|Market Volume (2023)||100 gigawatt|
|Market Volume (2028)||655.69 gigawatt|
|CAGR (2023 - 2028)||45.66 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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The Wind Turbine Market size is expected to grow from 100 gigawatt in 2023 to 655.69 gigawatt by 2028, at a CAGR of 45.66% during the forecast period (2023-2028).
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- 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 during the forecast period.
- On the other hand, the adoption of alternative clean energy sources like solar and other alternatives is likely to hinder the market's growth.
- Nevertheless, 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.
- The Asia-Pacific region 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.
Key Market Trends
Offshore Wind Turbine to Witness a 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 United Kingdom's affordable energy supply 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.
- In May 2022, in a recent announcement, the Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) of the United Kingdom announced that it would provide the government with GBP 160 million to boost floating offshore wind capability around the UK at locations in Scotland, Wales, and elsewhere. By supporting manufacturers and providing private investors with the confidence to invest in this emerging sector, which is expected to overgrow in the future, the government is going to provide funding for these projects.
- In May 2022, the Government of Norway launched an investment plan to allocate sea areas for offshore wind development by 2040, targeting 30 GW of capacity.
- 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 Global Wind Energy Council (GWEC) statistics, in 2022, the global offshore wind capacity reached 64.3 GW and the new 8.8 GW of capacity was added in 2022.
- 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. Also, these new turbines have larger blades and, hence, can sweep a larger area than the smaller turbines. The growing size of the 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. Therefore, these recent trends are expected to drive the offshore wind turbine market during the forecast period.
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Asia-Pacific to Dominate the Market
- In the Asia-Pacific region, 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 the Chinese Wind Energy Association (CWEA), 44.7 GW of onshore wind capacity was installed in 2022. However, the most recent statistics released by the National Energy Administration (NEA) indicate that only 32.6 GW of new onshore wind capacity was grid-connected in the same year.
- According to GWEC, the global offshore wind industry installed a new capacity of 8.7 GW in 2022. China consecutively led the world in new installations, with more than 5 GW of offshore wind grid-connected in 2022.
- During 2022, India installed around 1.8 GW of new wind power, making 41.9 GW of total installed capcity by end of the same year. These projects are mostly spread in the northern, southern, and western parts of the country.
- In May 2022, the Indian government announced the first steps in offshore wind power development and outlined a strategy and timetable for starting auctions. An initial strategy of building at least 10 to 12 GW of offshore wind turbines is outlined for the first auctions, which are expected to take place in the coming months. There are going to be two regions targeted for the first auctions in the recently released plan. One is going to be Tamil Nadu and Gujarat. The first auctions in this area will target 4 GW of capacity.
- 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.
- This, in turn, is expected to present Asia-Pacific as an excellent business destination for market players involved in the wind turbine business during the forecast period.
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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.
General Electric Company
Vestas Wind Systems A/S
Suzlon Energy Limited
Siemens Gamesa Renewable Energy, S.A.
*Disclaimer: Major Players sorted in no particular order
- Jan 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-phase 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.
- Nov 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 meet GE’s commitments in the US market, with production expected to commence in 2024. The agreement is part of the support provided by the Inflation Reduction Act of 2022 for critical American industries serving the domestic renewable energy sector.
- Oct 2022: China installed a 13.6 MW offshore wind turbine with a rotor blade diameter of 252 meters (827 feet), which is one of the largest in the world. The wind turbine was commissioned in China ahead of Beijing’s 20th Party Congress. The wind turbine can generate 63.5 million kWh per year, guaranteeing electricity supply to approximately 30,000 homes.
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 Wind Turbine Installed Capacity and Forecast in GW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
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
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of the North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of the Europe
18.104.22.168 Rest of the Asia-Pacific
5.3.4 South America
22.214.171.124 Rest of the South America
5.3.5 Middle-East and Africa
126.96.36.199 United Arab Emirates
188.8.131.52 Saudi Arabia
184.108.40.206 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.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Wind Turbine Market Research FAQs
How big is the Wind Turbine Market?
The Wind Turbine Market size is expected to reach 100 gigawatt in 2023 and grow at a CAGR of 45.66% to reach 655.69 gigawatt by 2028.
What is the current Wind Turbine Market size?
In 2023, the Wind Turbine Market size is expected to reach 100 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 (2023-2028).
Which region has the biggest share in Wind Turbine Market?
In 2023, the Asia Pacific accounts for the largest market share in the Wind Turbine Market.
Wind Turbine Industry Report
Statistics for the 2023 Wind Turbine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Turbine analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.