of conventional energy sources will augment the demand for wind energy.
 

Based on installation, the onshore wind turbine market is set to grow at a CAGR of more than 4.5% through 2032. Increasing adoption of enhanced power capacity & large turbines along with paradigm shift to improve the performance & cost of turbines will foster the business trends. Moreover, major players are extensively focusing on introducing advanced solutions suitable for extreme environmental conditions in line with ongoing research & development activities will boost the business potential.
 

Grid connected wind turbine witnessed a market share of over 96% in 2023. These systems have the advantage to reduce utility bills and substantially provide backup power during outages, thereby complementing product penetration. Ongoing upgrades of the existing sites in line with the ongoing standardization of turbine technologies & interfaces, including the utilization of multi-turbines that envisage wind power developments, will further boost the industry scenario.
 

China wind turbine market is estimated to reach USD 71 billion by 2032. Increasing penetration of Small Wind Turbines (SWTs) in rural telecommunication systems to provide power across roads & buildings aligned with rising deployment of wind power across residential & commercial buildings will positively impact the industry statistics. Surging demand for clean electricity generation across remote locations along with the Ongoing advancements in wind turbine technology will boost the industry potential.
 

Asia Pacific Wind Turbine Market Share

Vestas, Goldwind, General Electric, Shanghai Electric, Siemens Gamesa Renewable Energy, S.A., and Suzlon Energy Limited holds majority of the industry share. Manufacturers are responsible for producing wind turbines at scale to meet the growing demand. They invest in manufacturing facilities and processes to increase production capacity while ensuring quality and reliability. Collaborations with developers, utilities, and investors to develop wind energy projects. These partnerships involve sharing expertise, resources, and risks to bring projects from planning to execution.
 

Asia Pacific Wind Turbine Market Companies

Major key players operating across the Asia Pacific wind turbine industry include:

• ENERCON GmbH
• ENVISION GROUP
• General Electric
• Goldwind
• Mingyang Smart Energy Group Co., Ltd.
• ReGen Powertech
• Shanghai Electric
• Siemens Gamesa Renewable Energy, S.A.
• Suzlon Energy Limited
• Vestas
• Zhejiang Windey Co., Ltd.
   

Asia Pacific Wind Turbine Industry News

• In March 2024, Vestas secured an order with GS E&R for YD1 Wind Farm in Gyeongsang-do, South Korea. The company will deliver 18 units of V136 - 4.2 MW wind turbines in 4.3 MW operating mode. The commissioning of these turbines are scheduled for 2026. Therefore, the supply order will support the company in showcasing its portfolio and maintaining a strong position across the wind turbine industry.
   
• In November 2023, GE Vernova received order to deliver, install and commission 36 workhorse 2.7-132 onshore wind turbines to O2 Power Private Limited. These turbines will be installed at 97 MW wind power project, which aims to supply renewable energy to various commercial businesses and industries across the country and contribute to the goal of 500 GW renewable energy capacity by 2030. The product delivery has strengthened the company’s position and expanded its base across the industry.
   

This Asia Pacific wind turbine market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘MW & USD Billion’ from 2019 to 2032, for the following segments:

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Market, By Axis

• Horizontal (HAWTs)
  • Up-Wind
  • Down-Wind 
• Vertical (VAWTs)

Market, By Installation

• Onshore
• Offshore

Market, By Connectivity

• Grid Connected
• Stand Alone

Market, By Rating

• < 100 kW
•  100 kW – 250 kW
• > 250 kW – 500 kW
• > 500 kW – 1 MW
• > 1 MW – 2 MW
• > 2 MW

Market, By Application

• Residential
• Commercial & Industrial
• Utility

Market, By Component

• Rotor Module
• Nacelle Module
• Tower Module

The above information has been provided for the following countries:

• China
• India
• Australia
• Japan
• South Korea
• Vietnam
• Thailand
• Philippines
• Taiwan