The global wind turbine market size was USD 139 billion in 2023, estimated at USD 149.98 billion in 2024 and is anticipated to reach around USD 318.02 billion by 2034, expanding at a CAGR of 7.81% from 2024 to 2034.
The global wind turbine market size accounted for USD 149.98 billion in 2024 and is predicted to reach around USD 318.02 billion by 2034, growing at a CAGR of 7.81% from 2024 to 2034.
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The Asia Pacific wind turbine market size was valued at USD 82.01 billion in 2023 and is expected to be worth around USD 318.02 billion by 2034, at a CAGR of 8% from 2024 to 2034.
The Asia Pacific region is expected to be the largest and the fast paced market as they have the largest wind power generation and the presence of manufacturing and technological hubs in various countries like India, Japan and China. The installation capacity in China has dominated the Asia Pacific market. The fourth largest wind power installed capacity is held by India. The major projects are situated in the northern, western and the southern parts of the country. The Indian government aims to achieve 60 gigawatts, by the end of 2022. Major companies are investing in the Asia Pacific market.
North America is the biggest segment for this market in terms of region. It is due to the rapid infrastructure expansion and due to the implementation of various offshore wind projects the global wind turbine market has Asia Pacific region as the fastest growing area and it is expected to grow during the forecast. The main reasons for the growth in this region are the increasing population which provides a large consumer base and an ever increasing demand for the renewable sources of energy.
In order to convert the wind energy into electric energy, wind turbines are used in the wind power plants. The electric energy is derived due to the aerodynamic force of the rotor blades. The conversion of the aerodynamic force to the rotation of a generator produces electricity. As various governments are adopting initiatives to combat the climate change renewable energy is experiencing great growth. With the COVID-19 outbreak in 2020, the growth of the wind turbine market was impacted in terms of delays in manufacturing and delays in the supply of raw material or the supply of new turbines. So all of these were the challenges faced by the wind turbine market.
COVID-19 had impacted almost all the industries across the globe. The industrial operations were affected due to delays in the supply chains. The operations of many companies were halted due to the absence of workforce. Apart from that many vendors have migrated to their hometowns due to the uncertainties in the income during the lockdown so the production and manufacturing activities had come to an halt. Even during the forecasted the growth could be hampered due to the shortage of workforce. The import and export activities were also impacted which directly affected the wind turbines market.
As the governments are taking initiatives to produce renewable energy there is a growth in the market. An increasing demand for renewable energy sources, especially the wind power and efforts to reduce the dependence on fossil fuel based power generation are expected to be the major factors for the rise of this market. Many tax benefits and incentives are provided by the governments which are helping in reducing the prices of the components so it is expected to give a boost to the wind turbine market. Across many developing nations, there is a mismatch in the supply and demand so there is a surge in the wind turbine market.
In the offshore installation of the wind turbines, the companies are being able to install taller turbines and also larger blades in order to sweep more area than the smaller turbines. As the size of the wind turbines has grown, it has also helped in lowering the cost of wind energy. The adoption of offshore wind markets for the wind energy with the help of advanced technologies has attracted many nations and companies for high investments. The wind energy is variable. If the wind doesn't flow, no electricity is generated. The wind energy industry is still blooming due to the efforts taken by the various nations across the world to combat climate change, such as the Paris Agreement.
| Report Coverage | Details |
| Market Size in 2023 | USD 139 Billion |
| Market Size in 2024 | USD 149.98 Billion |
| Market Size by 2034 | USD 318.02 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 7.81% |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Axis, Installation, Components, Application, Capacity, Connectivity, Rating, Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Depending upon the axis of the wind turbine, the vertical segment is expected to dominate the global market and to remain the fastest growing segment in the forecast period as the main features of this type is it provides high efficiency at lower price.
