Wind Turbine Market Research, 2033
The global wind turbine market was valued at $63.4 billion in 2023, and is projected to reach $115.2 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033
Market Introduction and Definition
Wind turbines play a critical role in addressing climate change. By generating electricity without burning fossil fuels, they help reduce carbon dioxide emissions, which are a major contributor to global warming. The widespread adoption of wind energy significantly lowers the carbon footprint of electricity generation, promoting a cleaner and more sustainable energy system. In addition, the operation of wind turbines produces no air pollutants, making them a clean energy source that improves air quality and public health.
In agricultural and rural areas, wind turbines provide an additional source of income for landowners. Farmers and ranchers lease their land to wind energy companies, generating revenue without significantly impacting their primary agricultural activities. The presence of wind turbines also stimulate local economies by creating jobs in construction, maintenance, and operations. Furthermore, community wind projects, where local residents have a stake in the ownership and profits of wind turbines, are increasingly popular and enhance community resilience and economic development.
In remote and off-grid locations, wind turbines provide a reliable and independent source of power. Communities, research stations, and installations in isolated areas often rely on diesel generators, which are costly and polluting. Wind turbines, possibly combined with other renewable energy sources such as solar panels, offer a sustainable alternative, reducing reliance on fossil fuels and enhancing energy security. These off-grid systems are particularly valuable in developing countries, where access to electricity is limited, contributing to improved quality of life and economic development.
Key Takeaways
- The wind turbine industry covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of the global wind turbine market overview and to assist stakeholders in making educated decisions to achieve their growth objectives.
- Over 3, 700 product literature, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the wind turbine market size.
- The wind turbine market share is highly fragmented, with several players including ENERCON Global GmbH, Siemens Gamesa Renewable Energy, S.A.U., GE VERNOVA, Goldwind Americas, Guodian United Power Technology Co., Ltd, Mingyang Smart Energy Group Co., Ltd, Sinovel Wind Group Co., Ltd., Senvion India Pvt. Ltd, Suzlon Energy Limited, and Vestas. Also tracked key strategies such as acquisitions, product launches, mergers, and expansion of the players operating in the wind turbine market growth.
Segment Overview
The wind turbine market report is segmented into axis type, installation, component, application, and region. By axis type, the market is bifurcated into horizontal and vertical. As per installation, the market is categorized into onshore, and offshore. On the basis of component, the market is divided into rotator blade, gearbox, generator, nacelle, and others. On the basis of application, the market is segmented into industrial, commercial, residential, and utility. Region-wise the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Dynamics
The adoption of wind energy as a clean, renewable source is expected to drive the growth of the wind turbine market during the forecast period. The primary reason behind the adoption of wind power is its potential to significantly reduce greenhouse gas (GHG) emissions. Traditional fossil fuels, such as coal, oil, and natural gas, are major contributors to carbon dioxide (CO2) emissions, which drives global warming. In contrast, wind energy is a clean, renewable source that produces no direct emissions during operation. The shift to wind power can substantially lower the carbon footprint of the energy sector, helping to meet international climate goals such as those set by the Paris Agreement, which aims to limit global temperature rise to well below 2°C above pre-industrial levels. According to the International Renewable Energy Agency (IRENA) , in 2023, offshore wind energy was 72.66 GW, an increase of 1.57 times compared to 2019. The number is expected to rise significantly during the forecast period as many wind projects are expected to be operational in the upcoming years.
Moreover, advancements in digital technology and data analytics have revolutionized the operation and management of wind farms. Predictive maintenance, enabled by real-time monitoring and big data, allows for early detection of potential issues, reducing downtime and increasing operational efficiency. Smart grid technology also plays a crucial role by enabling better integration of wind power into the existing energy infrastructure, ensuring a stable and reliable supply of electricity despite the variable nature of wind. As per the U.S. Department of Energy, renewable energy generates over 20% of all U.S. electricity, and that percentage continues to grow. The following graphic breaks down the shares of total electricity production in 2022 among the types of renewable power: In 2022, annual U.S. renewable energy generation surpassed coal for the first time in history. By 2025, domestic solar energy generation is expected to increase by 75%, and wind by 11%.
