Wind Turbine Market
Wind Turbine Market Forecasts to 2030 - Global Analysis By Type (Horizontal Axis Wind Turbines and Vertical Axis Wind Turbines), Installation, Capacity, Component, Application, End User and By Geography
According to Stratistics MRC, the Global Wind Turbine Market is accounted for $73.4 billion in 2024 and is expected to reach $118.5 billion by 2030 growing at a CAGR of 8.3% during the forecast period. A wind turbine is a device designed to convert the kinetic energy of the wind into electrical energy. It typically consists of large blades mounted on a tall structure, which rotate when wind flows over them. This rotation turns a shaft connected to a generator, producing electricity. Wind turbines can be found individually or grouped together in wind farms, where they collectively generate power for electrical utilities. They operate efficiently at varying wind speeds, with modern designs optimized for durability and energy output.
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.
Market Dynamics:
Driver:
Supportive policies, tax incentives, and renewable energy targets
Government initiatives, such as tax credits, subsidies, and feed-in tariffs, reduce the financial burden of wind energy projects, making them more attractive to investors and developers. Such targets create a stable policy environment that encourages both public and private sector investments. Lowering the cost of capital and improve the return on investment for wind farms, accelerating market growth.
Restraint:
High capital expenditure
The substantial upfront costs associated with purchasing, transporting, and installing wind turbines can deter potential investors, particularly in emerging markets or for smaller-scale projects. This financial barrier can restrict the development of new wind farms and delay the expansion of existing ones. Thus the high CapEx also affects the financial feasibility of wind projects, making it difficult for developers to secure funding or achieve favorable financing terms. This can lead to longer payback periods and increased risk for investors hampering the growth of the market.
Opportunity:
Growing awareness of climate change and the need to reduce greenhouse gas emissions
As public and governmental concern about global warming intensifies, there is increased support for renewable energy sources, with wind power being a key component due to its zero-emission characteristics. This heightened awareness drives policies and regulations that favor the adoption of wind energy, such as renewable energy mandates, carbon pricing, and emission reduction targets. This societal shift encourages investment in wind energy infrastructure and technological advancements, making wind power more competitive and accessible.
Threat:
Integrating wind power into existing energy grids
The intermittent nature of wind energy requires grid systems to be adapted for variable power inputs, which can involve significant costs and technical challenges. Existing grid infrastructure may need substantial upgrades or modifications to accommodate the fluctuating supply of wind power, increasing the overall project expenses and complexity. These challenges may deter investment and slow down project deployment hinder the market growth.
Covid-19 Impact:
COVID-19 significantly impacted the wind turbine market by disrupting supply chains, causing delays in manufacturing and installation. Lockdowns and travel restrictions hampered project timelines and labor availability. However, the pandemic also highlighted the need for resilient and sustainable energy systems, driving renewed interest in renewable energy sources. Governments and investors increasingly recognized the importance of wind energy for economic recovery and climate goals, leading to continued support and investment in the sector.
The horizontal axis wind turbines segment is expected to be the largest during the forecast period
The horizontal axis wind turbines is expected to be the largest during the forecast period as their design, featuring blades mounted on a horizontal rotor, allows them to achieve higher energy capture and performance compared to other types. This efficiency has made HAWTs the preferred choice for large-scale wind farms and has significantly influenced market trends thus propelling the growth of the market.
The rotor blades segment is expected to have the highest CAGR during the forecast period
The rotor blades segment is expected to have the highest CAGR during the forecast period due to advances in rotor blade technology have led to the development of larger, more efficient blades that can capture more wind energy and generate more power. Longer blades enhance the turbine’s capacity factor and efficiency, making wind energy more competitive with other energy sources. Further improved blade materials and aerodynamic designs also contribute to reduced operational and maintenance costs, further boosting market attractiveness
Region with largest share:
North America is projected to hold the largest market share during the forecast period due to federal tax incentives such as the Production Tax Credit (PTC) and Investment Tax Credit (ITC), as well as state-level renewable energy mandates and goals. The U.S. has a large number of onshore wind farms and is increasingly exploring offshore wind projects along its coasts. Technological advancements, including larger and more efficient turbines, have contributed to cost reductions and increased competitiveness.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period owing to increasing energy demand, supportive government policies, and a growing emphasis on renewable energy to combat climate change. Countries such as China, India, Japan, and South Korea are at the forefront of this growth, investing heavily in wind energy projects both onshore and offshore. Moreover Technological advancements in wind turbine design, efficiency improvements, and cost reductions have further accelerated market expansion.
Key players in the market
Some of the key players in Wind Turbine market include Eaton Corporation PLC, Enercon GmbH, Gamesa, General Electric Company, Goldwind, Guodian United Power Technology Company Ltd., Hitachi Ltd., Nordex SE, Siemens, Gamesa Renewable Energy SA, Suzlon Energy Limited, Vergnet, Vestas Wind Systems AS, Xinjiang Goldwind Science & Technology Co. Ltd and Zhejiang Windey Co., Ltd.
