North America Large Wind Turbine Market Size
|2020 - 2029
|Base Year For Estimation
|Market Size (2024)
|USD 1.88 Billion
|Market Size (2029)
|USD 2.60 Billion
|CAGR (2024 - 2029)
*Disclaimer: Major Players sorted in no particular order
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North America Large Wind Turbine Market Analysis
The North America Large Wind Turbine Market size is estimated at USD 1.88 billion in 2024, and is expected to reach USD 2.60 billion by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).
- Over the medium term, reducing costs and increasing investment in wind energy is likely to drive the market's growth.
- On the other hand, adoption of alternative clean energy sources like solar and other alternatives will likely restrain the growth of the large wind turbine market.
- Nevertheless, the Global Wind Energy Council committed to achieving 380 GW of offshore wind by 2030 and 2,000 GW by 2050 worldwide, likely providing significant opportunities for the market player.
- The United States dominates the market and is also likely to witness the highest CAGR during the forecast period, owing to the increasing wind energy investments and growing electricity demand.
North America Large Wind Turbine Market Trends
Offshore Segment Is the Fastest Growth Segment
- With the increasing demand for clean energy, countries and companies are adopting renewable energy sources, especially wind energy, as they can provide clean energy and help carbon emission missions by 2050.
- Offshore wind turbines require a much sturdier material than onshore wind turbines and are generally larger than onshore wind turbines. Hence, the offshore wind turbine industry's growth is expected to significantly impact the market.
- In Canada, the government aims to increase the wind power capacity to 55 GW by 2025 to meet 20% of the country's energy needs. However, the country must still add more than 42 GW of new capacity to meet the targets. This, in turn, is expected to provide investment opportunities for wind project developers.
- The Port of Humboldt Bay in California has received USD 10.5 million in investment for the port's renovation to support the intended 1.6 GW of offshore wind development in the Humboldt Call area.
- According to International Renewable Energy Agency (IRENA), the total offshore installed wind capacity was 41 MW in 2022.
- Hence, owing to the above points, increasing investment in the offshore segment is likely to drive the market during the forecast period.
United States to Dominate the Market
- According to the American Wind Energy Association, the total installed wind generating capacity in the United States increased significantly. This expansion was caused mainly by Texas's remarkable and ongoing onshore wind boom. Texas has over a quarter of the nation's total wind energy capacity.
- The United States wind power sector is receiving immense support from the government due to the America First policy, which aims to boost domestic energy production. The offshore wind power sector is considered a significant development area, as the country has a large coastal area for leasing.
- In March 2021, the United States decided to deploy 30 GW of offshore wind by 2030, according to a joint announcement from the Departments of Interior (DOI), Energy (DOE), and Commerce (DOC). Additionally, it produces 78 million metric tons less CO2 emissions and enough electricity to provide more than 10 million American homes for a whole year.
- Favorable government policies raising many wind power projects are expected to increase the wind turbine market in the region. For instance, in November 2021, Siemens Energy was approved by Orsted and Eversource to provide the transmission system for a 924-Megawatt offshore wind farm. Nearly 600,000 New York homes will be powered by the facility more than 30 miles east of Montauk Point. It is scheduled to begin operating in 2025.
- As of the end of 2022, Texas was the United States state with the highest cumulative wind power capacity. At the time, it had around 40 GW of installed capacity, over three times that of runner-up Iowa. Only three states had more than 10 GW of installed wind capacity in the same year.
- Hence, owing to the above points, the United States is expected to see significant growth in the Large Wind Turbine market during the forecast period.
North America Large Wind Turbine Industry Overview
The North American Large Wind Turbine market is semi fragmented. Some of the key players in this market (in no particular order) include General Electric Company, Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Nordex SE, and Vergnet VSA SA.
North America Large Wind Turbine Market Leaders
General Electric Company
Vestas Wind Systems A/S
Siemens Gamesa Renewable Energy SA
Vergnet VSA SA
*Disclaimer: Major Players sorted in no particular order
North America Large Wind Turbine Market News
- February 2023, the United States Department of Energy (DOE) announced USD 30 million in grants to promote composite materials and additive manufacturing (AM) in large wind turbines comprising offshore wind energy systems. The projects financed through this initiative will promote the priorities specified in DOE’s Offshore Wind Supply Chain Road Map and the Biden Administration’s newly revealed Floating Offshore Wind Shot, as well as elevating the President’s goals to deploy 30 GW of offshore wind energy by 2030 and attain a net-zero carbon economy by 2050.
- November 2022: TPI Composites Inc. (TPI) signed an agreement with GE Renewable Energy (GE) to allow the former company to secure a ten-year lease extension for its rotor blade manufacturing facility in Newton, Iowa, United States. Under the agreement, GE and TPI plan to develop competitive rotor blade manufacturing options to serve GE's commitments in the United States market, with production expected to commence in 2024. The agreement is a part of the support provided by the Inflation Reduction Act of 2022 for critical American industries serving the domestic renewable energy sector.
North America Large Wind Turbine Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
184.108.40.206 Reducing Costs of Wind Energy
220.127.116.11 Increasing Investment in Wind Energy
18.104.22.168 Adoption of Alternative Clean Energy Sources like Solar and Others
4.6 Supply Chain Analysis
4.7 Porter's Five Force 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 Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.2.1 United States
5.2.3 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Vestas Wind Systems A/S
6.3.2 Siemens Gamesa Renewable Energy, S.A.
6.3.3 General Electric Company
6.3.4 Nordex SE
6.3.5 Envision Group
6.3.6 Enercon GmbH
6.3.7 Hitachi, Ltd.
6.3.8 Vergnet VSA SA
6.3.9 Orsted AS
6.3.10 Duke Energy Corporation
6.3.11 NextEra Energy Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Ambitious Wind Energy Targets
North America Large Wind Turbine Market Research Faqs
How big is the North America Large Wind Turbine Market?
The North America Large Wind Turbine Market size is expected to reach USD 1.88 billion in 2024 and grow at a CAGR of 6.70% to reach USD 2.60 billion by 2029.
What is the current North America Large Wind Turbine Market size?
In 2024, the North America Large Wind Turbine Market size is expected to reach USD 1.88 billion.
Who are the key players in North America Large Wind Turbine Market?
Nordex SE, General Electric Company, Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA and Vergnet VSA SA are the major companies operating in the North America Large Wind Turbine Market.
North America Large Wind Turbine Industry Report
Statistics for the 2024 North America Large Wind Turbine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Large Wind Turbine analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.