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Wind Turbine Market Analysis | 2023-2028
The wind turbine market was estimated at USD 81.55 billion in 2022 and is likely to grow at a CAGR of 6.7% during 2023-2028 to reach USD 121.35 billion in 2028.
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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.
The key factors driving the growth of the wind turbine market are:
Growing Demand for Renewable Energy: In the quest to reduce CO2 emissions, the adoption of renewable energy is rapidly growing worldwide. Renewables are projected to meet ~46% of global electricity demand by 2030, up from 30% in 2023, with wind and solar alone set to double their share to 30%—as per the International Energy Agency (IEA). Wind energy is a cornerstone of this transition, and growing demand for sustainable energy sources has led to the growth of wind energy, in turn fueling the growth of the wind turbine market.
Increasing Investments in Renewable Energy: According to a forecast made by World Economic Forum, investment in energy and natural resource supply will hit record high levels by 2025, with expenditure exceeding $1.5 trillion, 6% higher in real terms over 2024, where power & renewables is one of the sectors. To meet the growing demand for renewable energies across the globe, investments in the production and supply of renewable energy are gradually growing and driving the growth of the wind turbine market, as wind energy is one of the major sources.
Technological Advancements in Wind Turbines: Innovation in technology has led to the increase in productivity of turbines, with the manufacturing of larger turbines with taller towers, particularly for locations with low wind. Such wind turbines can harness wind energy more efficiently at such locations. Moreover, several advancements like incorporating AI and Iot with wind turbines, etc. use sensors and devices to gather real-time data, further optimize the turbine performance. Various estimates suggest integration of AI in wind turbines can improve their performance by 20%.
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Offshore Wind Farm Challenges: Offshore wind turbines’ installation poses a significant challenge for the wind turbine market, as they are more expensive to build and maintain, more labor-intensive, and need specialized equipment and expertise in comparison with the onshore ones. Additionally, offshore turbine installation may disturb the marine life.
Ecological Impact of Wind Turbines: Wind turbines are impacting negatively on the local environment and the wildlife inhabiting them, especially birds and bats, which could crash directly into the rotating blades. Also, wind turbines produce a lot of sound, which could hamper animal communication and may force them to avoid areas near wind farms and thus become displaced from their original habitats.
Cost reductions in production of renewable energy: According to various sources, the cost of renewable energy technologies will be falling by around 2-11% in 2025 and up to 50% by the end of 2035, which will create significant opportunities in the wind turbine market. The cost reductions coupled with the technological advancements in wind turbines will further foster the growth of this market.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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Installation Type Analysis |
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 over the next five years. |
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Application Type Analysis |
Utility, Industrial, Commercial, and Residential |
The industrial segment is projected to remain the largest application of the market during the forecast period. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and 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. |
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.
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.
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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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.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s wind turbine market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our wind turbine market report from the industry stakeholders, we have tried to further accentuate our research scope to the wind turbine market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
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 1000 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 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The wind turbine market is segmented into the following categories:
By Axis Type
By Installation Type
By Connectivity Type
By Rating Type
By Application Type
By Component Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
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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.
The wind turbine market was estimated at USD 81.55 billion in 2022.
The forecasted value of the wind turbine market is expected to be USD 121.35 billion in 2028.
The wind turbine market is likely 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 market.
Asia-Pacific is expected to be the largest market during the next five years.
The onshore wind turbine installation segment is expected to remain dominant in the market in the coming years.
Key factors driving the growth of the market are global emphasis on renewable energy, demand for clean and sustainable energy, the role of technological advancements, and cost reductions and economic viability.
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