On the basis of the installation, the global wind turbine market can be classified into either onshore market or the offshore market. Onshore market has been on the high till 2023 and it is projected to remain the fastest growing segment even during the forecast period. The onshore wind market is expected to grow rapidly during the forecast period owing to the factors like higher demand for the onshore installation as compared to the offshore installation.
The offshore wind turbine installation is expected to grow during the forecast as the major companies in the countries are turning towards the adoption of renewable energy sources and clean energy sources. The offshore wind turbine provides many other benefits like improved power generation due to consistent wind flow and quick installation of the turbines.
The wind turbine market has many components and based on the components it can be classified into rotator blade, Generator, gearbox, nacelle and others. The rotator blade segment has dominated the market till 2022 and it shall rise during the forecast the reason being rapid industrialization and increased power industries.
The various applications of the wind turbines are industrial applications, commercial applications, utility and residential applications. The utility segment has dominated the market till date and it is expected to grow during the forecast as the Governments are making stringent policies in order to have sustainable renewable projects. Due to rapid urbanization and rapid expansion of local production the demand in the residential application is expected to rise.
Market Segmentation
By Axis
By Installation
By Components
By Application
By Capacity
By Connectivity
By Rating
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Wind Turbine Market, By Axis
7.1. Wind Turbine Market, by Axis, 2024-2034
7.1.1. Vertical
7.1.1.1. Market Revenue and Forecast (2021-2034)
7.1.2. Horizontal
7.1.2.1. Market Revenue and Forecast (2021-2034)
Chapter 8. Global Wind Turbine Market, By Installation
8.1. Wind Turbine Market, by Installation, 2024-2034
8.1.1. Offshore
8.1.1.1. Market Revenue and Forecast (2021-2034)
8.1.2. Onshore
8.1.2.1. Market Revenue and Forecast (2021-2034)
Chapter 9. Global Wind Turbine Market, By Components
9.1. Wind Turbine Market, by Components, 2024-2034
9.1.1. Rotator blade
9.1.1.1. Market Revenue and Forecast (2021-2034)
9.1.2. Generator
9.1.2.1. Market Revenue and Forecast (2021-2034)
9.1.3. Gearbox
9.1.3.1. Market Revenue and Forecast (2021-2034)
9.1.4. Nacelle
9.1.4.1. Market Revenue and Forecast (2021-2034)
Chapter 10. Global Wind Turbine Market, By Application
10.1. Wind Turbine Market, by Application, 2024-2034
10.1.1. Residential
10.1.1.1. Market Revenue and Forecast (2021-2034)
10.1.2. Utility
10.1.2.1. Market Revenue and Forecast (2021-2034)
10.1.3. Industrial
10.1.3.1. Market Revenue and Forecast (2021-2034)
10.1.4. Commercial
10.1.4.1. Market Revenue and Forecast (2021-2034)
Chapter 11. Global Wind Turbine Market, By Capacity
11.1. Wind Turbine Market, by Capacity, 2024-2034
11.1.1. Small
11.1.1.1. Market Revenue and Forecast (2021-2034)
11.1.2. Medium
11.1.2.1. Market Revenue and Forecast (2021-2034)
11.1.3. Large
11.1.3.1. Market Revenue and Forecast (2021-2034)
Chapter 12. Global Wind Turbine Market, By Connectivity
12.1. Wind Turbine Market, by Connectivity, 2024-2034
12.1.1. Grid Connected
12.1.1.1. Market Revenue and Forecast (2021-2034)
12.1.2. Stand Alone
12.1.2.1. Market Revenue and Forecast (2021-2034)
Chapter 13. Global Wind Turbine Market, By Rating
13.1. Wind Turbine Market, by Rating, 2024-2034
13.1.1. < 100 kW
13.1.1.1. Market Revenue and Forecast (2021-2034)
13.1.2. 100 kW to 250 kW
13.1.2.1. Market Revenue and Forecast (2021-2034)
13.1.3. > 250 kW to 500 kW
13.1.3.1. Market Revenue and Forecast (2021-2034)
13.1.4. > 500 kW to 1 MW
13.1.4.1. Market Revenue and Forecast (2021-2034)
13.1.5. 1 MW to 2 MW
13.1.5.1. Market Revenue and Forecast (2021-2034)
13.1.6. >2 MW
13.1.6.1. Market Revenue and Forecast (2021-2034)
Chapter 14. Global Wind Turbine Market, Regional Estimates and Trend Forecast
14.1. North America
14.1.1. Market Revenue and Forecast, by Axis (2021-2034)
14.1.2. Market Revenue and Forecast, by Installation (2021-2034)
14.1.3. Market Revenue and Forecast, by Components (2021-2034)
14.1.4. Market Revenue and Forecast, by Application (2021-2034)
14.1.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.1.6. Market Revenue and Forecast, by Rating (2021-2034)
14.1.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.1.8. U.S.
