In 2022, Chinese wind turbine manufacturer Goldwind had a global market share of around **** percent. This was followed by Envision at **** percent that year. Wind energy worldwideWind power is generated when kinetic energy from wind is converted into mechanical power or electricity. There are two basic wind turbine groups, one with a horizontal axis and one with a vertical axis. Horizontal turbines have two or three blades and operate with their blades facing the wind. Single small turbines can be used for homes, telecommunications dishes, or water pumping. They can also be connected to batteries, solar photovoltaic systems, and diesel generators which are typically used in regions without utility-grid connections. Global wind turbine manufacturers In 2022, Vestas accounted for **** percent of the world’s market share for wind turbines, while Siemens Gamesa had a market share of *** percent. Vestas generated a revenue of **** billion euros in 2023, an increase of almost one billion euros from the previous year. The Danish company has turbines installed in over 70 countries and recently merged its offshore business with Mitsubishi Heavy Industries to form MHI-Vestas. Large offshore wind installations have become increasingly popular around the world.

****** was the leading wind turbine manufacturer based on production capacity in 2022, with roughly ** gigawatts or a ** percent share of the global manufacturing capacity. ******** and **************** followed with a production capacity share of ** and ** percent, respectively.

This statistic presents the leading wind turbine original equipment manufacturers (OEMs) in the global market as of 2019, based on market share. During this year, the Danish company, Vestas, held a market share of **** percent. Global wind turbine manufacturers – additional information

Wind companies in China are dominating the global wind power market. In 2018, the Chinese wind turbine supplier, Goldwind, held about **** percent of the market, while Denmark’s Vestas held about **** percent of the global market share. Goldwind is headquartered in Urumqi, Xinjiang but also employs people all over Asia, Europe, and the Americas. Founded in 1998, Goldwind has quickly expanded into the global market, receiving some **** megawatts of commissioned capacity globally in 2019. Pressure from the Chinese market has prompted wind turbine manufacturers from regions outside of China to increase M&A (merge and acquisition) activities, such as the 2015 merger between Germany’s Nordex and Spain’s Acciona Windpower.

As of 2015, almost ** percent of globally installed wind energy capacity is located in China and about ** percent in the United States. Wind energy installations from Chinese companies remain largely within their home markets, while other companies like Vestas, GE Wind, and Gamesa dominate international markets. For example, Gamesa dominated the wind energy market in the Middle East in 2014, accounting for over half of the region’s market share . Chinese companies are expected to increase competition outside of their home market in the near future, driven by beneficial government incentives and subsidies.

Wind turbine manufacturing has been experiencing significant growth in the years leading to 2024, despite general macroeconomic uncertainty experienced during the period. Most states today are required to generate a portion of their electricity from renewable sources, including wind via turbines. The federal renewable electricity production tax credit (PTC) subsidizes energy producers based on the amount of renewable energy they generate, driving growing wind power capacity. Turbine purchases are often timed to benefit from federal tax incentives, which has resulted in considerable volatility during the current period. The Trump Administration's lack of emphasis on renewable energy eroded industry investment, but industry revenue has still been growing at a CAGR of 8.4% over the past five years, reaching an estimated $12.1 billion in 2024. This notably includes a spike of 75.1% in 2020 alone, as the anticipated phaseout of the PTC at the end of 2020 sparked investments. PTCs were eventually extended. Still, the industry is expected to see a slight decline of 0.6% in 2024, as elevated interest rates stifle investment. Meanwhile, profit has seen an overall decline in recent years amid rising costs. The fickle nature of the industry has led to consolidation as larger and more diversified companies are better able to withstand the boom-and-bust years caused by uncertainty in federal policy. The rapid evolution of wind turbines and the potential rise of offshore wind over the coming years has also led to mergers as the industry's major players seek to increase research and development efforts. General Electric Company and Siemens Gamesa Renewable Energy, two of the largest industry operators, have both made large acquisitions and gains over the past five years. These companies, along with Vestas Wind Systems A/S and Nordex Acciona, largely control the US wind market. Moving forward, heightened focus on energy policies prioritizing green and renewable energy, from both the private and public sectors, will buoy revenue. Policies included in the Inflation Reduction Act will drive investment. Overall, industry revenue is expected to increase at a CAGR of 1.3% to $12.9 billion in 2029. Motivated by declining wind turbine prices and renewed investment, the industry will retain significant growth potential, with the wind sector expected to emerge as an increasingly viable alternative energy source.

