Global Wind Turbine Market Assessment, By Axis Type [Horizontal, Vertical], By Installation [Onshore, Offshore], By Application [Commercial, Residential, Industrial, Utilities], By Region, Opportunities and Forecast, 2017-2031F

Global wind turbine market is projected to witness a CAGR of 8.11% during the forecast period 2024-2031, growing from USD 122.94 billion in 2023 to USD 229.41 billion in 2031. The demand for wind turbines is on the rise due to various factors, such as a continuous rise in environmental awareness and a global shift from traditional electricity generation to renewable sources. The innovative design of wind turbine towers assists technology in generating more wind energy. Moreover, several countries are looking to expand their green energy generation portfolio to meet the rising demand for electricity. Wind turbines are becoming crucial technologies to support energy generation demand in the forecast years. In addition, government incentives and policies are creating future opportunities for the wind turbine industry to grow.

Furthermore, wind turbines play an essential role in the global production of cost-effective electricity generation. As per the  IEA reports, onshore wind and solar photovoltaic (PV) technologies are cheaper than new fossil fuel plants in most regions, which will foster the demand for wind turbines in the forecast period.

For instance, in June 2024, Dongfang Electric Corporation completed the installation of an 18 MW wind turbine for the first time in China. The company aims to increase renewable energy reliance and lower the dependency on fossil fuels. Wind turbines are being developed to power multiple homes with a single blade movement.

Expansion of Offshore Wind and Energy Security to Act as a Catalyst for Market Growth

The rapid expansion of the offshore wind market and rising energy security concerns are fostering the growth of the wind turbine market. Offshore wind turbines have the benefit of stronger, more reliable wind resources than onshore wind projects, and innovations in technology, such as floating wind technology, help the turbines to be installed in the deeper waters. The upcoming new technologies allow the countries to generate power from untapped and inaccessible energy sources. According to the Global Wind Energy Council, offshore wind capacity is projected to surge from 35 GW in 2020 to about 234 GW by 2030, showcasing the growing role of offshore wind turbines in the energy landscape. Moreover, to overcome the dependency on fossil fuels and energy security challenges, countries are shifting towards renewable energy. European countries have prioritized offshore wind projects to build energy independence and stability.

For instance, in August 2023, Equinor opened Norway's largest floating offshore wind farm, Hywind Tampen, which uses floating wind turbines to power oil and gas producers. With a system capacity of 88 MW, the plant is expected to reduce CO2 emissions by 200,000 tonnes annually.

Technological Advancement to Propel the Growth of the Market

Innovations in wind turbine designs are enhancing the overall efficiency, capacity, and viability of global wind energy, which results in more production of green electricity. Modern wind turbines have larger rotor diameters, and the advancement in blade designs, along with taller towers, helps to capture more wind and further boost productivity. The improvement in aerodynamics design and materials helps to reduce energy losses and improve resilience in different weather conditions. The advanced materials make turbine blades lighter yet stronger, which helps to expand the operational lifespan of plants and reduces maintenance costs. Additionally, the incorporation of digital technologies, such as smart sensors and AI-driven predictive maintenance systems, allows for regular monitoring of turbine performance, enabling the detection before faults affect operational efficiency. The technology optimization reduces downtime and improves capacity factors, such as onshore turbines, reaching average capacity factors of 35-40%, and offshore turbines achieving the remark of 50-60%.

Furthermore, floating turbines are propelling the growth of the wind turbine market, as they can be installed in deeper waters where winds are stronger and more consistent. The upcoming technological advancements collectively reduce the cost of wind energy and support from the government aimed at increasing reliance on renewable energy sources.

For instance, in March 2023, Siemens Gamesa installed the advanced largest offshore wind turbine technology, SG 14-236 DD. The 14 MV turbines are equipped with 115-meter blades and could produce up to 15 MV with a power boost. SG 14-236 DD has a rotor diameter of 236 meters and is designed and manufactured at the company’s facility in Aalborg, Denmark. These turbines enhance energy output by more than 30% compared to earlier models.

Government Initiative to Boost the Wind Turbine Market Demand

The wind turbine market is expanding as governments are taking initiatives to promote renewable energy production. The rising need for renewable energy sources, including wind power, and efforts to reduce dependence on conventional energy sources are expected to be important factors in driving the growth of the wind turbine market. Moreover, the government provides several tax benefits, subsidies, and incentives to assist in reducing the component prices of the spare parts of technology, which further enhances the wind turbine sector. Moreover, several countries have set a target, such as net-zero emissions by 2050, which necessitates growth in the wind energy generation capacity. As a result of a mismatch between production and demand in many developing countries, the wind turbine market is expanding rapidly.

For instance, in June 2024, The Union Cabinet of India approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects in India. The total financial outlay is USD 74.53 billion, including USD 68.53 billion for the installation and commissioning of 1 GW of projects, divided into two 500 MW projects off Gujarat and Tamil Nadu coasts and USD 6 billion for port upgrades.