However, variability and dependency of wind turbine on weather conditions is expected to hamper the wind turbine market during the forecast period. This variability in wind speed and direction introduces uncertainty into the power output of wind turbines, leading to fluctuations in electricity generation. These fluctuations can pose challenges for grid operators tasked with balancing electricity supply and demand in real time. Sudden drops or increases in wind speed can result in rapid changes in power output, requiring quick adjustments in other power sources or energy storage systems to maintain grid stability. The intermittency of wind power also presents challenges for long-term planning and resource adequacy assessments. Utilities and grid operators must account for the variability of wind energy when making investment decisions and ensuring sufficient backup capacity to meet peak demand periods. This can complicate the integration of wind power into the energy mix and may require additional investment in grid infrastructure and flexibility measures.
Innovations in blade design, materials, and aerodynamics is expected to represent a significant opportunity for the wind turbine market trends, Innovations in blade design, materials, and aerodynamics represent a crucial frontier in the wind turbine industry, offering the potential to significantly enhance energy capture and performance across diverse wind conditions. As the demand for renewable energy continues to rise and the push for more efficient and cost-effective wind turbines intensifies, advancements in these areas are poised to drive substantial improvements in turbine efficiency, reliability, and overall energy output. One area of innovation lies in blade design, where engineers and researchers are exploring novel shapes, profiles, and configurations to optimize aerodynamic performance and energy capture. The combination of bend-twist-coupled blades and flatback airfoils enabled wind turbine blades to be made longer, lighter, and cheaper. The bend-twist-coupled blades with flatback airfoils contributed to estimated energy-cost reductions of nearly 20%. All these factors are anticipated to offer lucratvie opportunities in the qwind turbine market forecast.
Competitive Analysis
Key market players in the wind turbine market analysis ENERCON Global GmbH, Siemens Gamesa Renewable Energy, S.A.U., GE VERNOVA, Goldwind Americas, Guodian United Power Technology Co., Ltd, Mingyang Smart Energy Group Co., Ltd, Sinovel Wind Group Co., Ltd., Senvion India Pvt. Ltd, Suzlon Energy Limited, and Vestas.
Industry Trends
- In January 2024, Suzlon Group secured a new order for 225 MW of wind energy from Everrenew Energy. Under this agreement, Suzlon will install 75 wind turbine generators, each with a rated capacity of 3 MW and featuring a Hybrid Lattice Tubular tower. These turbines will be set up at Everrenew Energy's sites in Vengaimandalam, Trichy district, and Ottapidaram, Tuticorin district in Tamil Nadu.
- According to the Global Wind Energy Council (GWEC) , the global offshore wind industry added approximately 11 GW of new capacity in 2023. China continued to lead the world in new wind installations, contributing 69.3 GW of onshore wind capacity and more than 6.3 GW of offshore wind capacity connected to the grid. This offshore capacity represents 58% of the total new global offshore wind installations for the year.
- In 2023, India installed 2.8 GW of new wind energy capacity, marking a significant 56% increase from the 1.8 GW added in 2022. By the end of December 2023, the country's total wind capacity had reached 44.7 GW, up from 41.9 GW at the end of 2022. Notably, in the fourth quarter of 2023, India added 552 MW of wind power capacity, a remarkable 141% increase compared to the same period the previous year.
- In January 2023, Braun Windturbinen GmbH, a German wind turbine manufacturer, announced the installation of 7.5 kW small wind turbines. The system features three turbines operating parallel to the grid with the Smart Wind SW7.5 model and includes a 6.0 kW heating rod as a backup heating system. When the grid-parallel operation reaches 2.5 kW, the heating rod is automatically activated based on the turbine's characteristic curve. Additionally, the system includes adjustable monitoring for domestic hot water temperature, which is integrated with the small wind turbine.
- In November 2023, GE Vernova reached an agreement with O2 Power Private Limited to supply, install, and commission 36 units of its reliable 2.7-132 onshore wind turbines for a 97 MW wind power project in Maharashtra, India.
Regional Market Outlook
Region-wise the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In North America, particularly in the U.S. and Canada, wind energy has become a prominent source of electricity generation. The vast expanses of land, particularly in regions like the Midwest, have facilitated the development of large wind farms. Additionally, supportive government policies, including tax incentives and renewable energy targets, have further spurred the adoption of wind power.