In 2022, Vestas, headquartered in Denmark, generated the highest revenues among wind turbine manufacturers in the world at approximately **** billion U.S. dollars. It also held the largest global market share among the world’s leading wind turbine nacelle manufacturers that year, with roughly ** percent. Wind turbine power in China In 2023, China led the way with a remarkable number of new installations increasing the country’s wind power capacity, and by far exceeding other front-runners like the United States and Brazil. The rapid growth of the Chinese market for wind energy is indicated by the high revenues, although many Chinese companies still focus mostly only on the domestic market. Goldwind holds one of the largest global market shares of wind component manufacturing worldwide. International versus domestic markets While the largest Chinese wind turbine companies mostly operate on a national level, the Danish company Vestas maintains its large percentage of global market share due to its international profile. Vestas delivers wind turbines to neighboring countries as well as overseas, with the United States receiving the highest number of deliveries by far in 2024.

The Report Covers Direct Drive Wind Turbine Manufacturers and the Market is Segmented by Capacity (Less than 1 MW, 1 MW - 3 MW, and Greater than 3 MW) and Geography (North America, Europe, Asia-Pacific, South America, Middle-East and Africa).

The global wind turbine market is experiencing robust growth, driven by the urgent need for renewable energy sources to combat climate change and increasing government support for renewable energy initiatives. The market, estimated at $50 billion in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 8% from 2025 to 2033, reaching an estimated value exceeding $90 billion by 2033. This expansion is fueled by several factors, including decreasing turbine costs, technological advancements leading to higher efficiency and larger capacity turbines, and expanding offshore wind power generation capabilities. Key market segments include onshore and offshore wind power generation, with asynchronous and synchronous turbine types catering to diverse project needs. Europe, particularly the UK, Germany, and Denmark, currently holds a significant market share, due to established renewable energy policies and substantial investments in wind energy infrastructure. However, growth is expected across various regions, driven by emerging markets in Asia and North America adopting renewable energy strategies. Major players like Vestas, Siemens Gamesa, Nordex, and GE Renewable Energy dominate the market, leveraging their technological expertise and global reach. However, the landscape is becoming increasingly competitive with the emergence of Chinese manufacturers, such as Goldwind and Envision Energy, offering cost-competitive solutions. Despite the significant growth, challenges such as grid integration complexities, intermittency of wind resources, and environmental concerns related to manufacturing and deployment remain. Nevertheless, the long-term outlook for the wind turbine market remains positive, with continuous innovation in turbine design, materials science, and digital technologies expected to further enhance efficiency and reduce costs, making wind energy a more viable and sustainable power source.

The Global Wind Power Equipment Market is Segmented by Location (Onshore and Offshore), Equipment Type (Rotor/Blade, Tower, Generator, and Other Equipment Types), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The global large wind turbine market is experiencing robust growth, driven by the increasing demand for renewable energy sources and supportive government policies aimed at mitigating climate change. The market, estimated at $50 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8% from 2025 to 2033, reaching approximately $95 billion by 2033. This expansion is fueled by several key factors. Firstly, the declining cost of wind turbine technology, coupled with advancements in turbine design leading to increased efficiency and capacity, makes large wind turbines a progressively cost-effective energy solution. Secondly, the global push towards decarbonization and the commitment by many countries to achieve net-zero emissions targets significantly boosts the adoption of wind energy, particularly large-scale onshore and offshore wind farms. Furthermore, technological advancements such as improved blade designs, advanced control systems, and digital twin technologies are optimizing turbine performance and reducing operational costs. The onshore segment currently holds a larger market share due to lower installation costs and easier accessibility, while the offshore segment is witnessing substantial growth driven by higher wind speeds and larger capacity turbines. Horizontal-axis wind turbines dominate the market due to their established technology and proven efficiency. However, the market faces certain restraints. Intermittency of wind power remains a challenge, necessitating the development of efficient energy storage solutions and grid infrastructure to accommodate fluctuating power output. The permitting and regulatory processes for large-scale wind farm development can also be lengthy and complex, hindering market growth in some regions. Moreover, the dependence on rare earth elements for certain components and the potential environmental impacts associated with manufacturing and decommissioning of turbines pose ongoing concerns. Competition among major players like Vestas, Siemens Gamesa, and Suzlon is intense, driving innovation and price reductions, further benefiting the market's overall growth. Regional variations in market growth are expected, with Asia-Pacific and Europe leading the charge due to supportive government policies, established renewable energy infrastructure, and a high concentration of leading manufacturers. North America and other regions are also expected to show significant growth, but at a comparatively slower pace.

