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Home ➤ Energy and Power ➤ Wind Turbine Market
Wind Turbine Market
Wind Turbine Market
Published date: April 2024 • Formats:
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  • Home ➤ Energy and Power ➤ Wind Turbine Market

Global Wind Turbine Market By Type(Horizontal-axis, Vertical-axis), By Location(Onshore, Offshore), By Capacity(Small (Up to 100 KW), Medium (100 KW to 1000 KW), Large (Above 1000 KW)), By Connectivity(Grid-connected, Stand-alone), By End-use(Industrial, Commercial, Utility, Residential), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

  • Published date: April 2024
  • Report ID: 119138
  • Number of Pages: 286
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Free Sample
  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • By Type
    • By Location
    • By Capacity
    • By Connectivity
    • By End-use
    • Key Market Segments
    • Driving Factors
    • Restraining Factors
    • Growth Opportunities
    • Latest Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The global Wind Turbine Market size is expected to be worth around USD 153.8 billion by 2033, from USD 87.5 billion in 2023, growing at a CAGR of 5.8% during the forecast period from 2023 to 2033.

    The wind turbine market refers to the industry and economic sector involved in the design, manufacture, distribution, and sale of wind turbines. Wind turbines are devices that convert the kinetic energy from the wind into mechanical power, which can then be used directly for specific tasks (like pumping water) or more commonly, converted into electricity through a generator.

    This market encompasses various aspects such as the production of different types and sizes of turbines, research and development of new technologies, maintenance, and operation services, and the deployment and installation of wind turbines globally. The wind turbine market is a critical component of the renewable energy landscape, aimed at providing sustainable energy solutions to meet the growing global demand for clean electricity.

    Key Takeaways

    • Growth Projection: Wind turbine market to reach USD 153.8 billion by 2033, with a CAGR of 5.8% from 2023.
    • Dominant Technology: Horizontal-axis turbines captured 94.8% market share in 2023 for efficiency and widespread use.
    • Geographical Preference: Onshore turbines dominated with 77.8% market share in 2023, due to lower costs.
    • Capacity Distribution: Medium capacity turbines (100 KW to 1000 KW) led with 45.3% market share in 2023.
    • Connectivity Trends: Grid-connected turbines held 71.5% market share in 2023 for steady energy supply.
    • End-use Applications: Industrial sector accounted for 38.7% market share in 2023, driven by sustainability.
    • North America holds the largest share of the global wind turbine market, accounting for 36.4%.

    Wind Turbine Market

    By Type

    In 2023, Horizontal-axis wind turbines held a dominant market position, capturing more than 94.8% of the market share. This type of turbine is favored for its efficiency and capability to generate significant amounts of electricity. Commonly seen in wind farms both onshore and offshore, horizontal-axis turbines feature a main rotor shaft and generator positioned at the top of a tower and must be pointed into the wind. Their popularity is driven by their proven technology and higher energy output compared to other designs.

    On the other hand, vertical-axis wind turbines, while holding a smaller segment of the market, offer unique advantages. They are particularly suitable for urban and residential areas due to their smaller size and lower noise levels. Unlike their horizontal counterparts, vertical-axis turbines do not need to be aligned with the wind to be effective, which makes them ideal for areas where wind directions frequently change. Although they currently represent a smaller portion of the market, ongoing innovations and improvements in design could enhance their commercial viability in the future.

    By Location

    In 2023, the onshore segment of the wind turbine market held a dominant position, capturing more than 77.8% of the market share. Onshore wind turbines are primarily installed on land and are favored for their lower installation and maintenance costs compared to offshore turbines. They are commonly found in rural or remote areas where large tracts of land are available for extensive wind farms. The significant market share of onshore wind turbines is attributed to their established technology and ease of access for construction and operational management.

    Conversely, the offshore segment, while smaller, is rapidly growing due to the higher wind speeds available at sea which can generate more electricity per turbine. Offshore wind turbines are installed in bodies of water, typically on the continental shelf. Despite higher initial costs and logistical challenges, offshore turbines benefit from reduced land use conflicts and the ability to be built at larger scales. Innovations in technology and increased investment are making offshore wind a more attractive option for many countries looking to expand their renewable energy resources.