14.1.8.1. Market Revenue and Forecast, by Axis (2021-2034)
14.1.8.2. Market Revenue and Forecast, by Installation (2021-2034)
14.1.8.3. Market Revenue and Forecast, by Components (2021-2034)
14.1.8.4. Market Revenue and Forecast, by Application (2021-2034)
14.1.8.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.1.8.6. Market Revenue and Forecast, by Rating (2021-2034)
14.1.8.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.1.9. Rest of North America
14.1.9.1. Market Revenue and Forecast, by Axis (2021-2034)
14.1.9.2. Market Revenue and Forecast, by Installation (2021-2034)
14.1.9.3. Market Revenue and Forecast, by Components (2021-2034)
14.1.9.4. Market Revenue and Forecast, by Application (2021-2034)
14.1.9.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.1.9.6. Market Revenue and Forecast, by Rating (2021-2034)
14.1.9.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.2. Europe
14.2.1. Market Revenue and Forecast, by Axis (2021-2034)
14.2.2. Market Revenue and Forecast, by Installation (2021-2034)
14.2.3. Market Revenue and Forecast, by Components (2021-2034)
14.2.4. Market Revenue and Forecast, by Application (2021-2034)
14.2.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.2.6. Market Revenue and Forecast, by Rating (2021-2034)
14.2.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.2.8. UK
14.2.8.1. Market Revenue and Forecast, by Axis (2021-2034)
14.2.8.2. Market Revenue and Forecast, by Installation (2021-2034)
14.2.8.3. Market Revenue and Forecast, by Components (2021-2034)
14.2.8.4. Market Revenue and Forecast, by Application (2021-2034)
14.2.8.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.2.8.6. Market Revenue and Forecast, by Rating (2021-2034)
14.2.8.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.2.9. Germany
14.2.9.1. Market Revenue and Forecast, by Axis (2021-2034)
14.2.9.2. Market Revenue and Forecast, by Installation (2021-2034)
14.2.9.3. Market Revenue and Forecast, by Components (2021-2034)
14.2.9.4. Market Revenue and Forecast, by Application (2021-2034)
14.2.9.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.2.9.6. Market Revenue and Forecast, by Rating (2021-2034)
14.2.9.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.2.10. France
14.2.10.1. Market Revenue and Forecast, by Axis (2021-2034)
14.2.10.2. Market Revenue and Forecast, by Installation (2021-2034)
14.2.10.3. Market Revenue and Forecast, by Components (2021-2034)
14.2.10.4. Market Revenue and Forecast, by Application (2021-2034)
14.2.10.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.2.10.6. Market Revenue and Forecast, by Rating (2021-2034)
14.2.10.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.2.11. Rest of Europe
14.2.11.1. Market Revenue and Forecast, by Axis (2021-2034)
14.2.11.2. Market Revenue and Forecast, by Installation (2021-2034)
14.2.11.3. Market Revenue and Forecast, by Components (2021-2034)
14.2.11.4. Market Revenue and Forecast, by Application (2021-2034)
14.2.11.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.2.11.6. Market Revenue and Forecast, by Rating (2021-2034)
14.2.11.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.3. APAC
14.3.1. Market Revenue and Forecast, by Axis (2021-2034)
14.3.2. Market Revenue and Forecast, by Installation (2021-2034)
14.3.3. Market Revenue and Forecast, by Components (2021-2034)
14.3.4. Market Revenue and Forecast, by Application (2021-2034)
