Onshore Wind Turbine Market Report 2024

This Onshore Wind Turbine market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The onshore wind turbine market size has grown strongly in recent years. It will grow from $48.05 billion in 2023 to $50.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth during the historical period can be attributed to increasing government subsidies and incentives, rising energy demands, heightened environmental awareness, regulatory support for renewable energy, lower costs of wind power production, and the development of wind power infrastructure.

The onshore wind turbine market size is expected to see strong growth in the next few years. It will grow to $63.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The forecast period is expected to see growth due to a heightened emphasis on climate change mitigation, the expansion of green energy mandates, advancements in grid integration technologies, increased investment in renewable energy infrastructure, and the development of more efficient and larger wind turbines. Key trends during this period include the rising adoption of advanced turbine technologies to enhance efficiency, the creation of larger and more powerful turbine models, the integration of wind power with energy storage solutions, a growing focus on sustainable and eco-friendly manufacturing practices, and better integration with grid infrastructure.

The growing demand for renewable energy is expected to drive the expansion of the onshore wind turbine market in the future. Renewable energy, sourced from naturally replenished resources like sunlight and wind, is essential for reducing greenhouse gas emissions, combating climate change, and ensuring a sustainable energy supply. Several factors, including environmental concerns, the depletion of fossil fuels, and advancements in technology, are contributing to the increasing demand for renewable energy. Onshore wind turbines capture wind energy to generate renewable electricity, helping to reduce greenhouse gas emissions and reliance on fossil fuels. Their modular and scalable design allows for installation at various locations, enhancing grid stability and complementing other renewable energy sources. For instance, in January 2023, the International Trade Administration, a US-based government agency, reported that in June 2023, the country’s peak demand reached a record high of 223 gigawatts (GW), a 3.4% increase from the highest recorded demand in 2022, with forecasts suggesting continued growth in energy consumption. As a result, the increasing demand for renewable energy is fueling the growth of the onshore wind turbine market.

Leading companies in the onshore wind turbine industry are focusing on developing advanced land-based turbines to improve structural efficiency and enhance renewable energy production. These land-based turbines are installed on solid ground to capture wind energy and convert it into electricity, playing a crucial role in terrestrial wind farms. For instance, in January 2023, Mingyang Smart Energy, a wind turbine manufacturer based in China, introduced the Myse 8.5-216, one of the largest onshore wind turbines available. With a rotor diameter of 216 meters and a rated capacity of 8.5 megawatts, it produces around 200,000 kWh of electricity daily, making it ideal for large-scale wind farms. The Myse 8.5-216 is designed to perform well in harsh environments, such as deserts, with components that undergo extensive testing to ensure durability and performance.

In April 2024, Copenhagen Infrastructure Partners (CIP), a Denmark-based investment firm, acquired Liberty Renewables for an undisclosed amount. This acquisition aims to support New York's transition to clean energy and further the state's decarbonization efforts. CIP intends to use its extensive experience in developing and financing renewable energy projects to achieve these goals through this acquisition. Liberty Renewables, a US-based developer, specializes in onshore wind projects.

Major companies operating in the onshore wind turbine market are Hitachi Ltd., GE Vernova Inc., Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy S.A.U., Pattern Energy, Nordex SE, Dongfang Electric Corporation, ENERCON Global GmbH, EDF Renewables SA, Suzlon Energy Limited, ReGen Powertech Pvt. Ltd., Envision Energy USA Limited, Sinovel Wind Group Co. Ltd., Emergya Wind Technologies B.V, M.Torres Ólvega Industrial S.L., Inox Wind Ltd., Leitwind Shriram Manufacturing Ltd., Northern Power Systems Inc., XZERES Corp., Doosan Power Systems India Pvt Ltd., Bergey Windpower Co., Senvion GmbH.

North America was the largest region in the onshore wind turbine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the onshore wind turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Onshore wind turbines are land-based devices that convert wind energy into electrical power using tall towers to capture strong winds at higher elevations. They generate electricity, which is then integrated into the power grid and distributed to homes, businesses, and industries. By harnessing wind energy, these turbines help decrease reliance on fossil fuels and reduce greenhouse gas emissions, contributing to sustainable energy practices.

Onshore wind turbines come in two main axis types including horizontal and vertical. Horizontal-axis wind turbines have blades that rotate around a horizontal axis perpendicular to the wind flow. Their design is efficient as it allows them to capture wind from any direction effectively. These turbines vary in size from small to large-scale, with technologies such as electrically excited synchronous generators and permanent magnet synchronous generators. Their capacities range from less than 1 megawatt (MW) to more than 3 megawatts (MW), including 1 megawatt (MW) to 3 megawatts (MW).

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

The onshore wind turbine market consists of sales of blades, gearboxes, generators, towers, and yaw systems. 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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