    By Capacity

    In 2023, the medium capacity segment (100 KW to 1000 KW) of the wind turbine market held a dominant position, capturing more than 45.3% of the market share. This segment includes turbines that are ideally suited for both community projects and small-scale commercial applications. Their size allows for a balance between substantial energy production and adaptability to varied locations, including both onshore and offshore sites. The popularity of medium-sized turbines is driven by their versatility in meeting the needs of a diverse range of installations without the extensive site and capital demands of larger turbines.

    In contrast, the small capacity segment (up to 100 KW) caters primarily to residential properties, small businesses, and remote applications like powering individual homes or small communities. These turbines are valued for their affordability and smaller footprint, making them accessible for individual use and less intensive projects.

    The large capacity segment (above 1000 KW) represents turbines designed for major wind farm developments and industrial power generation. These turbines are the backbone of large-scale wind projects due to their high output and efficiency, essential for meeting the substantial electricity demands of grids and large industrial consumers. Despite their lower market share, the scale of individual projects often means significant investment and development focus in this area.

    By Connectivity

    In 2023, the grid-connected segment of the wind turbine market held a dominant position, capturing more than 71.5% of the market share. These turbines are integrated directly with the utility power grid, allowing for the efficient distribution and management of generated electricity. The high demand for grid-connected turbines is driven by their ability to supply a steady and scalable source of renewable energy to a large number of consumers, contributing significantly to national energy grids and supporting the transition to sustainable energy sources.

    Conversely, the stand-alone segment caters to areas where grid connectivity is not feasible or cost-effective. These turbines are typically used in remote locations, for small-scale applications such as powering individual homes, farms, or small businesses. Stand-alone systems often incorporate storage solutions like batteries to ensure a continuous power supply despite variable wind conditions. This segment meets the specific needs of off-grid energy independence but captures a smaller portion of the market due to its niche applications.

    By End-use

    In 2023, the industrial segment of the wind turbine market held a dominant position, capturing more than 38.7% of the market share. Industrial applications often require significant energy inputs, and wind turbines provide a cost-effective, renewable solution. This dominance is driven by the increasing adoption of sustainable practices within industries aiming to reduce carbon footprints and energy costs.

    Conversely, the utility segment, which includes large-scale wind farms supplying power to the grid, also plays a crucial role but caters to broader regional energy needs rather than specific site-based demands. The commercial segment follows, utilizing wind turbines to support the operations of businesses and institutions aiming to enhance their energy independence and sustainability credentials.

    The residential segment, though smaller, is gradually expanding as homeowners seek to reduce reliance on traditional energy sources and lower their environmental impact. This market’s growth is fueled by technological advancements that make wind turbines more accessible and efficient for home use.

    Wind Turbine Market Share

    Key Market Segments

    By Type

    • Horizontal-axis
    • Vertical-axis

    By Location

    • Onshore
    • Offshore

    By Capacity

    • Small (Up to 100 KW)
    • Medium (100 KW to 1000 KW)
    • Large (Above 1000 KW)

    By Connectivity

    • Grid-connected
    • Stand-alone

    By End-use

    • Industrial
    • Commercial
    • Utility
    • Residential

    Driving Factors

    Increasing Demand for Renewable Energy
    A major driver propelling the growth of the wind turbine market is the escalating global demand for renewable energy sources. This surge is primarily motivated by the urgent need to address environmental concerns such as climate change and air pollution, which are significantly impacted by traditional fossil fuel-based power generation. Renewable energy, particularly wind power, offers a sustainable and environmentally friendly alternative, emitting little to no greenhouse gases or other pollutants.

    The transition to renewable energy is further supported by government policies and regulatory frameworks worldwide. Many countries have established ambitious renewable energy targets and are implementing supportive policies such as feed-in tariffs, tax incentives, and subsidies to encourage the adoption of wind energy. For example, the European Union’s Renewable Energy Directive sets mandatory national targets for the overall share of renewable energy in the energy mix, significantly boosting the development of wind power projects across the region.

    Moreover, technological advancements in wind turbine design and materials have dramatically improved the efficiency and reduced the cost of wind energy production. Modern wind turbines are capable of generating more power from less wind, making them viable even in areas with moderate wind speeds. Innovations such as taller towers, larger rotors, and advanced control systems enable turbines to maximize energy capture and enhance grid integration. These technological improvements have made wind energy more competitive with traditional energy sources, even without subsidies in some markets.

