North America Wind Turbine Market Analysis

North America Wind Turbine Market Analysis

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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.