Wind Turbine Market Growth Analysis | 2023-2028

Market Insights

The Wind Turbine Market was estimated at US$ 81.55 billion in 2022 and is expected to grow at a CAGR of 6.7% during 2023-2028 to reach US$ 121.35 billion in 2028.

Wish to get a free sample? Register Here

What is a Wind Turbine?

A wind turbine is a device that converts the kinetic energy from the wind into mechanical power, which is then harnessed to generate electricity. It consists of several key components, including a tower that supports the turbine, blades that capture the wind's energy, a rotor that turns as the wind flows through the blades, and a generator that converts the rotational energy into electrical power. Wind turbines come in various sizes, from small units used for residential or rural energy needs to large-scale installations in wind farms that contribute significantly to the grid's power supply. They are a sustainable and renewable source of energy, producing minimal emissions and helping to reduce reliance on fossil fuels.

Market Dynamics

The wind turbine market is experiencing rapid growth and transformation as the global emphasis on renewable energy intensifies. Several key factors are influencing the dynamics of the wind turbine industry.

To begin with, the escalating demand for clean and sustainable energy sources is propelling the expansion of the wind turbine market. Governments worldwide are implementing policies and setting targets to decrease carbon emissions and increase the proportion of renewable energy in their energy portfolios. This drive has resulted in a significant increase in wind power installations.

Additionally, advancements in wind turbine technology are playing a pivotal role in shaping the market dynamics. Innovations in turbine design, such as larger rotor diameters, taller towers, and more efficient blades, have enhanced the energy generation capacity and efficiency of wind turbines. This, in turn, has led to greater energy output and improved cost competitiveness, making wind energy a viable choice for utility-scale power generation.

Moreover, the declining costs of wind energy, combined with favorable government incentives and subsidies, have contributed to the market's growth. The decreasing costs of wind turbine components, including turbines, towers, and installation, have made wind energy more economically viable and appealing to investors.

Segments Analysis

By Installation Type

Based on the installation type, the wind turbine market is segmented as onshore and offshore. The onshore wind turbine installation segment is to remain the dominant installation type in the market, whereas offshore installation is likely to grow at a faster rate over the next five years with the growing importance of offshore wind turbine installation, owing to its various benefits over onshore installation.

By Application Type

Based on the application type, the wind turbine market is segmented as utility, industrial, commercial, and residential. The industrial segment is projected to remain the largest application of the market during the forecast period, owing to the growing usage of renewable energy in industrial production and power generation.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to be the largest market and is also expected to witness the highest growth in the market fueled by high demand in China, India, and Japan. The dominance of the region is attributed to the presence of a large number of wind turbine installers across the region. Out of the top fifteen wind turbine manufacturers in the world, eight are from China.

Want to know which region offers the best growth opportunities? Register Here

Key Players

Some of the major wind turbine manufacturers are-

• Envision Group
• Enercon GmbH
• GE Renewable Energy
• Vestas Wind Systems A/S
• Nordex SE
• Siemens Gamesa Renewable Energy, S.A.
• Dongfang Electric Corporation
• Goldwind Science & Technology Co., Ltd.
• Ming Yang Wind Power Group Limited
• Windey Co., Ltd.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.