Wind Turbine Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 145.66 gigawatt |
| Market Volume (2029) | 955.08 gigawatt |
| CAGR (2024 - 2029) | 45.66 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wind Turbine Market Analysis
The Wind Turbine Market size is estimated at 145.66 gigawatt in 2024, and is expected to reach 955.08 gigawatt by 2029, growing at a CAGR of 45.66% during the forecast period (2024-2029).
- Over the medium period, factors such as increasing demand for renewable energy sources, especially wind power, in the power generation mix, efforts to reduce the reliance on fossil fuel-based power generation, and regulations on energy efficiency are expected to drive the wind turbine market.
- On the other hand, the adoption of alternative clean energy sources like solar and other alternatives is likely to hinder the market's growth.
- The Global Wind Energy Council committed to achieving 380 GW of offshore wind by 2030 and 2,000 GW by 2050 worldwide, which is likely to provide significant opportunities for the deployment of wind turbines soon.
- Asia-Pacific is expected to be the largest and fastest-growing market, owing to the largest share in terms of wind power generation and the presence of manufacturing and technology hubs in countries like China, India, Japan, etc.
Wind Turbine Market Trends
Offshore Wind Turbine to Witness Significant Growth
- As energy demand is rising, major countries and companies are turning toward the adoption of renewable energy sources, especially wind energy, as they can provide clean energy. The adoption of offshore wind energy with advanced technologies has attracted many countries and companies with high investments.
- By location of deployment, the offshore industry is expected to witness significant growth in global wind turbine industry investments during the forecast period, owing to declining costs, improved technology, and increased developments and investments in offshore wind energy projects worldwide.
- To significantly increase the affordable energy supply in the United Kingdom while reducing carbon emissions, the UK government developed a long-term strategy to deliver at least one-third of its electricity from offshore wind as part of a sector deal between the offshore wind industry and the government. A report by the UK's Committee on Climate Change indicates the country could become the first large economy to legislate a "net zero" emissions target for 2050.
- Further, global wind companies are making efforts to ease the supply chain for the offshore wind industry. In April 2024, Vestas made a Memorandum of A.P. Moller-Maersk, Jeonnam Province, and Mokpo City, discussing a supply chain investment in Mokpo City, Jeonnam Province, for the development of the offshore wind energy industry in South Korea.
- Following the Renewable Energy Act (EEG), Germany plans to boost offshore wind energy massively. As part of the Coalition Agreement, Germany stated it would increase its offshore wind target to 30 GW by 2030.
- According to GWEC (Global Wind Energy Council) statistics, the global offshore wind capacity reached 75 GW in 2023, and 10.8 GW of capacity was added in 2023.
- Besides this, the companies have been able to install taller wind turbines due to improvements in the wind turbine materials used, which allow the turbines to exploit higher-altitude winds. These new turbines have larger blades and, hence, can sweep a larger area than the smaller turbines. The growing size of wind turbines helped lower the cost of wind energy, indicating that it is economically competitive with fossil fuel alternatives in some locations, such as the United States, Germany, France, etc. Such recent trends are expected to drive the offshore wind turbine market during the forecast period.
Asia-Pacific to Dominate the Market
- In Asia-Pacific, wind energy is one of the most abundant energy resources, making it an ideal source for fulfilling the region's energy needs. In view of wind energy's tremendous growth potential, Asian countries, including China, India, Japan, and others, are currently focusing on implementing a widespread deployment of this energy resource.
- As a result of an increasing focus on sustainable development and a commitment to reducing greenhouse gas emissions, offshore wind energy has become a popular source of energy. As a mainstream energy source for power generation, offshore wind energy has significantly changed from being a source of alternative energy. Offshore wind energy technology is being developed at a rapid pace in Asian countries, which has contributed to the growing reliance on wind energy due to recent advancements in turbine technology and government incentives.
- According to GWEC, the global offshore wind industry installed a new capacity of approximately 11 GW in 2023. Furthermore, 69.3 GW of onshore wind capacity was installed in 2023 in China, consecutively leading the world in new installations, with more than 6.3 GW of offshore wind grids connected in 2023, accounting for 58% of the total new installation in offshore wind.
- During 2023, India installed around 2.8 GW of new wind power, making 44.7 GW of total installed capacity by the end of the same year. These projects are mostly spread in the northern, southern, and western parts of the country.
- In March 2024, Solar Energy Corporation of India announced a plan to issue a tender for offshore wind project development by next year for a total capacity of 1,000 megawatts (MW). The tender includes 500-MW capacity each for setting up offshore wind energy projects off the coast of Tamil Nadu and Gujrat.
- According to the World Bank Group, the Philippines' EEZ has around 178 GW of technical resource potential for offshore wind, primarily floating wind, with 18 GW of fixed-bottom offshore wind. Considering that this is more than seven times the country's total installed electricity generation capacity, the opportunity to meet decarbonization and energy security goals is significant.
- In partnership with the World Bank Group's ESMAP-IFC Offshore Wind Development Program, the Philippine Department of Energy is developing an offshore wind roadmap. A draft roadmap identifies six different zones for offshore wind development, totaling 2.8 GW by 2030 and 58 GW by 2050, with mostly floating offshore wind projects.
- These factors are expected to present Asia-Pacific as an excellent business destination for market players involved in the wind turbine business during the forecast period.
Wind Turbine Industry Overvview
The wind turbine market is moderately fragmented. Some of the major players in the market (in no particular order) include Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, and Suzlon Energy Limited, among others.
Wind Turbine Market Leaders
General Electric Company
Vestas Wind Systems A/S
Nordex SE
Suzlon Energy Limited
Siemens Gamesa Renewable Energy, S.A.
