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Global Wind Turbine Market Outlook to 2030

Region:Global

Author(s):Vanshika, Nishika

Product Code:KENGR065

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Published On

January 2025

Total pages

95

About the Report

Global Wind Turbine Market Overview

  • The global wind turbine market has witnessed significant growth over the past several years and continues to expand as a crucial player in the renewable energy sector. Valued at USD 96.9 bn, the market is primarily driven by technological advancements, government support for clean energy adoption, and the growing shift toward sustainability.

market overviews

  • Countries like China, the United States, Germany, and Denmark dominate the global wind turbine market due to their significant investments in renewable energy and large-scale wind farm projects. China leads with its aggressive expansion of both onshore and offshore wind capacities, driven by government incentives and large-scale infrastructure projects.

Global Wind Turbine Market Segmentation

Global Wind Turbine Market is divided into further segments:

  • By Location: Global Wind Turbine Market is segmented by location into on-shore and off-shore. Onshore wind energy leads the market due to its relatively lower cost compared to offshore wind turbines, along with increased investments. Offshore wind is also seeing newer technologies like floating offshore wind turbines, enhancing its potential for future growth.

market overviews

  • By Region: Geographically, the global wind turbine market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe has the largest share, primarily driven by the strong presence of offshore wind farms, with countries like the UK, Denmark, and Germany leading the market. The U.S. also holds a significant share in North America, with many large-scale onshore wind farms contributing to the demand.

 

market overviews

  • By Capacity: Global Wind Turbine Market is segmented by capacity by Small (< 4 MW), Medium (4-6 MW), and High (> 6 MW). High-capacity turbines (> 6 MW) leads the market, driven by technological advancements in turbine efficiency. These turbines are capable of generating larger amounts of power, making them ideal for large-scale wind farms.

 

Global Wind Turbine Market Competitive Landscape

The global wind turbine market is dominated by several key players, including Goldwind, Vestas Wind Systems, GE Vernova, Ming Yang Smart Energy Group Limited, and Sany. These companies have established strong brand presence through significant investments in technology, innovation, and large-scale wind turbine manufacturing capabilities.

market overviews

Global Wind Turbine Industry Analysis

Market Growth Drivers

  • Government Policy Support: Strong government support through policies, subsidies, and tax incentives is a major driver for wind energy adoption. Initiatives like Grid Parity Mechanism and Inflation reduction Act (IRA), and renewable energy mandates are encouraging investments in wind energy.
  • Energy Security Concerns: Wind energy offers a reliable and domestic source of electricity, reducing dependence on imported fossil fuels. This aspect is particularly important in regions seeking to enhance energy security. This has increased wind turbine installations in regions like Europe and high potential countries like Saudi Arabia. In 2023, the global wind industry installed a record 117 GW of new capacity, marking it as the best year ever for new wind energy installations.
  • Corporate Sustainability Goals: Companies are increasingly committing to sustainability and carbon neutrality, leading to higher investments in renewable energy projects, including wind power. Corporate Power Purchase Agreements (PPAs) are becoming a significant driver for wind energy demand.

Market Challenges

  • Rise In Input Costs: The wind industry faces challenges related to supply chain disruptions, exacerbated by global events like the COVID-19 pandemic and geopolitical tensions, such as the Russia-Ukraine conflict. These disruptions have led to delays in project timelines and increased costs. The volatility in raw material prices has also been significant. Prices for essential materials such as steel, copper, and aluminum have seen increases of two to three times over recent years.
  • Grid Integration: Integrating large amounts of wind power into the grid poses challenges related to grid stability and the intermittent nature of wind energy. Upgrading grid infrastructure and developing energy storage solutions are critical to overcoming these challenges. For example, the increasing size of wind turbines and their output necessitates enhancements in grid capacity and management systems.

Global Wind Turbine Future Market Outlook

Over the next several years, the global wind turbine market is expected to experience sustained growth reaching a market size of USD 191.3 Bn by 2030, driven by advancements in turbine technology, favorable government policies, and the rising need for sustainable energy sources. The ongoing shift toward decarbonization, along with increased investment in offshore wind farms and hybrid energy systems, will continue to push market growth.

market overviews

Market Opportunities

  • Technological Advancements: The wind industry is witnessing remarkable innovations that are redefining its capabilities. Notably, turbine capacities have reached unprecedented levels, with some models now capable of generating18 MW, marking a significant leap in technology. This increase in capacity is complemented by advancements in turbine design, includingtaller towersandlonger blades.
  • Clean Energy Transition: In 2023, renewable energy sources supplied approximately30%of the world's electricity, a figure that is expected to rise as countries strive towards net-zero emissions goals. The transition to clean energy is not only vital for combating climate change but also essential for achieving energy security. As nations enhance their commitments to sustainability, the demand for wind power is anticipated to grow significantly.

Scope of the Report

Segment

Sub-Segments

Location

On-Shore

Off-Shore

Capacity

Small
Medium
High

Region

North America

Europe

Asia-Pacific

Latin America

Middle East & Africa

Products

Key Target Audience

  • Government and Regulatory Bodies (e.g., U.S. Department of Energy, European Commission)
  • Investors and Venture Capitalist Firms
  • Renewable Energy Project Developers
  • Wind Turbine Manufacturers
  • Energy Utility Companies
  • Energy Consultants and Advisories
  • Renewable Energy Equipment Suppliers
  • Renewable Energy Policy Makers

Companies

Players mentioned in the report

  • Goldwind
  • Vestas Wind Systems
  • GE Vernova
  • Ming Yang Smart Energy Group Ltd.
  • Sany

Table of Contents

1. Ecosystem

1.1. Category 1: Ecosystem of Wind Turbine Manufacturers
1.2. Value Chain
1.3. The Process of Wind Turbine Manufacturing and Distribution

2. Market Size

2.1 Market Size by Value (2018-2030)
2.1.1 Analysis of Market Growth/Decline, Key Drivers and Restraints
2.1.1.1 Factors such as Market Segment Growth, Customer Trends, Government Regulations, Number of Companies, etc.

