Wind Turbine Market Market Size
PRODUCT OVERVIEW:
Wind Turbine Market size was USD 56.37 billion in 2021 and projected to grow from USD 64.1 billion in 2023 to USD 115.8 billion by 2032, exhibiting a CAGR of 6.8% during the forecast period.
Wind Turbines change the kinetic energy in wind to electrical energy with the help of rotating blades of turbine due to the speed of wind which generates electricity. Wind is a cleanest source of renewable energy available and is an inexpensive and efficient renewable energy sources. The applications of wind turbine vary from small to large which are helpful in battery charging for power in boats, to traffic warning signs and in power supply domestically respectively.
MARKET HIGHLIGHTS
Wind Turbine Market is expected to project a CAGR of 6.8% during the forecast period, 2022-2032
Wind Turbine Market is expected to reach USD 115.8 billion, growing at a CAGR of 6.8% during forecast period owing to the increasing demand for electricity due to urbanization and increasing living standards which is leading to growing electricity consumption and will result in the growth of the market by using in the residential applications. The expansion of existing production facilities in the developing countries along with the installation of new plants is expected to boost the growth of Wind Turbine Market.
WIND TURBINE SEGMENTATION:
Onshore segment is expected to grow with high CAGR during the forecast period
Wind Turbine Market is classified based on the Installation into Onshore, Offshore. Onshore wind turbines segment is expected to dominate the market in the forecast period as it is a clean and sustainable energy source. The installation and maintenance of onshore wind turbines is cost-effective and don’t require specific infrastructure. They generate electricity with no emission of greenhouse gases along with traditional power generation.
Rotator Blade segment is expected to grow with high CAGR during the forecast period
Wind Turbine Market is classified based on the Components into Rotator Blade, Nacelle Generator, Gearbox. Rotator Blade segment is expected to dominate the market in the forecast period owing to the continuous progressing of technology along with advancements in design techniques, materials, and manufacturing processes. The betterment of blade efficiency by increasing durability, and reducing costs after performing R&D activities is expected to boost the growth of the segment in the market.
MARKET DYNAMICS:
Growth Drivers
Increasing Demand for Renewable Energy is Expected to Boost the Growth of the Market
The growing demand, acceptance and shift towards clean and sustainable energy practices is creating demand for the growth of wind turbines. The awareness on significance of minimizing the emissions of greenhouse gases by few organizations, governments and individuals is resulting in the weakening the negative impact of climatic change. The environment friendly and viable nature of wind power is expected to boost the growth of the wind turbine market in the forecast period.
Advancements in Technology is Expected to Boost the Growth of the Market
The increasing advancements in technology related to the designing of wind turbine, the materials used and manufacturing processes are expected to drive the demand for wind turbine market. The advancements like using floating wind turbines, increased-capacity wind turbines, and 3D printing have reduced the cost of wind generation. These new technological developments and improvements are boosting the acquiring of wind generation and therefore, the wind turbine market growth.
Restraint
High Investment Cost May Restrain the Growth of the Market
Wind turbine projects require huge capital investments and the high cost of investment, along with unfavourable policies may restrain the growth of the wind turbine market.
RECENT DEVELOPMENTS:
- In January 2023, Braun Windturbinen GmbH declared the installation of 7.5 KW of small wind turbines with a feature of observing adjustable domestic hot water temperature which is installed at the wind turbine.
- In November 2022, TPI Composites, Inc. agreed with GE Renewable Energy (GE) to permit the company to preserve a ten-year lease extension for rotor blade manufacturing facility in Newton, United States.
WIND TURBINE MARKET
Key Players Covered:
- General Electric
- Vestas Wind Systems A/S
- Enercon GmbH
- Siemens
- Goldwind
- Ming yang
- Suzlon Energy Ltd.
- Sinovel
- Guodian United Power Technology Company Ltd.
Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
REGIONAL ANALYSIS
Wind Turbine Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific region dominated the market in 2021 due to the rapidly growing market with largest wind power generation and the presence of manufacturing areas in countries of this region which is may boost the market growth. The growing population which creates demand for the renewable sources of energy is leading to the expansion of infrastructure and execution of different offshore wind projects which is expected to boost the growth of the market in the forecast period.
IMPACT OF COVID-19 ON WIND TURBINE MARKET
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. The construction and operations of wind turbine projects were halted during the pandemic period as for the planning and development phase regular site visit and inspection need to be done which were restricted and led to the delay in operating, therefore had a negative impact on wind turbine market.
Wind Turbine Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
WIND TURBINE MARKET SCOPE AND SEGMENTS:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2021-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 6.8% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Axis |
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Installation |
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Components |
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Application |
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Capacity |
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Connectivity |
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Rating |
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By Region |
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Frequently Asked Questions (FAQ):
Wind Turbine Market size was estimated at USD 56.37 billion in 2021 and is expected to reach USD 115.8 billion in 2032.
Wind Turbines change the kinetic energy in wind to electrical energy with the help of rotating blades of turbine due to the speed of wind which generates electricity. Wind is a cleanest source of renewable energy available and is an inexpensive and efficient renewable energy sources.
Onshore and Rotator blade segment accounted for the largest Wind Turbine market share.
Key players: General Electric, Vestas Wind Systems A/S, Enercon GmbH, Siemens, Goldwind, Ming yang, Suzlon Energy Ltd., Sinovel, Guodian United Power Technology Company Ltd. and Other Prominent Players are the key players in the Wind Turbine Market.
Increasing demand for renewable energy and advancements in technology are the factors driving the Wind Turbine market.
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