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Wind Turbine Components Market Size 2025-2029

The wind turbine components market size is forecast to increase by USD 47.7 billion at a CAGR of 7.2% between 2024 and 2029.

The market is experiencing significant growth, driven by the expanding global wind power market and the consistently declining cost of wind power. This trend is expected to continue as renewable energy sources gain increasing importance in the global energy mix. However, the market faces challenges related to the complexity of materials, control systems, and energy storage. These obstacles require innovative solutions to ensure the efficiency and reliability of wind turbines, making it essential for industry players to invest in research and development. Companies seeking to capitalize on market opportunities must address these challenges effectively to remain competitive and meet the evolving demands of the wind energy sector.

What will be the Size of the Wind Turbine Components Market during the forecast period?

Request Free SampleThe market is characterized by continuous evolution and dynamic market activities. Renewable energy's increasing role in the global energy transition fuels the demand for advanced wind turbine technologies. Turbine control systems, environmental permitting, and grid interconnection are crucial elements in the development of onshore and offshore wind farms. Wind resource assessment, wind farm layout, and power electronics play a pivotal role in optimizing wind farm performance. Wind shear, site assessment, energy storage, and distributed wind are integral components of this intricate system. Wind sensors, wind resource assessment, and life cycle assessment are essential for ensuring energy yield and efficiency. Grid integration, yaw system, smart grid, and capacity factor are vital aspects of wind turbine design, ensuring optimal energy production and return on investment. The wind industry's ongoing focus on reducing carbon emissions and environmental impact necessitates the use of composite materials, fatigue analysis, and pitch systems. The cost of energy, energy policy, and utility-scale wind projects influence the market's supply chain dynamics. Wind speed and wind resource assessment are critical factors in the selection of wind turbine components, ensuring optimal energy production and minimizing the risk of structural damage. The wind industry's focus on energy efficiency and sustainability drives ongoing research and development in wind turbine technologies.

How is this Wind Turbine Components Industry segmented?

The wind turbine components industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ApplicationOnshoreOffshoreProductWind turbine rotor bladesWind turbine gearboxesWind turbine generatorsWind turbine towersOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanySpainUKAPACChinaIndiaJapanSouth AmericaBrazilRest of World (ROW)

By Application Insights

The onshore segment is estimated to witness significant growth during the forecast period.The market is experiencing significant growth as renewable energy, specifically wind power, becomes increasingly competitive with traditional energy sources. Onshore wind power plants, which house turbines on land, have seen a surge in development due to the reducing cost of power generation and technological innovations. Advanced technologies, such as Vestas' 4 MW platform, enable onshore turbines to operate efficiently in various wind conditions. Offshore wind, another segment of the market, is also gaining traction due to the high wind resource and potential for increased capacity factors. However, environmental permitting and grid interconnection pose challenges, requiring careful site assessment and wind resource evaluation. Structural analysis, wind turbine design, and power electronics play crucial roles in optimizing wind energy production. Wind shear, a critical factor in wind farm layout, is analyzed to ensure maximum energy yield and efficiency. Energy storage solutions and smart grid integration are essential for managing the intermittency of wind power. Utility-scale wind projects, driven by energy policy and carbon emissions reduction targets, require extensive supply chain management and cost-effective solutions. Wind farm development, from site assessment to power purchase agreements, involves a complex process of balancing environmental impact, energy efficiency, and return on investment. Composite materials and fatigue analysis are essential for enhancing turbine durability and performance. The market is expected to continue evolving as the energy transition progresses, with a focus on increasing capacity factors, improving energy efficiency, and reducing the cost of energy. Wind resource assessme

The global sales of Direct Drive Wind Turbine are anticipated to reach USD 19,759.7 million by 2024, with a growing demand increase from end users at 16.2%CAGR over the forecast period. The market value is forecast to grow from USD 22,960.8 million in 2025 to USD 1,03,050.2 million by 2035.