14.3.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.3.6. Market Revenue and Forecast, by Rating (2021-2034)
14.3.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.3.8. India
14.3.8.1. Market Revenue and Forecast, by Axis (2021-2034)
14.3.8.2. Market Revenue and Forecast, by Installation (2021-2034)
14.3.8.3. Market Revenue and Forecast, by Components (2021-2034)
14.3.8.4. Market Revenue and Forecast, by Application (2021-2034)
14.3.8.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.3.8.6. Market Revenue and Forecast, by Rating (2021-2034)
14.3.8.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.3.9. China
14.3.9.1. Market Revenue and Forecast, by Axis (2021-2034)
14.3.9.2. Market Revenue and Forecast, by Installation (2021-2034)
14.3.9.3. Market Revenue and Forecast, by Components (2021-2034)
14.3.9.4. Market Revenue and Forecast, by Application (2021-2034)
14.3.9.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.3.9.6. Market Revenue and Forecast, by Rating (2021-2034)
14.3.9.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.3.10. Japan
14.3.10.1. Market Revenue and Forecast, by Axis (2021-2034)
14.3.10.2. Market Revenue and Forecast, by Installation (2021-2034)
14.3.10.3. Market Revenue and Forecast, by Components (2021-2034)
14.3.10.4. Market Revenue and Forecast, by Application (2021-2034)
14.3.10.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.3.10.6. Market Revenue and Forecast, by Rating (2021-2034)
14.3.10.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.3.11. Rest of APAC
14.3.11.1. Market Revenue and Forecast, by Axis (2021-2034)
14.3.11.2. Market Revenue and Forecast, by Installation (2021-2034)
14.3.11.3. Market Revenue and Forecast, by Components (2021-2034)
14.3.11.4. Market Revenue and Forecast, by Application (2021-2034)
14.3.11.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.3.11.6. Market Revenue and Forecast, by Rating (2021-2034)
14.3.11.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.4. MEA
14.4.1. Market Revenue and Forecast, by Axis (2021-2034)
14.4.2. Market Revenue and Forecast, by Installation (2021-2034)
14.4.3. Market Revenue and Forecast, by Components (2021-2034)
14.4.4. Market Revenue and Forecast, by Application (2021-2034)
14.4.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.4.6. Market Revenue and Forecast, by Rating (2021-2034)
14.4.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.4.8. GCC
14.4.8.1. Market Revenue and Forecast, by Axis (2021-2034)
14.4.8.2. Market Revenue and Forecast, by Installation (2021-2034)
14.4.8.3. Market Revenue and Forecast, by Components (2021-2034)
14.4.8.4. Market Revenue and Forecast, by Application (2021-2034)
14.4.8.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.4.8.6. Market Revenue and Forecast, by Rating (2021-2034)
14.4.8.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.4.9. North Africa
14.4.9.1. Market Revenue and Forecast, by Axis (2021-2034)
14.4.9.2. Market Revenue and Forecast, by Installation (2021-2034)
14.4.9.3. Market Revenue and Forecast, by Components (2021-2034)
14.4.9.4. Market Revenue and Forecast, by Application (2021-2034)
14.4.9.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.4.9.6. Market Revenue and Forecast, by Rating (2021-2034)
14.4.9.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.4.10. South Africa
14.4.10.1. Market Revenue and Forecast, by Axis (2021-2034)
14.4.10.2. Market Revenue and Forecast, by Installation (2021-2034)
