Wind Turbine Global Market Report 2024

The wind turbine market size has grown rapidly in recent years. It will grow from $151.22 billion in 2023 to $167.64 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The expansion observed in the historical period can be attributed to factors such as the implementation of renewable energy policies, initiatives supporting energy transition and sustainability goals, the increasing cost competitiveness of wind energy, growing global energy demand, and heightened environmental awareness.

The wind turbine market size is expected to see rapid growth in the next few years. It will grow to $245.72 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The anticipated growth in the forecast period can be attributed to the accelerating energy transition, government incentives, and subsidies, advancements in turbine technology, the integration of energy storage, and the influence of global climate agreements. Significant trends expected in the forecast period include a heightened focus on sustainable materials and recycling, the development of hybrid renewable energy systems, increased community and local participation in wind projects, efforts to reduce costs and competitive auctions for wind projects, and the global expansion of wind energy markets.

The growth of the wind turbine market is being fueled by an increasing demand for renewable energy sources. Renewable energy sources are those that are continually replenished, Unlike as fossil fuels such as coal, oil, and natural gas. Wind, as a renewable energy source, has a significantly lower environmental impact compared to other energy sources. Wind turbines, utilized for energy production, do not emit pollutants into the air or water, and their operation does not require water for cooling. Additionally, the use of wind turbines reduces reliance on fossil fuels, resulting in decreased overall air pollution and carbon dioxide emissions. Data from the International Energy Agency (IEA) in 2021 indicates a 3% increase in renewable energy use in 2020, while electricity generation from renewables is projected to rise by 8% in 2021 and more than 6% in 2022. The growing demand for renewable energy sources is a driving force behind the expansion of the wind turbine market.

The ongoing trend of increasing urbanization is anticipated to contribute to the growth of the wind turbine market. Urbanization involves the migration of populations from rural to urban areas, fostering the expansion of cities. Wind turbines play a crucial role in this process by providing sustainable and renewable energy solutions, including renewable energy generation, on-site power generation, and systems for street lighting and public spaces. As of 2023, around 56% of the global population resides in urban areas, a figure projected to grow by 1.5 times, reaching 6 billion by 2045, according to The World Bank. Therefore, the surge in urbanization is a significant factor propelling the growth of the wind turbine market.

Technological advancements represent a prominent trend in the wind turbine market. Notably, the offshore direct drive platform technology enables the re-use of most components from previous generations. For example, in September 2022, Vestas, a Danish wind turbine manufacturer, introduced the world's tallest onshore wind turbine tower, measuring 199 meters in hub height, designed for use with Vestas’ V172-7.2MW turbine.

Major companies in the wind turbine market are strategically focused on developing innovative solutions, such as specific wind turbine platforms. The term "wind turbine platform" refers to the unique design, structure, and technology employed in crafting wind turbines. For instance, in July 2022, WEG Industries, a Brazilian electric motor manufacturing company, unveiled the '7 MW wind turbine' platform. This platform is engineered for optimal reliability, ease of operation, and simplified maintenance, aiming to maximize energy production and enhance return on investment. It integrates Medium-Speed Geared (MSG) drive technology to ensure a smooth interconnection with the electrical grid.

In July 2023, Ryse Energy, a United Arab Emirates-based leader in renewable energy systems, acquired Primus Wind Power for an undisclosed amount. This strategic move by Ryse Energy aims to expand its global presence in America and diversify its small turbine product portfolio. Primus Wind Power, a US-based micro wind turbine manufacturer, specializes in portable wind power turbines and air breeze turbines. Both companies anticipate broadening their customer base for microturbine products through this acquisition.

Major companies operating in the wind turbine market report are Clipper Windpower A/S, Hitachi Ltd., Siemens AG, General Electric Company, Suzlon Energy Limited, CRRC Group Corporation, Eaton Corporation PLC, Shangai Electric Group Co. ltd., Vestas Wind Systems A/S, Sany Heavy Industry Co. Ltd., Gamesa Electric, Dongfang Electric Corporation, Nordex SE, Goldwind Science and Technology Co. Ltd., Ming Yang Smart Energy Group Co. Ltd., Guodian United Power Technology Co. Ltd., Bilfinger Offshore Wind Energy GmbH, Zhejiang Windey Co. Ltd., Envision Energy, LM Windpower A/S, Impsa S.A., Sinovel Wind Group Co. Ltd., Leitwind GmbH, Vergnet S.A., Northern Power Systems Ltd., Enercon Gmbh Windenergieanlagen, Senvion SE, Bergey Windpower Inc., ZF Wind Power Antwerpen NV, United Power Inc.

Asia-Pacific was the largest region in the wind turbine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wind turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main components of wind turbines include the rotor blade, gearbox, generator, nacelle, and others. Rotor blades are particularly crucial for the performance and cost-effectiveness of a wind power system. The shape of these blades directly influences the system's efficiency by determining how kinetic energy from the wind is converted into mechanical energy. Wind turbines can have horizontal or vertical axes and can be deployed both onshore and offshore. They may be grid-connected or stand-alone, catering to industrial, commercial, residential, and utility applications.

The wind turbine market research report is one of a series of new reports that provides wind turbine market statistics, including wind turbine industry global market size, regional shares, competitors with a wind turbine market share, detailed wind turbine market segments, market trends and opportunities, and any further data you may need to thrive in the wind turbine industry. This wind turbine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wind turbine market consists of sales of single blade horizontal-axis turbines, two-blade horizontal-axis turbine, three-blade horizontalal-axis turbines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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