The U.S. Department of Energy's Wind Energy Technologies Office (WETO) is set to release a Funding Opportunity Announcement (FOA) aimed at supporting offshore wind projects. With a funding pool of $48 million, the initiative targets key areas such as advancing research and development of offshore wind platforms, bolstering the domestic supply chain, enhancing wildlife protection through innovative monitoring solutions, and promoting academic excellence in floating offshore wind technologies.
In Europe, wind energy has emerged as a key pillar of the continent's transition towards a low-carbon future. Countries like Germany, Denmark, Spain, and the UK have been at the forefront of wind turbine deployment, both onshore and offshore. The European Union has set ambitious targets for renewable energy generation, with wind power playing a crucial role in achieving these goals. In March 2024, the UK government unveiled a landmark budget of $1.25 billion (GBP 1 billion) dedicated to renewable energy projects. This allocation includes $1 billion (GBP 800 million) specifically for offshore wind initiatives, alongside $131 million (GBP 105 million) for advancements in floating offshore wind and geothermal technologies.
In the Asia-Pacific region, countries such as China, India, and Australia have witnessed a rapid expansion of wind power capacity. China, in particular, has emerged as the world's largest market for wind energy, driven by its ambitious renewable energy targets and efforts to combat air pollution.
Key Sources Referred
- U.S. Department of Energy
- U.S. Department of the Interior
- U.S. Department of Agriculture
- National Renewable Energy Laboratory (NREL)
- American Clean Power
- European Wind Energy Association
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the global wind turbine market trends along with the current and future market forecast.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global market for strategy building.
- A comprehensive global wind turbine market forecast covers factors that drive and restrain the market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
Wind Turbine Market Report Highlights
| Aspects | Details |
 Market Size By 2033 | USD 115.2 Billion |
 Growth Rate | CAGR of 6.2% |
 Forecast period | 2024 - 2033 |
 Report Pages | 300 |
 By Axis Type |
|
 By Installation |
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 By Component |
|
 By Application |
|
 By Region |
|
 Key Market Players | Goldwind Americas, Vestas, Siemens Gamesa Renewable Energy, S.A.U.,, ENERCON Global GmbH, Guodian United Power Technology Co.,Ltd, Mingyang Smart Energy Group Co., Ltd, GE VERNOVA, Suzlon Energy Limited, Senvion India Pvt. Ltd, Sinovel Wind Group Co., Ltd |
Analyst Review
Wind turbines are used to produce electricity from the kinetic power of wind. The major motive for the increased use of wind energy is to reduce the dependence of fossil fuels to create energy. Wind energy is significant and affordable source of renewable energy, which enables the reduction of greenhouse gas emissions, delivers cost-competitive electricity, and diversifies energy supply. Wind energy is a renewable energy, considered as the cleanest resource of energy available extensively and in abundant quantity.
The offshore wind turbine segment expected to witness the highest growth rate, registering a CAGR of 7.9% during the forecast period. However, despite the higher construction & maintenance cost associated with offshore wind turbine, currently, there is an increase in offshore wind power owing to the availability of space and stable strong wind. Onshore wind turbines is the leading type segment, owing to cost benefit over offshore wind turbine, easy installation, and greenhouse gas reduction. Globally, there is a presence of huge onshore wind resources, which could meet global electricity demand. In 2016, industrial segment was the leading application segment where wind energy is widely used for power generation, engineering & telecommunication, industrial buildings, and ports including many others.
In 2016, Asia-Pacific is the most significant market for wind turbine, in terms of both revenue and volume. China dominated the Asia-Pacific wind turbine market in 2016, in terms of both value and volume. Asia-Pacific is expected to show excellent growth on account of high wind power installation capacity and government initiatives for the shift towards the use of renewable energy. Europe is the second leading region, which is expected to register a CAGR of 7.4% in terms of revenue.
Key market players in the wind turbine market include ENERCON Global GmbH, Siemens Gamesa Renewable Energy, S.A.U., GE VERNOVA, Goldwind Americas, Guodian United Power Technology Co.,Ltd, Mingyang Smart Energy Group Co., Ltd, Sinovel Wind Group Co., Ltd., Senvion India Pvt. Ltd, Suzlon Energy Limited, and Vestas.
The global wind turbine market size was valued at $63.4 billion in 2023 and is projected to reach $115.2 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033.
Asia-Pacific is the largest region of wind turbine market.
Utility application is the leading application of wind turbine market.
The adoption of wind energy as a clean, renewable source are the driving factors of wind turbine market in the globe.
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