Wind Turbine Market is segmented by Axis Type (Horizontal {Up-wind, Down-wind}, Vertical), Installation Type (Onshore, Offshore), Connectivity Type (Grid Connected, Stand Alone), Rating Type (<100 KW, 100KW to 500KW, 500KW to 2MW, and Above 2MW), Application Type (Utility, Industrial, Commercial, and Residential), Component Type (Rotor Module, Nacelle Module, and Tower Module), and Region (North America, Europe, Asia-Pacific, and Rest of the World).
Wind Turbine Market is segmented by Axis Type (Horizontal {Up-wind, Down-wind}, Vertical), Installation Type (Onshore, Offshore), Connectivity Type (Grid Connected, Stand Alone), 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 by 2028.
A wind turbine functions as a device designed to transform the dynamic energy derived from the wind into mechanical power, subsequently utilized for electricity generation. Wind turbines exhibit diverse scales by combining essential components such as a supporting tower, wind-capturing blades, a rotating rotor responding to the wind's force, and a generator converting rotational energy into electrical power.
Ranging from compact units catering to residential or rural energy requirements to expansive configurations within wind farms, these turbines play a substantial role in augmenting the grid's power supply. Operating as a sustainable and renewable energy source, they boast minimal emissions, contributing to the reduction of dependence on fossil fuels.
Wind Turbine Market Report Overview
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 key factors influencing the wind turbine market dynamics are-
Global Emphasis on Renewable Energy:
The market for wind turbines is expanding quickly and changing dramatically because of the increased emphasis on renewable energy sources worldwide and the growing push for greener energy sources.
Demand for Clean and Sustainable Energy:
The growing need for sustainable and clean energy sources is one of the main factors propelling the wind turbine market's expansion.
Governments everywhere are putting policies into place intending to lower carbon emissions and raise the proportion of renewable energy in their energy portfolios.
Role of Technological Advancements:
Higher energy output from these technological advancements makes wind energy more competitive for utility-scale power generation.
Technological advancements have significantly increased the energy generation capacity and efficiency of wind turbines using larger rotor diameters, taller towers, and more efficient blades.
Cost Reductions and Economic Viability:
Financial incentives and subsidies from the government increase the appeal of wind energy projects.
The total economic feasibility of wind energy projects has increased due to decreases in the costs of wind turbine components, such as towers, turbines, and installation.
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
The 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
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 many 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
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.
The following are the key players in the wind turbine market (arranged alphabetically).
Note:The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
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?
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
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.
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.
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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.