    The economics of wind power have also become increasingly favorable. The levelized cost of energy (LCOE) for wind power has declined significantly over the past decade due to technological advances, economies of scale in turbine manufacturing, and increased competition in the supply chain. This trend is likely to continue, making wind energy an even more attractive option for power generation.

    Additionally, the growing societal awareness and consumer preference for sustainable and eco-friendly products have led to increased demand from commercial and industrial sectors. Companies are increasingly investing in renewable energy sources to improve their corporate social responsibility profiles and reduce operational costs associated with energy consumption. This shift is evident in the proliferation of corporate power purchase agreements (PPAs) where big businesses contract directly with wind energy providers to secure stable and potentially cheaper electricity supply while also demonstrating their commitment to sustainability.

    Wind energy also plays a crucial role in enhancing energy security for many countries. It reduces dependence on imported fuels, which can be subject to volatile prices and geopolitical tensions. By diversifying their energy portfolio with wind, countries can achieve a more stable and secure energy supply, which is vital for economic stability and growth.

    Furthermore, the deployment of wind turbines contributes to local economic development by creating jobs in manufacturing, installation, maintenance, and support services. The wind energy sector has become a significant employer, often providing high-quality jobs in rural areas where economic opportunities may be limited. The industry’s growth thus supports broader economic development goals while also advancing environmental objectives.

    Restraining Factors

    Challenges in Wind Turbine Installation and Infrastructure
    One significant restraint affecting the wind turbine market is the complexities and challenges associated with the installation process and the development of necessary infrastructure. These factors can significantly hinder the deployment of wind energy projects, affecting their feasibility and economic viability.

    Firstly, the installation of wind turbines requires significant upfront investment, both in terms of financial resources and time. The process involves extensive site assessment to determine wind resource availability, environmental impact assessments, and obtaining necessary permits and clearances, which can be time-consuming and costly. These preliminary stages often face bureaucratic delays and regulatory hurdles that can prolong project timelines and increase costs.

    Moreover, the physical installation of turbines, particularly in remote or offshore locations, poses logistical challenges. Transporting large turbine components such as blades, towers, and nacelles to the site requires specialized equipment and infrastructure, such as reinforced roads and ports, which may not always be available in the required areas. This lack of infrastructure can lead to significant delays and additional costs in project implementation.

    The complexity of constructing foundations and installing turbines, especially in offshore environments, further complicates the process. Offshore wind farms, for example, require the installation of subsea cables and foundations on the ocean floor, which is not only technically challenging but also subject to weather-related delays and the availability of specialized installation vessels. These factors can drastically increase the capital expenditure and risk associated with offshore wind projects.

    Another critical restraint is the integration of wind energy into the existing power grid. Wind energy is intermittent by nature, and its variability can pose challenges to grid stability and reliability. The integration requires advanced grid management technologies and infrastructure upgrades to handle the fluctuations in wind power generation. Utilities and power operators must invest in grid enhancement technologies such as energy storage systems, advanced forecasting tools, and demand response strategies to accommodate wind energy effectively. These requirements add additional costs and technical challenges to wind energy projects.

    Furthermore, community opposition and not-in-my-backyard (NIMBY) sentiments can also pose significant barriers to wind turbine installations. Local communities often have concerns about the visual and auditory impact of wind turbines, as well as potential impacts on wildlife and property values. These social challenges can lead to opposition and protests, delaying or even halting project developments. Gaining social acceptance thus requires effective community engagement and communication strategies, which involve additional resources and can prolong project timelines.

    Growth Opportunities

    Expanding Offshore Wind Energy as a Major Growth Opportunity
    The offshore wind energy sector presents a substantial opportunity for the wind turbine market, offering vast potential for expansion and innovation. As countries increasingly seek sustainable solutions to meet their energy needs and climate goals, offshore wind stands out due to its higher and more consistent wind speeds compared to onshore, resulting in significantly greater energy generation efficiencies.

    The global push towards decarbonization has intensified the focus on renewable energy sources, particularly wind power, which is seen as a crucial component in achieving net-zero emissions targets. Offshore wind energy, in particular, is gaining momentum because it does not compete for land space, which is a significant advantage in densely populated or agriculturally intensive regions. This aspect alone broadens the geographical scope for deploying wind energy solutions, especially in regions where land-based renewable energy installations might be impractical or opposed by local communities.