Attributes	Key Insights
Market Value, 2024	USD 19,759.7 Million
Estimated Market Value, 2025	USD 22,960.8 Million
Projected Market Value, 2035	USD 1,03,050.2 Million
Market Value CAGR (2025 to 2035)	16.2%

Semi-annual Market Update

Particular	Value CAGR
H1	15.7% (2024 to 2034)
H2	16.2%(2024 to 2034)
H1	15.8% (2025 to 2035)
H2	16.4% (2025 to 2035)

Country-wise Insights

Country	CAGR, 2025 to 2035
The USA	20.1%
India	19.5%
China	17.4%
Germany	14.6%
Japan	13.1%

Category-wise Insights

Segment	Value CAGR (2024)
1MW to 3MW segment (Capacity)	21.4%

Segment	Value Share (2024)
Offshore Wind Turbines (Application)	55.2%

This statistic shows German and Chinese wind turbine manufacturers' share of the global wind turbine market in 2010. That year, Chinese wind turbine manufacturer United Power had a global market share of around 4.2 percent.

The global wind turbine market is experiencing robust growth, projected to reach a market size of $42.31 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 5.6% from 2019 to 2033. This expansion is driven by several key factors, including the increasing global demand for renewable energy sources to combat climate change and meet stringent emission reduction targets. Government incentives, such as tax credits and subsidies for renewable energy projects, are further stimulating market growth. Technological advancements, resulting in more efficient and cost-effective wind turbines, are also contributing to wider adoption. The market is witnessing a shift towards larger turbine capacities, offshore wind farms, and hybrid energy solutions, enhancing energy generation and overall efficiency. Major players like Vestas, Siemens Gamesa, Goldwind, and GE Renewable Energy are continuously investing in research and development to maintain a competitive edge, introducing innovative designs and operational strategies. However, the market also faces certain challenges. The intermittent nature of wind power, requiring robust energy storage solutions and grid infrastructure upgrades, presents a significant hurdle. The initial capital investment costs for wind farms, including land acquisition, construction, and maintenance, remain substantial, potentially deterring some investors. Furthermore, the environmental impact, such as noise pollution and visual effects, can lead to public resistance in certain locations. Despite these limitations, the long-term outlook for the wind turbine market remains positive, driven by the increasing urgency for sustainable energy solutions and ongoing technological innovation. The focus on optimizing supply chains, reducing manufacturing costs, and addressing public concerns will be crucial for continued market expansion. This report provides a detailed analysis of the global wind turbine market, valued at over $100 billion in 2023, projecting significant growth to exceed $150 billion by 2028. We delve into market dynamics, key players, emerging trends, and future prospects, utilizing extensive data and expert insights to provide actionable intelligence for industry stakeholders. This report leverages high-search-volume keywords such as "offshore wind turbines," "wind energy market," "wind turbine technology," and "renewable energy," ensuring maximum visibility and accessibility.

According to Cognitive Market Research, the global Wind Turbine market size will be USD 55142.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 22057.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 16542.75 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 12682.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2757.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1102.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
The utility sector is the dominant application category. This dominance is due to the large-scale nature of utility wind farms.

Market Dynamics of Wind Turbine Market

Key Drivers for Wind Turbine Market

Government Policies and Incentives to Increase the Demand Globally

One of the key drivers propelling the Wind Turbine Market is the robust support from governments through policies and incentives aimed at promoting renewable energy. Many countries are setting ambitious targets to reduce carbon emissions and are increasingly turning to wind energy as a sustainable solution. Subsidies, tax credits, and feed-in tariffs are some of the incentives provided to developers and manufacturers, which significantly lower the financial risks associated with wind projects. This governmental backing not only accelerates the deployment of wind turbines but also fosters innovation in turbine technology, driving market growth.

Technological Advancements and Cost Reduction to Propel Market Growth

Technological advancements in wind turbine design and materials have been another critical driver in the market’s expansion. Innovations such as larger rotor diameters, taller towers, and improved blade designs have significantly increased the efficiency and capacity of wind turbines, making wind energy more competitive with traditional power sources. Additionally, advancements in predictive maintenance and digitalization have reduced operational costs, further enhancing the economic viability of wind projects. These technological strides have led to a decline in the levelized cost of energy (LCOE) for wind, making it an increasingly attractive option for power generation globally.

