Market Size of Wind Turbine Industry
| Study Period | 2020 - 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 |
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Market Overview
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).
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.