14.4.10.3. Market Revenue and Forecast, by Components (2021-2034)
14.4.10.4. Market Revenue and Forecast, by Application (2021-2034)
14.4.10.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.4.10.6. Market Revenue and Forecast, by Rating (2021-2034)
14.4.10.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.4.11. Rest of MEA
14.4.11.1. Market Revenue and Forecast, by Axis (2021-2034)
14.4.11.2. Market Revenue and Forecast, by Installation (2021-2034)
14.4.11.3. Market Revenue and Forecast, by Components (2021-2034)
14.4.11.4. Market Revenue and Forecast, by Application (2021-2034)
14.4.11.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.4.11.6. Market Revenue and Forecast, by Rating (2021-2034)
14.4.11.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.5. Latin America
14.5.1. Market Revenue and Forecast, by Axis (2021-2034)
14.5.2. Market Revenue and Forecast, by Installation (2021-2034)
14.5.3. Market Revenue and Forecast, by Components (2021-2034)
14.5.4. Market Revenue and Forecast, by Application (2021-2034)
14.5.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.5.6. Market Revenue and Forecast, by Rating (2021-2034)
14.5.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.5.8. Brazil
14.5.8.1. Market Revenue and Forecast, by Axis (2021-2034)
14.5.8.2. Market Revenue and Forecast, by Installation (2021-2034)
14.5.8.3. Market Revenue and Forecast, by Components (2021-2034)
14.5.8.4. Market Revenue and Forecast, by Application (2021-2034)
14.5.8.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.5.8.6. Market Revenue and Forecast, by Rating (2021-2034)
14.5.8.7. Market Revenue and Forecast, by Connectivity (2021-2034)
14.5.9. Rest of LATAM
14.5.9.1. Market Revenue and Forecast, by Axis (2021-2034)
14.5.9.2. Market Revenue and Forecast, by Installation (2021-2034)
14.5.9.3. Market Revenue and Forecast, by Components (2021-2034)
14.5.9.4. Market Revenue and Forecast, by Application (2021-2034)
14.5.9.5. Market Revenue and Forecast, by Capacity (2021-2034)
14.5.9.6. Market Revenue and Forecast, by Rating (2021-2034)
14.5.9.7. Market Revenue and Forecast, by Connectivity (2021-2034)
Chapter 15. Company Profiles
15.1. General Electric company.
15.1.1. Company Overview
15.1.2. Product Offerings
15.1.3. Financial Performance
15.1.4. Recent Initiatives
15.2. Vestas Wind Systems A/S
15.2.1. Company Overview
15.2.2. Product Offerings
15.2.3. Financial Performance
15.2.4. Recent Initiatives
15.3. Nordex SE.
15.3.1. Company Overview
15.3.2. Product Offerings
15.3.3. Financial Performance
15.3.4. Recent Initiatives
15.4. Suzlon Energy Limited.
15.4.1. Company Overview
15.4.2. Product Offerings
15.4.3. Financial Performance
15.4.4. Recent Initiatives
15.5. Siemens Gamesa renewable energy. SA
15.5.1. Company Overview
15.5.2. Product Offerings
15.5.3. Financial Performance
15.5.4. Recent Initiatives
15.6. CSIC.
15.6.1. Company Overview
15.6.2. Product Offerings
15.6.3. Financial Performance
15.6.4. Recent Initiatives
15.7. Shanghai Electric.
15.7.1. Company Overview
15.7.2. Product Offerings
15.7.3. Financial Performance
15.7.4. Recent Initiatives
15.8. Windey
15.8.1. Company Overview
15.8.2. Product Offerings
15.8.3. Financial Performance
15.8.4. Recent Initiatives
Chapter 16. Research Methodology
16.1. Primary Research
16.2. Secondary Research
16.3. Assumptions
Chapter 17. Appendix
17.1. About Us
17.2. Glossary of Terms
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