Key Developments:
In July 2024, Hitachi High-Tech and National Taiwan University Established a Joint Facility for Electron Microscopes Contributing to the Development of Science and Technology in Taiwan. It also aims for the center to be used for the purpose of disseminating technical information through FIB-SEM.
In July 2024, Siemens and Boson Energy enter agreement to accelerate the green energy transition through waste-to-hydrogen (to-X) technology. The collaboration aims to advance sustainable, local energy security, enabling hydrogen-powered electric vehicle.
In July 2024, Siemens and Stadtwerke Stuttgart partner to spearhead transition to sustainable urban energy. Supports Stuttgart in achieving climate neutral targets, setting example to other cities worldwide in sustainable urban transformation
Types Covered:
• Horizontal Axis Wind Turbines
• Vertical Axis Wind Turbines
Installations Covered:
• Onshore
• Offshore
Capacities Covered:
• 1 kW to 100 kW
• 100 kW to 3 MW
• Above 3 MW
Components Covered:
• Turbine
• Rotor Blades
• Nacelle
• Tower
• Foundation
• Other Components
Applications Covered:
• Utility-Scale
• Commercial
• Residential
End Users Covered:
• Governments
• Utilities
• Independent Power Producers
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Wind Turbine Market, By Type
5.1 Introduction
5.2 Horizontal Axis Wind Turbines
5.3 Vertical Axis Wind Turbines
6 Global Wind Turbine Market, By Installation
6.1 Introduction
6.2 Onshore
6.3 Offshore
7 Global Wind Turbine Market, By Capacity
7.1 Introduction
7.2 1 kW to 100 kW
7.3 100 kW to 3 MW
7.4 Above 3 MW
8 Global Wind Turbine Market, By Component
8.1 Introduction
8.2 Turbine
8.3 Rotor Blades
8.4 Nacelle
8.5 Tower
8.6 Foundation
8.7 Other Components
9 Global Wind Turbine Market, By Application
9.1 Introduction
9.2 Utility-Scale
9.3 Commercial
9.4 Residential
10 Global Wind Turbine Market, By End User
10.1 Introduction
10.2 Governments
10.3 Utilities
10.4 Independent Power Producers
11 Global Wind Turbine Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Eaton Corporation PLC
13.2 Enercon GmbH
13.3 Gamesa
13.4 General Electric Company
13.5 Goldwind
13.6 Guodian United Power Technology Company Ltd.
13.7 Hitachi Ltd.
13.8 Nordex SE
13.9 Siemens Gamesa Renewable Energy SA
13.10 Suzlon Energy Limited
13.11 Vergnet
13.12 Vestas Wind Systems AS
13.13 Xinjiang Goldwind Science & Technology Co. Ltd
13.14 Zhejiang Windey Co., Ltd.
List of Tables
1 Global Wind Turbine Market Outlook, By Region (2022-2030) ($MN)
2 Global Wind Turbine Market Outlook, By Type (2022-2030) ($MN)
3 Global Wind Turbine Market Outlook, By Horizontal Axis Wind Turbines (2022-2030) ($MN)
4 Global Wind Turbine Market Outlook, By Vertical Axis Wind Turbines (2022-2030) ($MN)
5 Global Wind Turbine Market Outlook, By Installation (2022-2030) ($MN)
6 Global Wind Turbine Market Outlook, By Onshore (2022-2030) ($MN)
7 Global Wind Turbine Market Outlook, By Offshore (2022-2030) ($MN)
8 Global Wind Turbine Market Outlook, By Capacity (2022-2030) ($MN)
9 Global Wind Turbine Market Outlook, By 1 kW to 100 kW (2022-2030) ($MN)
10 Global Wind Turbine Market Outlook, By 100 kW to 3 MW (2022-2030) ($MN)
11 Global Wind Turbine Market Outlook, By Above 3 MW (2022-2030) ($MN)
12 Global Wind Turbine Market Outlook, By Component (2022-2030) ($MN)
13 Global Wind Turbine Market Outlook, By Turbine (2022-2030) ($MN)
14 Global Wind Turbine Market Outlook, By Rotor Blades (2022-2030) ($MN)
15 Global Wind Turbine Market Outlook, By Nacelle (2022-2030) ($MN)
16 Global Wind Turbine Market Outlook, By Tower (2022-2030) ($MN)
17 Global Wind Turbine Market Outlook, By Foundation (2022-2030) ($MN)
18 Global Wind Turbine Market Outlook, By Other Components (2022-2030) ($MN)
19 Global Wind Turbine Market Outlook, By Application (2022-2030) ($MN)
20 Global Wind Turbine Market Outlook, By Utility-Scale (2022-2030) ($MN)
21 Global Wind Turbine Market Outlook, By Commercial (2022-2030) ($MN)
22 Global Wind Turbine Market Outlook, By Residential (2022-2030) ($MN)
23 Global Wind Turbine Market Outlook, By End User (2022-2030) ($MN)
24 Global Wind Turbine Market Outlook, By Governments (2022-2030) ($MN)
25 Global Wind Turbine Market Outlook, By Utilities (2022-2030) ($MN)
26 Global Wind Turbine Market Outlook, By Independent Power Producers (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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