Horizontal Axis Type to Dominate the Market Share

Horizontal axis type dominates the share of the global wind turbine market due to the product’s superior efficiency, power output, and reliability. The horizontal axis can convert 40-50% of wind energy into electricity, significantly outperforming the vertical axis in capturing energy from the wind. The horizontal axis design allows for larger capacities, typically ranging from 2 to 8 MW, making the turbine ideal for large-scale wind farms that supply substantial amounts of electricity to the grid.

Another key advantage of the horizontal axis is the ability to operate effectively at higher wind speeds. The height of their rotors enables them to access more consistent and stronger winds, which enhances overall performance and energy generation. Additionally, HAWTs have a well-established technology base, leading to mature research and development that ensures reliability and operational efficiency.

For instance, in September 2024, Senvion India launched a new 4.2 MW onshore wind turbine aimed at boosting energy efficiency and reducing costs for wind power projects in the country. This model is expected to support India's renewable energy goals and facilitate the transition to cleaner energy sources.

Asia-Pacific to Lead the Global Wind Turbine Market Share

Asia-Pacific dominate the global wind turbine market with the highest revenue share. The region comprises developing countries, such as China and India, that largely invest in reliable energy sectors, such as renewable energy, driving the growth of the wind turbine market in the region. China is the largest market for wind energy which captures a significant share of the market for installations and manufacturing of wind turbines. Governments and higher authorities are investing heavily to support cleaner energy initiatives, including vast wind resources, which is creating the demand for wind turbines in the Asia-Pacific market.

Moreover, India is an emerging player in the sector, focusing on expanding the renewable energy capacity to meet the growing demand for green electricity. Government targets for wind energy are fostering investments and drive technologies innovations in wind turbine production.

For instance, in October 2024, Vestar announced the launch of V162-5.6 MW onshore wind turbines. The V162-5.6 MW model is designed to optimize performance across a wide range of wind conditions. Vestar aims to enhance energy production while maintaining cost efficiency which helped company to increase market share in the European and Asia-Pacific market.

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Future Market Scenario (2024 – 2031F)

• Advancements in turbine design, such as larger rotor diameters and higher efficiency ratings are expected to enhance energy output while lowering costs.
• Governments worldwide are implementing policies aimed at reducing carbon emissions and increasing renewable energy usage, further incentivizing investment in wind energy.
• The integration of wind energy with other renewable energy sources, such as solar and energy storage systems, is gaining traction. Hybrid systems can provide a more stable and reliable energy supply.
• The rise in digital tools and smart technologies in wind energy management will foster market growth.

Report Scope

“Wind Turbine Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global wind turbine market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 8.11% between 2024 and 2031
Revenue Forecast in 2031	USD 229.41 billion
Segments Covered	Axis Type, Installation, Application
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Vestas Wind Systems A/S, Siemens Gamesa, Goldwind Science & Technology Co.,Ltd., Nordex SE, ENERCON Global GmbH, GE Vernova Inc., Envision Energy USA Limited, Suzlon Energy Limited, Shanghai Electric Group Co., Ltd., Mingyang Smart Energy Group, Windey Energy Technology Group Co.,Ltd.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, global wind turbine market has been segmented into the following categories: 

• By Axis Type
  • Horizontal
  • Vertical
• By Installation
  • Onshore
  • Offshore
• By Application
  • Commercial
  • Residential
  • Industrial
  • Utilities
• By Region
  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Key Players Landscape and Outlook

Continuous innovation characterizes the global landscape of wind turbines as companies compete to excel in turbine advancements, energy efficiency, and unique designs. The market outlook remains positive, driven by increased demand for renewable energy and the integration of AI and smart technologies. Wind turbine manufacturers are focused on enhancing energy efficiency and adopting environmentally sustainable practices, which are likely to shape the industry's future. Collaborations and the development of new technologies are expected to intensify competition in this fast-paced market.

For instance, in September 2024, Senvion India launched its 4.2M160 wind turbine generator, a significant technological advancement in wind energy. The first 4 MW WTG has a rotor size of 160m and hub heights up to 140m by RE Technologies & Senvion group. The company has developed the equipment by in-house R&D teams in India and Germany. The turbine maximizes energy output through advanced control technologies and adaptive systems.

For instance, in May 2024, Suzlon Group won an order to develop an 81.9 MW wind energy project for Oyster Green Hybrid One Private Limited in Madhya Pradesh, India. The project will involve the installation of 26 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular tower, each rated at 3.15 MW. Suzlon will supply the equipment, execute the project, and provide post-commissioning operations and maintenance services.

Key Players Operating in Global Wind Turbine Market are:

• Vestas Wind Systems A/S
• Siemens Gamesa
• Goldwind Science & Technology Co., Ltd.
• Nordex SE
• ENERCON Global GmbH
• GE Vernova Inc.
• Envision Energy USA Limited
• Suzlon Energy Limited
• Shanghai Electric Group Co., Ltd.
• Mingyang Smart Energy Group
• Windey Energy Technology Group Co., Ltd.

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• How are the markets divided into different product/service segments and the market size and growth of each segment?
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