    Technological advancements are continually enhancing the efficiency and capacity of offshore wind turbines. Modern turbines are now capable of generating several megawatts per unit, with newer models being developed that could potentially exceed 10-15 MW. These advancements reduce the cost per megawatt of installed capacity, making offshore wind energy increasingly competitive with conventional fossil fuel-based power sources and even other renewables. Moreover, innovations in turbine design, materials science, and installation techniques are further driving down costs and improving the operational lifespan and reliability of offshore wind farms.

    Governments worldwide are recognizing the strategic importance of offshore wind and are providing supportive policies, including subsidies, tax incentives, and streamlined regulatory processes to encourage investments in this sector. For instance, the European Union and the United Kingdom have set ambitious targets for offshore wind capacity as part of their renewable energy and climate action plans. Similarly, in the United States, recent federal adjustments have cleared the way for significant expansions in offshore wind lease auctions, which are expected to catalyze substantial growth in the industry.

    The expansion of offshore wind also has positive implications for job creation and economic development. The development, installation, and maintenance of offshore wind farms require a wide range of skilled labor, from marine operations to high-tech engineering. This job creation extends through the supply chain, benefiting industries involved in the manufacture of turbines, subsea cabling, and other related infrastructure.

    Furthermore, offshore wind farms often require integration with onshore energy grids, presenting opportunities for advancements in grid management technologies and energy storage solutions. These integrations are vital for handling the variable nature of wind energy and ensuring a stable energy supply. As such, developments in battery technology and other forms of energy storage are critical components that offer additional business opportunities within the broader renewable energy sector.

    Latest Trends

    The Trend Towards Larger Capacity Wind Turbines
    One of the most significant trends in the wind turbine market is the shift towards larger capacity turbines, which is dramatically transforming the landscape of both onshore and offshore wind energy generation. This trend is driven by the ongoing quest for greater efficiency and lower costs per megawatt of electricity produced, making wind energy more competitive with traditional energy sources and other forms of renewable energy.

    The development of larger turbines is facilitated by advances in materials science, engineering, and aerodynamic design, allowing manufacturers to produce blades that are both longer and more durable. These larger blades capture more wind energy, and when combined with taller towers, access winds at higher altitudes where wind speeds are generally stronger and more consistent. For example, the latest models of wind turbines can have blade lengths exceeding 100 meters, and towers reaching up to 200 meters tall, significantly enhancing their energy output.

    Economies of scale play a crucial role in this trend. As turbines grow in size, the amount of energy they can generate increases disproportionately, meaning that fewer turbines are needed to produce the same amount of energy. This not only reduces the land or sea area required for wind farms but also cuts down on the costs associated with installation, maintenance, and connection to the power grid. Larger turbines thus contribute to a lower overall cost of energy, making projects more financially viable and attractive to investors.

    The trend towards larger turbines is particularly pronounced in the offshore wind sector, where the logistical challenges of installation are offset by the potential for significantly higher energy yields. Offshore wind conditions are ideal for large turbines, as the open sea provides ample space and stronger, more consistent wind flows. Here, the move towards larger capacity models is accelerating the fastest, with prototypes in the 12 to 15 MW range already being tested, and plans for even larger units under development.

    This trend is not without its challenges, however. The production of larger turbines requires substantial manufacturing capabilities, including facilities capable of handling extremely large components. Transportation and installation also pose logistical challenges, particularly in remote or difficult-to-access locations. Furthermore, the integration of such powerful turbines into the existing power grid requires advanced grid management and storage solutions to handle the variable nature of wind energy effectively.

    Despite these challenges, the push towards larger wind turbines is likely to continue, driven by technological advancements and the growing imperative for sustainable energy solutions. Governments and regulatory bodies are increasingly supportive of this trend, recognizing the potential for large-scale wind turbines to meet renewable energy targets and reduce greenhouse gas emissions. Incentives and subsidies, alongside favorable regulatory frameworks, are likely to persist as catalysts for the adoption of larger turbines.

    Regional Analysis

    As of 2023, North America holds the largest share of the global wind turbine market, accounting for 36.4%. The United States, in particular, is spearheading the adoption of wind turbines, propelled by an increasing demand for sustainable and efficient energy solutions. This demand is motivated by concerns over traditional energy dependencies and the rising occurrence of energy sustainability issues.

