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Wind Turbine Market Trends

Report ID: GMI2679
Published Date: Dec 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market for wind turbine was reached USD 151.8 billion in 2024 and is estimated to grow at a 7.4% CAGR from 2025 to 2034, driven by supportive regulatory measures aimed at curbing GHG emissions.

The horizontal axis segment is projected to exceed USD 303 billion by 2034, due to its efficiency, scalability, and versatility across diverse applications.

The onshore segment is anticipated to register a CAGR of more than 5.5% through 2034, fueled by technological advancements and increased government support for sustainable energy.

The U.S. wind turbine market is likely to exceed USD 34 billion by 2034, led by advancements in machinery, enhanced logistics supply, and innovative business models.

Key players in the wind turbine industry include Envision Group, Enercon, General Electric, Goldwind, Mingyang Smart Energy Group Co., Ltd., Nordex, Siemens Gamesa Renewable Energy, Suzlon Energy, Senvion, Vestas, and Zhejiang Windey Co., Ltd.