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  • Wind Turbine Market Growth Analysis | 2023-2028

    Wind Turbine Market Growth Analysis | 2023-2028

    Wind Turbine Market Growth Analysis | 2023-2028
    Report code - SRCE218 Delivery - 2 Weeks
    Wind Turbine Market Size, Share, Trend, Forecast & Industry Analysis: 2023-2028
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    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.

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    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.

    Wind Turbine Market Features

    Market Size in 2028

    USD 121.35 Billion

    Market Size in 2022

    USD 81.55 Billion

    Market Growth (2023-2028)

    6.7% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    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

    Segmentations

    List of Sub Segments

    Dominant and Fastest-Growing Segments

    Installation Type

    Onshore, 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.

    Application Type

    Utility, Industrial, Commercial, and Residential

    The industrial segment is projected to remain the largest application of the market during the forecast period.

    Regional Basis

    North America, Europe, Asia-Pacific, and the Rest of the World.

    Asia-Pacific is estimated to be the largest market and is also expected to witness the highest growth in the market during the forecast period.

    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.

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    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?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Wind Turbine Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Who are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    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

    Frequently Asked Questions (FAQs)

    The Wind Turbine Market is expected to grow at a CAGR of 6.7% during 2023-2028.

    Enercon GmbH, Vestas Wind Systems A/S, GE Renewable Energy, 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., and Envision Group are among the key players in the wind turbine market.

    The Wind Turbine Market was estimated at US$ 81.55 billion in 2022 and is expected to reach US$ 121.35 billion in 2028.

    Asia-Pacific is expected to be the largest wind turbine market during the next five years.

    The onshore wind turbine installation segment is expected to remain dominant in the wind turbine market in the coming years.