North America Wind Turbine Market Size By Axis (Horizontal, Vertical), By Installation (Onshore, Offshore), By Connectivity (Grid Connected, Stand Alone), By Rating, By Application, By Component, 2024 - 2032

North America Wind Turbine Market Size

North America Wind Turbine Market size was valued USD 24.04 Billion in 2023 and is anticipated to grow at a CAGR of 5.7% up to 2032. Wind turbine technology refers to the design, construction, and operation of machinery that converts the kinetic energy of wind into mechanical energy and then into electricity. Wind turbines consist of several key components, including rotor blades, a hub, a nacelle, a tower, and various mechanical and electrical systems.
 

Wind turbine technology has evolved over the years, leading to improvements in efficiency, reliability, and performance. Advances in materials, manufacturing processes, aerodynamics,  and digitalization have enabled the development of larger, more efficient turbines capable of capturing more energy from the wind at lower costs. Furthermore, it has become one of the fastest growing sources of renewable electricity globally, contributing to efforts to mitigate climate change and transition to a sustainable energy future is anticipated to augment the industry landscape.
 

Increasing potential to harness stronger and more consistent winds, offering opportunities for large scale clean energy generation offshore will drive the product demand. Wind energy has become a mainstream source of electricity generation in North America, with wind farms integrated into electricity grids across the continent. This provides dependable and cost effective power to meet growing demand while reducing greenhouse gas emissions and dependence on fossil fuels, thereby reducing capital cost, leading to market expansion.
 

North America Wind Turbine Market Trends

Federal, state, and provincial governments in North America have implemented policies and incentives to support the development of wind turbines and wind energy projects. Further, these policies include production tax credits, investment incentives, renewable portfolio standards, and other mechanisms designed to encourage investment in wind power and promote its integration into the electricity grid. Furthermore, growing economies of scale, with multiple turbines grouped together to maximize energy production and grid integration.
 

North America Wind Turbine Market Analysis

Based on axis, the market is segmented into Horizontal and Vertical. Horizontal is anticipated to grow by more than USD 38.1 billion by 2032. Growing deployment in large scale utility projects, including onshore wind farms and offshore wind installations with multiple turbines grouped together to maximize energy production and grid integration will strengthen the business landscape. Horizontal wind turbine technology has advanced significantly in recent years, leading to improvements in efficiency, reliability, and performance. Modern turbines are equipped with features including variable speed generators, advanced control systems, and longer blades, enabling them to capture more energy from the wind and operate more effectively across a wide range of wind conditions.
 

Based on installation, the North America Wind Turbine market is segmented into Onshore and Offshore. Onshore wind turbine market is set to grow over CAGR 3.5% by 2032. Vast wind resources, particularly in regions such as the Great Plains, the Midwest, and along coastal areas, experience consistent and intense winds, making them ideal locations for turbine installations. The levelized cost of electricity (LCOE) from onshore wind power has declined significantly in recent years, making it one of the most cost-competitive sources of electricity generation in many parts of North America. Additionally, widespread public support owing to its environmental benefits, including reduced greenhouse gas emissions, improved air quality, and mitigated climate change impacts will augment the industry landscape.
 

Installed capacity of grid connected wind turbines along with increasingly cost competitive with conventional sources of electricity generation, including coal and natural gas will drive the product penetration. Significant growth in wind power capacity, according to the American Wind Energy Association (AWEA) and the Canadian Wind Energy Association (CanWEA) coupled with set ambitious renewable energy goals as part of their climate mitigation and energy transition strategies will drive the business scenario.
 

The U.S. Wind Turbine market is anticipated to grow by more than USD 31.7 billion by 2032. Growing implementation of policies and incentives to promote renewable energy development, including investment incentives, renewable portfolio standards, production tax credits, and other regulatory mechanisms that encourage the deployment of wind projects, leading to technology commercialization. Further, advances in wind turbine technology is set to make wind energy more cost effective and efficient, thereby strengthening the product adoption.
 

North America Wind Turbine Market Share

Collaboration have displayed a growing trend of trend of joint ventures, partnerships, and collaborations between renewable energy developers and turbine manufacturers in North America. Growing mergers and joint ventures aimed at leveraging technological expertise, market access, and project development capabilities will develop the industry ecosystem. Moreover, investments in research and development to improve the efficiency, reliability, and environmental performance of their products along with innovations including taller towers, larger rotor diameters, and advanced materials contribute to maximizing energy production while minimizing environmental impacts is set to augment the business landscape.
 

North America Wind Turbine Market Companies

Eminent players operating in the North America wind turbine industry are:

• Goldwind Americas
• NORDEX SE
• Suzlon Energy Limited
• Siemens Gamesa Renewable Energy, S.A.
• Senvion
• Vestas
• Envision Group
• General Electric
• ReGen Powertech
• ATB GROUP S.p.A.
   

North America Wind Turbine Industry News

• In December 2023, Vestas secured a contract to power a wind project in the U.S. The order comprises of 30 V163-4.5 MW turbines, including delivery, supply, and commissioning of the turbines, as well as a 20 year Active Output Management 5000 (AOM 5000) service agreement, for optimized performance of the asset. Furthermore, the delivery is anticipated to be delivered in Q3 2024 to come into production into 2025.
   
• In September 2021, Goldwind America announced the completion and installation of GW 5S Smart Wind Turbine test unit. It has a structured design based on the company’s PMDD turbine technology, including a rotor diameter of 165 meters, a scaled rated power of 5.2 to 5.6 MW, and hub height from 100 to 130 meters. This will further support the company’s product presence, thereby expanding its presence globally.
   

North America Wind Turbine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Billion” from 2021 to 2032, for the following segments:

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Market, By Rating, 2021 – 2032 (USD Million & MW)

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

Market, By Axis, 2021 – 2032 (USD Million & MW)

• Horizontal
  • Up-wind
  • Down-wind 
• Vertical

Market, By Installation, 2021 – 2032 (USD Million & MW)

• Onshore
• Offshore

Market, By Connectivity, 2021 – 2032 (USD Million & MW)

• Grid Connected
• Standalone

Market, By Application, 2021 – 2032 (USD Million & MW)

• Residential
• Commercial & Industrial
• Utility

Market, By Component, 2021 – 2032 (USD Million & MW)

• Blades
• Towers
• Others

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico