Wind Turbine Market size was valued at US$ 63.9 billion in 2023 and is poised to grow at a 6.4% CAGR over the forecasting years 2024 - 2030. Factors such as rising demand for renewable energy sources, particularly wind power, in the power generating mix, attempts to minimize reliance on fossil fuel-based power generation, and energy efficiency standards are projected to drive the wind turbine market.
Study Period
2024-2030Base Year
2023CAGR
6.4%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
The increased demand for renewable energy sources, particularly wind power, and efforts to minimize reliance on fossil fuel-based power generation are projected to be important factors driving the growth of this market. Governments provide many tax breaks and incentives that help to reduce component prices, which is projected to enhance the wind turbine market. As a result of a mismatch between production and demand in many developing countries, the wind turbine market is expanding rapidly. Companies can install taller turbines and larger blades in offshore wind turbine installations, sweeping more area than smaller turbines. The increased size of wind turbines has also contributed to decreasing wind energy costs. The use of offshore wind markets for wind energy with the help of new technologies has enticed several nations and enterprises to make significant investments. However, the adoption of alternative clean energy sources such as solar and other alternatives is projected to impede market growth.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. In Asia-Pacific, wind energy is one of the most abundant energy resources, making it an ideal source for meeting the region's energy needs. Given wind energy's enormous development potential, Asian countries such as China, India, Japan, and others are actively working on massive deployment of this renewable energy resource. For example: China contributed for 65% of worldwide wind capacity in 2023, propelling four Chinese wind turbine original equipment manufacturers (OEMs) to the top five global rankings, a first for the sector. According to Wood Mackenzie's most recent research, Goldwind retained its lead position for the second consecutive year, with a record 16.3 gigawatts (GW) of installed capacity. Furthermore, China's first batch of big renewable bases faces a 2024 deadline, which has pushed installations to an unprecedented 74.7 GW. This, paired with a developed supply chain and ambitious provincial targets, is driving wind deployment to an all-time high in China. These factors are projected to position Asia-Pacific as an outstanding business destination for wind turbine market players throughout the forecast period.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
|
Market Size in 2023 |
US$ 63.9 billion |
|
Market CAGR |
6.4% |
|
By Installation |
|
|
By Application |
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The global wind turbine market size was valued at US$ 63.9 billion in 2023 and is projected to grow at a CAGR of 6.4% from 2024 to 2030.
The adoption of wind turbines is predicted to be driven by rising urbanization, increased demand for sustainable energy, and the continuous development in clean fuel sources of energy.
The current trend projected to influence the Global Wind Turbine Market in the coming years is the technological evolution of wind turbines, rising renewable energy demand, and the rapid expansion of favorable government regulations.
Market research is segmented based on installation, application, and region.
Asia-Pacific is estimated to fastest growing with the highest CAGR over the forecast period.
| 1.Executive Summary |
| 2.Global Wind Turbine Market Introduction |
| 2.1.Global Wind Turbine Market - Taxonomy |
| 2.2.Global Wind Turbine Market - Definitions |
| 2.2.1.Installation |
| 2.2.2.Application |
| 2.2.3.Region |
| 3.Global Wind Turbine Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Wind Turbine Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Wind Turbine Market By Installation, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Onshore |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Offshore |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6.Global Wind Turbine Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Utility |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Industrial |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Commercial |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Residential |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Others |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7.Global Wind Turbine Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Installation Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Onshore |
| 8.1.2.Offshore |
| 8.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Utility |
| 8.2.2.Industrial |
| 8.2.3.Commercial |
| 8.2.4.Residential |
| 8.2.5.Others |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Installation Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Onshore |
| 9.1.2.Offshore |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Utility |
| 9.2.2.Industrial |
| 9.2.3.Commercial |
| 9.2.4.Residential |
| 9.2.5.Others |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 10.Asia Pacific (APAC) Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Installation Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Onshore |
| 10.1.2.Offshore |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Utility |
| 10.2.2.Industrial |
| 10.2.3.Commercial |
| 10.2.4.Residential |
| 10.2.5.Others |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Installation Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Onshore |
| 11.1.2.Offshore |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Utility |
| 11.2.2.Industrial |
| 11.2.3.Commercial |
| 11.2.4.Residential |
| 11.2.5.Others |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Wind Turbine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Installation Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Onshore |
| 12.1.2.Offshore |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Utility |
| 12.2.2.Industrial |
| 12.2.3.Commercial |
| 12.2.4.Residential |
| 12.2.5.Others |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Aeolos Wind Energy Ltd. |
| 13.2.2.Structural Integrity Associates, Inc. |
| 13.2.3.Siemens |
| 13.2.4.City Windmills Holdings PLC. |
| 13.2.5.SD Wind Energy |
| 13.2.6.GE Vernova |
| 13.2.7.Aeolos Wind Energy Ltd. |
| 13.2.8.Structural Integrity Associates, Inc. |
| 13.2.9.Siemens |
| 13.2.10.City Windmills Holdings PLC. |
| 13.2.11.SD Wind Energy |
| 13.2.12.GE Vernova |
| 13.2.13.Vestas Wind Technology Private Limited |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
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