Wind Turbine Market Size - By Axis (Horizontal, Vertical), By Installation (Onshore, Offshore), By Connectivity (Grid Connected, Stand Alone), By Rating, By Application, By Component (Rotor Module, Nacelle Module, Tower Module), & Forecast, 2025 – 2034

Wind Turbine Market Size

The global wind turbine market was valued at USD 151.8 billion in 2024 and is estimated to grow at a CAGR of 7.4% from 2025 to 2034. A wind turbine is a device that converts the kinetic energy of wind into mechanical energy, which can then be used to generate electrical power. The primary purpose of wind turbines is to harness the energy from moving air (wind) and transform it into usable electricity, providing a renewable source of energy that helps reduce dependence on fossil fuels and mitigate climate change.
 

Many large corporations are committing to 100% renewable energy goals, and wind energy is often a key part of achieving these objectives contributing to the business momentum. Investors are increasingly interested in green energy projects, including wind farms coupled with rise of green bonds and other financing mechanisms is making capital more readily available for wind energy projects, driving the business scenario. Furthermore, companies are working to mitigate these concerns through environmental assessments, technological solutions and improved community outreach, driving the market growth.
 

Increasing integration of wind with storage and the growing corporate interest in sustainability will continue to fuel market growth, making wind energy a central pillar of global decarbonization efforts. Growing demand for wind energy projects that are environmentally sustainable is growing, leading developers to seek certifications like LEED or BREEAM for their projects, ensuring that wind farms are built with sustainable practices, stimulating the product adoption. In addition, many countries have set ambitious renewable energy targets, including wind as a primary source for meeting these goals, leading to business expansion.
 

Wind Turbine Market Trends

Replacing traditional systems with smart & efficient solutions delivering improved ratings, extended operational life, and low maintenance will augment the business landscape. The industry is seeing increased demand due to a commitment to sustainable energy. Efforts to reduce carbon emissions and provide cleaner electricity for various applications shape this business landscape. Key authorities are transitioning from traditional energy sources to renewables to enhance energy security and boost the economy.
 

Wind Turbine Market Analysis

Based on axis, the horizontal segment is set to reach more than USD 303 billion by 2034, owing to their efficiency, scalability, and adaptability in a wide range of applications. Key factors including effectiveness at harnessing wind energy, long track record of performance, expertise in manufacturing, installation, and operation and growing size and capacity over the duration of time will complement the business landscape. The design of HAWTs has improved in terms of blade materials, aerodynamics, and structural components, leading to higher efficiency. Additionally, they are the preferred turbine type for offshore wind farms owing to their ability to capture stronger and more consistent winds in open waters, driving the market scenario.
 

Based on installation, the onshore segment is anticipated to register more than 5.5% CAGR through 2034, driven by a combination of technological advancements, favorable economic conditions, and increasing government support for sustainable energy solutions. Prominent wind energy projects that aim to supply electricity to large facilities, along with consistent efforts to introduce turbines with higher capacity will influence the business statistics. Various turbine manufacturers are developing larger turbines with higher capacity factors allowing turbines to generate more power with fewer units, thus reducing the installation costs per megawatt, stimulating the product demand. Moreover, many existing onshore wind farms are being repowered with newer, more efficient turbines, extending their productive lifespan and increase energy output augmenting the industry landscape.
 

The U.S. wind turbine market is likely to exceed USD 34 billion by 2034, owing to advancements in machinery, enhanced logistics supply, and innovative business models. Growing integration of wind energy with storage solutions along with growing demand for clean energy solutions to combat climate change is driving the need for renewable energy sources like wind. Implementation of policies and offering incentives for clean energy production comprising feed-in tariffs, tax credits, and renewable energy targets coupled with reducing cost of wind energy will drive the business scenario.
 

Wind Turbine Market Share

The competitive landscape in the wind turbine industry is shaped by large, established players with a focus on technology innovation, cost reduction, and global market expansion. The industry has several dominant global players, but there is also a growing number of regional and smaller players. The wind turbine sector has seen an increase in mergers and acquisitions as companies look to strengthen their positions, enter new markets, or gain access to new technologies.
 

Wind Turbine Market Companies

Eminent players operating in the wind turbine industry are:

• Envision group
• Enercon
• General Electric
• Goldwind
• Mingyang Smart Energy Group Co., Ltd.
• Nordex
• Siemens Gamesa Renewable Energy
• Suzlon Energy
• Senvion
• Vestas
• Zhejiang Windey Co., Ltd.
   

Wind Turbine Industry News

• In September 2024, GE Vernova has signed an agreement with Aula Energy and CS Energy to provide turbines for the 228 MW Boulder Creek Wind Farm in Australia. Once operational, the wind farm will generate enough power for around 85,000 Australian homes and is projected to cut greenhouse gas emissions by roughly 379,000 tonnes of CO2 equivalent annually. Additionally, with this deal, the tally of GE Vernova's 6 MW platform turbines either in operation or under construction in Australia surpasses 250.
   
• In June 2022, Mingyang Smart Energy Group Co., Ltd., an energy equipment manufacturer, unveiled the MySE 12MW, a hybrid drive wind turbine tailored for offshore facilities. This enhanced iteration of its 11 MW platform boasts a suite of innovative technologies, such as an optimized lubrication system, a multi-sensor wind measurement system, dual drive pitch control, and a comprehensive multi-source data system.
   

This wind turbine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Million and MW ” from 2021 to 2034, 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 to 250 kW
• > 250 kW to 500 kW
• > 500 kW to 1 MW
• 1 MW to 2 MW
• > 2 MW

Market, By Application

• Residential
• Commercial & Industrial
• Utility

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
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Chile
  • Argentina