The wind turbine market has experienced rapid growth, increasing from $151.22 billion in 2023 to $167.64 billion in 2024, with a CAGR of 10.9%. This historical growth is attributed to renewable energy policies, energy transition goals, cost competitiveness, rising energy demand, and environmental awareness. The market is projected to grow to $245.72 billion by 2028, reflecting a CAGR of 10.0%. Growth drivers include accelerating energy transitions, government incentives, technological advancements, energy storage integration, and climate agreements. Key trends include sustainable materials, hybrid renewable energy systems, local community involvement, cost reduction strategies, competitive project auctions, and global wind energy expansion.
Major Driver In The Wind Turbine Market
The wind turbine market is witnessing growth attributed to the mounting demand for renewable energy sources. Renewable energy sources, characterized by replenishment without depletion, are gaining prominence in contrast to fossil fuels like coal, oil, and natural gas. Wind, a renewable energy source, offers environmental advantages, including minimal air and water pollution compared to traditional energy sources. Wind turbines play a pivotal role in reducing reliance on fossil fuels, resulting in decreased air pollution and carbon dioxide emissions. According to IEA data for 2021, renewable energy usage surged by 3% in 2020 amidst declining demand for conventional fuels. Additionally, electricity generation from renewables is expected to rise by 8% in 2021 and over 6% in 2022. The escalating demand for renewable energy sources propels the growth of the wind turbine market.
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Wind Turbine Market Competitive Landscape
Clipper Windpower A/S, Hitachi Ltd., Siemens AG, General Electric Company, Suzlon Energy Limited, CRRC Group Corporation, Eaton Corporation plc, Shangai Electric Group Co. ltd., Vestas Wind Systems A/S, Sany Heavy Industry Co. Ltd., Gamesa Electric, Dongfang Electric Corporation, Nordex SE, Goldwind Science and Technology Co. Ltd., Ming Yang Smart Energy Group Co. Ltd., Guodian United Power Technology Co. Ltd., Bilfinger Offshore Wind Energy GmbH, Zhejiang Windey Co. Ltd., Envision Energy, LM Windpower A/S, Impsa S.A., Sinovel Wind Group Co. Ltd., Leitwind GmbH, Vergnet S.A., Northern Power Systems Ltd., Enercon Gmbh Windenergieanlagen, Senvion SE, Bergey Windpower Inc., ZF Wind Power Antwerpen NV, United Power Inc.
Key Wind Turbine Market Trend
Technological enhancements are a key trend gaining popularity in the wind turbine market. The technology on the offshore direct drive platform allows for the re-use of most components from previous generations. For instance, in September 2022, Vestas, a Danish manufacturer of wind turbines, launched an onshore wind turbine tower with a hub height measuring 199 meters, the world’s tallest onshore tower. It is designed to be used by Vestas’ V172-7.2MW turbine.
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Wind Turbine Market Segmentation
The wind turbine market covered in this report is segmented –
1) By Component: Rotator Blade, Gearbox, Generator, Nacelle, Other Components
2) By Axis Type: Horizontal, Vertical
3) By Location of Deployment: Onshore, Offshore
4) By Connectivity Type: Grid Connected, Stand Alone
5) By Application: Industrial, Commercial, Residential, Utility
By Geography:The regions covered in the wind turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the wind turbine market in 2023.
The Wind Turbine Global Market Report 2024 furnishes information about the global wind turbine market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
