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Wind Turbine Market Size
Wind Turbine Market size valued at USD 141.4 million in 2023 and is projected to expand at more than 8.2% CAGR from 2024 to 2032, driven by continuous restructuring and refurbishment of existing infrastructure.
The industry demand is primarily fueled by a positive inclination toward sustainable energy development. The business scenario is strongly influenced by the greater need to reduce carbon emissions and initiatives to provide clean electricity for different applications. Major authorities are working on replacing conventional energy sources with renewable ones to improve energy security and stimulate the economy. China witnessed renewable energy capacity reach nearly 152 million kW in 2022, accounting for a total of 76.2% of the country’s newly installed power generation capacity.
Growing privacy concerns may restrain industry progression
The complexities related to geographical constraints along with intermittency related to wind turbines, especially across onshore operations are obstructing the industry growth. However, supportive regulatory policies to propel wind energy deployment, coupled with the continuous development of large-scale offshore facilities, are likely to help manufacturers overcome the issue. For instance, the Central Electricity Regulatory Commission of India introduced a new tariff plan for renewable energy applicable till 2023.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 141.4 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8.2% |
| 2032 Value Projection: | USD 291.69 Million |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 720 |
| Tables, Charts & Figures: | 1,667 |
| Segments covered: | Axis, Installation, Connectivity, Rating, Application, Component |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Wind Turbine Market Analysis
Wind turbine market from the horizontal axis segment is anticipated to surpass USD 281 billion by 2032 propelled by its ability to self-start, enhanced efficiency & reliability, and large return on investment on variable blade pitch, which makes the turbine suitable for use at strong wind sites. A 2022 research article based on the analysis of the efficiency of these wind turbines in different climate conditions in the U.S. found that Shiraz, which has a cold summer Mediterranean climate and less damage to the environment due to carbon emission, was the optimal option for the use of the wind turbine system.
In terms of installation, the wind turbine market from onshore segment is predicted to observe nearly 7% growth rate between 2023 and 2032. Onshore wind energy is an established technology that is easy to install and maintain and involves low-cost wind farms, which is bolstering the deployment of onshore turbines. For instance, in February 2023, wpd AG, a German wind projects firm, selected GE Renewable Energy to provide 16 onshore wind turbines for their wind farms situated in Landkreis Uelzen.
In 2022, the 100 kW to 250 kW wind turbine market size reached over 3 GW owing to strong efforts to replace traditional systems with smart & efficient solutions delivering improved ratings, extended operational life, and low maintenance. To cite an instance, wind power expert Vortex Bladeless’ turbines are replacing traditional turbines on account of their ability to power a substantial number of homes with a 100-kW rating. Such developments indicate a potential shift toward lower-rated turbines in the future, which is forecast to benefit the segment scenario.
Wind turbine market size from the utility segment exceeded 75.5 GW in 2022. This growth is credited to prominent wind energy projects that aim to supply electricity to large facilities, along with consistent efforts to introduce turbines with higher capacity. To cite an instance, in October 2022, the U.S. government boosted wind energy deployment with a USD 30 million investment in R&D programs to innovate and lower the cost of electricity produced by wind.
Europe wind turbine market is expected to surpass 86 GW by 2032 attributed to significant investments in wind energy generation in line with the presence of a robust regulatory framework. In January 2022, the UK government received 60 million pounds in public-private investment for new technologies in turbines for 11 floating offshore wind energy projects. Additionally, ongoing advancements in machinery, improvements in logistics supply, and the existence of creative business models are foreseen to complement regional business growth.
Wind Turbine Market Share
Top companies Top companies operating in the global wind turbine market are ;
- Goldwind
- ENERCON GmbH
- NORDEX SE
- Suzlon Energy Limited
- S.A.
- Siemens Gamesa Renewable Energy
- Senvion
- Vestas
- ENVISION GROUP
- General Electric
- Zhejiang Windey Co., Ltd.
These firms are engaging in strategic business collaborations and the introduction of smart and advanced turbines to fortify their business footing. For instance, in June 2022, Mingyang Smart Energy Group Co., Ltd., an energy equipment manufacturer, launched the MySE 12MW, a hybrid drive wind turbine for offshore facilities. This upgraded version of its 11 MW platform offers various innovative technologies, including an optimized lubrication system, a multi-sensor wind measuring system, dual drive pitch control, and a multi-source data system.
Wind turbine market research report includes in-depth coverage of the industry with estimates & forecasts in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:
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Market Insights, By Axis
- Horizontal (HAWTs)
- Up-Wind
- Down-Wind
- Vertical (VAWTs)
Market Insights, By Installation
- Onshore
- Offshore
Market Insights, By Connectivity
- Grid Connected
- Stand Alone
Market Insights, By Rating
- < 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 Insights, By Application
- Residential
- Commercial & Industrial
- Utility
Market Insights, By Component
- Rotor Module
- Nacelle Module
- Tower Module
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Spain
- UK
- France
- Italy
- Sweden
- Poland
- Denmark
- Portugal
- Netherlands
- Ireland
- Belgium
- Asia Pacific
- China
- India
- Australia
- Japan
- South Korea
- Vietnam
- Thailand
- Philippines
- Taiwan
- Middle East & Africa
- South Africa
- Egypt
- Latin America
- Brazil
- Chile
- Argentina
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