3. Market Segmentation

3.1 By Region (North America, Europe, APAC, LATAM, MEA)
3.1.1 Share of Each Region and Growth Trends
3.2 By Location (On-Shore and Off-Shore)
3.2.1 Market Share of Each Location and Growth Analysis
3.3 By Capacity (Small < 4 MW, Medium 4-6 MW, High > 6 MW)
3.3.1 Market Share by Capacity and Sub-Segment Growth Analysis
3.4 By Application (Utility-Scale, Commercial & Industrial, Residential)
3.4.1 Market Share of Each Application and Growth Dynamics

4. Competition Landscape

4.1 Market Share Analysis (Category 1)
4.1.1 Market Share of Wind Turbine Manufacturers at the Global Level
4.2 Heat Map Analysis (Category 1)
4.2.1 Heat Map Comparison of Wind Turbine Types by Capacity and Region
4.3 Cross Comparison (Category 1)
4.3.1 Cross Comparison of Wind Turbine Manufacturers
4.3.1.1 Headquarters, Establishment Year, Employees, Geographical Presence, R&D Facilities, Business Portfolio, Manufacturing Facilities, Total Installed Capacity, Capacity Installed in 2023, Product Portfolio, Clientele, Projects, Business Strategy, Recent Developments, Achievements, Wind Turbine Sold, Wind Turbine Revenue, Regional Revenue, Total Revenue, Gross Profit, R&D Investment
4.4 Competitive Matrix
4.4.1 Analysis of Competitors in the Market
4.5 Ansoff Matrix
4.5.1 Strategic Opportunities and Risks for Wind Turbine Manufacturers

5. Market Dynamics

5.1 Market Trends
5.1.1 Current and Emerging Trends in the Wind Turbine Market
5.2 Challenges
5.2.1 Key Challenges Faced by the Market and Industry Players
5.3 Market Drivers
5.3.1 Factors Driving Growth in the Wind Turbine Market

6. Dashboard

6.1 Visual Overview of Key Market Data and Trends

Disclaimer

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Research Methodology

Step 1: Secondary Resources

The objective of secondary research is to identify key players and their revenue, and global average pricing of wind turbines to calculate the market size for wind turbines. Government and association reports that publish data on wind turbines, such as those from the International Energy Agency (IEA) and the Global Wind Energy Council (GWEC), are utilized in this process. Official company reports and press releases, including annual reports, investor presentations, and press releases from major wind turbine manufacturers such as Goldwind, Vestas Wind Systems, and Siemens Gamesa, are also leveraged to gain insights into product offerings, financial performance, and market strategies. Additionally, public and proprietary databases from sources like IRENA, F&S, Euromonitor, Statista, and McKinsey provide data for market sizing, industry analysis, and forecasts.

Step 2: Validate via Trade Desk Interviews

The objective of trade desk interviews is to confirm market revenue, margins, segmentations, distribution, and future projections in order to gauge insights into current market trends. Stakeholders involved in these interviews include manufacturers and suppliers, with over 30 respondents, such as Chief Technology Officers (CTOs), Heads of Product Development, Supply Chain Managers, Production Managers, and Senior Mechanical Managers. These interviews typically last 40-45 minutes. Additionally, distributors are interviewed, with 25+ respondents including Distribution Managers, Sales Directors, Regional Sales Managers, and Logistics Coordinators, with interview durations of 30-35 minutes. Industry experts, including 15+ respondents such as Wind Energy Analysts, Renewable Energy Consultants, Energy Systems Analysts, and Senior Wind Turbine Engineers, provide further insights with interviews lasting 30 minutes. Finally, regulatory bodies are consulted with 10+ respondents, including Representatives, Policy Advisors, and Compliance Officers, interviewed for 25-30 minutes.

Step 3: Proxy Modelling & Outcomes

A top-bottom approach is employed in proxy modeling, where revenue is calculated by multiplying global volume by the global weighted average price of wind turbines. Disguised interviews are conducted with multiple managers to gather their viewpoints on operational and financial performance. This method helps validate the information shared by top management, ensuring the accuracy and reliability of the data.

Frequently Asked Questions

01. How big is the global wind turbine market?

The global wind turbine market was valued at USD 96.9 bn , driven by technological advancements, renewable energy policies, and the growing need for sustainable energy sources worldwide.

02. What are the growth drivers of the global wind turbine market?

The global wind turbine market is propelled by factors such as increased demand for renewable energy, technological advancements in turbine efficiency, and government incentives for clean energy development. Rising energy consumption and the need to reduce carbon emissions also contribute significantly to market growth.

03. Who are the major players in the global wind turbine market?

Major players in the global wind turbine market include Vestas Wind Systems, Siemens Gamesa Renewable Energy, General Electric, and Suzlon Energy. These companies dominate the market due to their extensive product portfolios, technological innovations, and global manufacturing capabilities.

04. What are the challenges in the global wind turbine market?

Key challenges in global wind turbine market include high initial capital investments, regulatory hurdles in turbine installation, and supply chain constraints. Furthermore, the variable nature of wind energy production poses challenges for energy grid integration.

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