The Wind Turbine Market is segmented by Axis Type (Horizontal {Up-wind, Down-wind}, Vertical), by Installation Type (Onshore, Offshore), by Connectivity Type (Grid Connected, Stand Alone), by Rating Type (<100 KW, 100KW to 500KW, 500KW to 2MW, and Above 2MW), by Application Type (Utility, Industrial, Commercial, and Residential), by Component Type (Rotor Module, Nacelle Module, and Tower Module), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The Wind Turbine Market is segmented by Axis Type (Horizontal {Up-wind, Down-wind}, Vertical), by Installation Type (Onshore, Offshore), by Connectivity Type (Grid Connected, Stand Alone), by Rating Type ...
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.
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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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.
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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?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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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.