Wind Turbine Market Size

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.

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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.