*Disclaimer: Major Players sorted in no particular order
Wind Turbine Market News
- January 2024: Suzlon Group made a new 225 MW wind energy order from Everrenew Energy. As per the order, the company will install 75 wind turbine generators with a Hybrid Lattice Tubular tower and a rated capacity of 3 MW each at Everrenew Energy's sites at Vengaimandalam, Trichy district, and Ottapidaram, Tuticorin district in Tamil Nadu.
- November 2023: GE Vernova agreed with O2 Power Private Limited to supply, install, and commission 36 units of its workhorse 2.7-132 onshore wind turbines for the 97 MW wind power projects in Maharashtra, India.
- January 2023: Braun Windturbinen GmbH, a wind turbine manufacturer in Germany, announced the installation of 7.5 KW of small wind turbines. The system operates three parallel to the grid with the Smart Wind SW7.5 and as a backup heating system with a 6.0 kW heating rod. When 2.5 kW is reached in grid-parallel operation, the heating rod is automatically switched on according to the turbine characteristic curve. The monitoring of the domestic hot water temperature is adjustable and installed at the small wind turbine.
Wind Turbine Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Wind Turbine Installed Capacity and Forecast in GW, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Market Drivers
4.5.1.1 Increasing Demand for Renewable Energy Sources
4.5.1.2 Efforts to Reduce the Reliance on Fossil Fuel-Based Power Generation
4.5.2 Market Restraints
4.5.2.1 The Adoption of Alternative Clean Energy Sources
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Onshore
5.1.2 Offshore
5.2 Capacity
5.2.1 Small
5.2.2 Medium
5.2.3 Large
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of the North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Russia
5.3.2.6 NORDIC
5.3.2.7 Italy
5.3.2.8 Turkey
5.3.2.9 Rest of the Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Thailand
5.3.3.6 Vietnam
5.3.3.7 Malaysia
5.3.3.8 Indonesia
5.3.3.9 Rest of the Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of the South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 South Africa
5.3.5.4 Egypt
5.3.5.5 Qatar
5.3.5.6 Nigeria
5.3.5.7 Rest of the Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Vestas Wind Systems AS
6.3.2 Siemens Gamesa Renewable Energy SA
6.3.3 General Electric Company
6.3.4 Nordex SE
6.3.5 Suzlon Energy Limited
6.3.6 Xinjiang Goldwind Science & Technology Co. Ltd
6.3.7 Eaton Corporation PLC
6.3.8 Enercon GmbH
6.3.9 Hitachi Ltd.
6.3.10 Vergnet
- *List Not Exhaustive
6.4 Market Ranking/Share (%) Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Supporting Aim of Global Wind Energy Council for Upcoming Installation
Wind Turbine Industry Segmentation
A wind turbine is an instrument that converts the wind's kinetic energy into electrical energy. Wind turbines are a growing source of intermittent renewable energy, and they are employed in many nations to minimize energy costs and reliance on fossil fuels.
The wind turbine market is segmented by location of deployment, capacity, and geography. By location of deployment, the market is segmented into onshore and offshore. By capacity, the market is segmented into small, medium, and large. The report also covers the market size and forecasts for the wind turbine market across major regions, such as Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.
For each segment, the market sizing and forecasts are provided based on installed capacity (GW).
| Location of Deployment | |
| Onshore | |
| Offshore |
| Capacity | |
| Small | |
| Medium | |
| Large |
| Geography | |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
|
Wind Turbine Market Research FAQs
How big is the Wind Turbine Market?
The Wind Turbine Market size is expected to reach 145.66 gigawatt in 2024 and grow at a CAGR of 45.66% to reach 955.08 gigawatt by 2029.
What is the current Wind Turbine Market size?
In 2024, the Wind Turbine Market size is expected to reach 145.66 gigawatt.
Who are the key players in Wind Turbine Market?
General Electric Company, Vestas Wind Systems A/S, Nordex SE, Suzlon Energy Limited and Siemens Gamesa Renewable Energy, S.A. are the major companies operating in the Wind Turbine Market.
Which is the fastest growing region in Wind Turbine Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wind Turbine Market?
In 2024, the Asia Pacific accounts for the largest market share in Wind Turbine Market.
What years does this Wind Turbine Market cover, and what was the market size in 2023?
In 2023, the Wind Turbine Market size was estimated at 79.15 gigawatt. The report covers the Wind Turbine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wind Turbine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the segments of the Wind Turbine Market?
The segments of the Wind Turbine Market are a) Location of Deployment: Onshore and Offshore b) Capacity: Small, Medium, and Large
What are the segments of the Wind Turbine Market?
The segments of the Wind Turbine Market are a) Location of Deployment: Onshore and Offshore b) Capacity: Small, Medium, and Large
Wind Turbine Industry Report
The global wind turbine market is experiencing a period of robust growth, fueled by the increasing demand for renewable energy sources in the fight against climate change. Wind turbines play a crucial role in converting wind energy into electricity, utilizing the aerodynamic force from rotor blades, similar to airplane wings or helicopter rotors. The market is evolving with advancements across various segments, including axis type, installation, component, and application, serving industrial, commercial, residential, and utility sectors. The vertical axis type, onshore installations, and rotator blade components are especially emphasized for their market dominance and expected growth. The Asia-Pacific region, in particular, is leading the charge, propelled by rapid industrialization and a growing demand for renewable energy, with offshore wind turbine segments presenting significant opportunities due to declining costs and technological innovations. This evolution is marked by a focus on sustainable development and a shift towards larger, more efficient turbine designs that aim to reduce wind energy costs, making it competitive with fossil fuels in some regions. This dynamic landscape highlights the wind turbine industry's critical role in the global shift towards more sustainable energy solutions, as detailed in industry reports by Mordor Intelligence™, which provide a forecast outlook and a historical overview, available as a free report PDF download for further insights.