    There is a growing awareness in North American industries and communities about the importance of sustainable energy sources. This understanding is driving investment in advanced solutions like wind turbines. Stakeholders in this market recognize the benefits that wind turbines offer, such as efficient energy production, cost savings, and a reduced environmental footprint, leading to an increased willingness to invest in these technologies.

    North America benefits from a robust energy infrastructure, supported by a network of experts and technology providers. This environment fosters the development and integration of wind turbine solutions, with industry professionals advocating for their widespread adoption. Many leading companies in wind turbine technology are based in North America, driving research and innovation and ensuring a wide range of high-quality products in the market.

    Wind Turbine Market Regional Analysis

    Кеу Regions and Countries

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Italy
      • Russia
      • Spain
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • MEA
      • GCC
      • South Africa
      • Israel
      • Rest of MEA

    Key Players Analysis

    The wind turbine market features a dynamic competitive landscape with several key players that drive innovation and growth across the global industry. Here is an analysis of some of the prominent companies in the wind turbine market

    Market Key Players

    • Vestas
    • Siemens Gamesa Renewable Energy, S.A.
    • Suzlon Energy Limited
    • Sinovel Wind Group Co., Ltd.
    • General Electric Company
    • Nordex SE
    • ENERCON GmbH
    • Xinjiang Goldwind Science & Technology Co., Ltd.
    • Vergnet
    • Envision Group
    • VENSYS Energy AG
    • Zhejiang Yunda Wind Power Co., Ltd.
    • MingYang Smart Energy
    • SANY Group
    • Windey Energy Technology Group Co.,Ltd.

    Recent Developments

    In 2023, Suzlon Energy Limited demonstrated a significant presence in the wind turbine sector, marked by strong financial performance and strategic advancements.

    January 2023, GE reported a series of successful wind turbine installations and entered into multiple strategic partnerships aimed at expanding its market reach and improving its product offerings.

    Report Scope

    Report Features Description
    Market Value (2023) US$ 87.5 Bn
    Forecast Revenue (2033) US$ 153.8 Bn
    CAGR (2023-2033) 5.8%
    Base Year for Estimation 2023
    Historic Period 2020-2022
    Forecast Period 2024-2033
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Type(Horizontal-axis, Vertical-axis), By Location(Onshore, Offshore), By Capacity(Small (Up to 100 KW), Medium (100 KW to 1000 KW), Large (Above 1000 KW)), By Connectivity(Grid-connected, Stand-alone), By End-use(Industrial, Commercial, Utility, Residential)
    Regional Analysis The US, Canada, & Mexico; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive Landscape Vestas, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Sinovel Wind Group Co., Ltd., General Electric Company, Nordex SE, ENERCON GmbH, Xinjiang Goldwind Science & Technology Co., Ltd., Vergnet, Envision Group, VENSYS Energy AG, Zhejiang Yunda Wind Power Co., Ltd., MingYang Smart Energy, SANY Group, Windey Energy Technology Group Co.,Ltd.
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is the size of Wind Turbine Market?

    Wind Turbine Market size is expected to be worth around USD 153.8 billion by 2033, from USD 87.5 billion in 2023

    What CAGR is projected for the Wind Turbine Market?

    The Wind Turbine Market is expected to grow at 5.8% CAGR (2024-2033).

    Name the major industry players in the Wind Turbine Market?

    Vestas, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Sinovel Wind Group Co., Ltd., General Electric Company, Nordex SE, ENERCON GmbH, Xinjiang Goldwind Science & Technology Co., Ltd., Vergnet, Envision Group, VENSYS Energy AG, Zhejiang Yunda Wind Power Co., Ltd., MingYang Smart Energy, SANY Group, Windey Energy Technology Group Co.,Ltd.

    Wind Turbine Market
    Wind Turbine Market
    Published date: April 2024
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    • Vestas
    • Siemens Gamesa Renewable Energy, S.A.
    • Suzlon Energy Limited
    • Sinovel Wind Group Co., Ltd.
    • General Electric Company
    • Nordex SE
    • ENERCON GmbH
    • Xinjiang Goldwind Science & Technology Co., Ltd.
    • Vergnet
    • Envision Group
    • VENSYS Energy AG
    • Zhejiang Yunda Wind Power Co., Ltd.
    • MingYang Smart Energy
    • SANY Group
    • Windey Energy Technology Group Co.,Ltd.
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