Restraint Factor for the Wind Turbine Market

High Initial Capital Costs to Limit the Sales

A significant restraint in the Wind Turbine Market is the high initial capital investment required for wind energy projects. The costs associated with manufacturing, transporting, and installing wind turbines, particularly for offshore projects, can be substantial. Additionally, the need for specialized infrastructure, such as transmission lines and grid integration systems, further adds to the financial burden. These upfront expenses can deter potential investors and slow down the adoption of wind energy, especially in regions with limited financial resources or less supportive regulatory environments, posing a challenge to market growth.

High implementation costs and the skilled personnel required for turbine can hamper the market.

Large wind turbine projects implementation is hindered by challenges such as high installation costs, elaborate installation processes, and the use of specialized and skilled staff to operate and maintain them. Large wind turbine projects, especially those offshore, necessitate high initial investment in equipment, site development, and building. Wind turbines in themselves are a high-cost item, making up the majority of the overall installed cost. Maintenance, repairs, and personnel, and O&M costs, can be a large percentage of a wind farm's overall lifecycle cost. Offshore wind farms tend to be costlier to construct and maintain because it is difficult to work at sea, with the requirement for specialized personnel and equipment. Although fl...

The global wind turbine generator market has been calculated to increase from US$ 23.6 billion in 2024 to US$ 39.9 billion by the end of 2034. As per this latest research report by Fact.MR, the market is projected to expand at a CAGR of 5.4% from 2024 to 2034.

Report Attribute	Detail
Wind Turbine Generator Market Size (2024E)	US$ 23.6 Billion
Forecasted Market Value (2034F)	US$ 39.9 Billion
Global Market Growth Rate (2024 to 2034)	5.4% CAGR
Canada Market Growth Rate (2024 to 2034)	5.4% CAGR
China Market Value (2034F)	US$ 9.1 Billion
North America Market Share (2024E)	19.5%
East Asia Market Share (2034F)	38.6%
Key Companies Profiled	Siemens; Vestas; Goldwind; Mitsubishi; Bergey Windpower Co.; CRRC Wind Power Co. Ltd.; Eocycle Technologies Inc.; General Electric; Hyundai Heavy Industries Co. Ltd.; Ming Yang Wind Power Group Limited.

Country-wise Insights

Attribute	Canada
Market Value (2024E)	US$ 600 Million
Growth Rate (2024 to 2034)	5.4% CAGR
Projected Value (2034F)	US$ 1 Billion

Attribute	Japan
Market Value (2024E)	US$ 1.9 Billion
Growth Rate (2024 to 2034)	5.7% CAGR
Projected Value (2034F)	US$ 3.3 Billion

Category-wise Evaluation

Attribute	Alternating Current Asynchronous Generators
Segment Value (2024E)	US$ 15.2 Billion
Growth Rate (2024 to 2034)	5.4% CAGR
Projected Value (2034F)	US$ 25.7 Billion

Attribute	Onshore Wind Turbine Generators
Segment Value (2024E)	US$ 18.1 Billion
Growth Rate (2024 to 2034)	5.4% CAGR
Projected Value (2034F)	US$ 30.6 Billion

The global wind turbine market is experiencing robust growth, fueled by the increasing urgency to transition to renewable energy sources and mitigate climate change. A compound annual growth rate (CAGR) of 45.66% from 2019 to 2024 suggests a significant expansion, and while precise market size figures are absent, industry reports consistently point to a multi-billion dollar market. This expansion is driven by supportive government policies promoting renewable energy integration, falling turbine costs due to technological advancements and economies of scale, and growing corporate sustainability initiatives. Key trends include the rise of offshore wind farms, which offer higher capacity factors and reduced visual impact compared to onshore projects, and the increasing adoption of larger turbine capacities to maximize energy output. Despite these positive factors, market restraints include the intermittency of wind power, the need for extensive grid infrastructure upgrades to accommodate fluctuating energy supply, and challenges related to obtaining permits and navigating environmental regulations. Leading players like Vestas, Siemens Gamesa, and General Electric continue to dominate the market, competing fiercely through innovation, cost reduction, and strategic partnerships. The market segmentation is likely diversified across onshore and offshore, capacity size (MW), and geographic region. Looking forward to 2033, the wind turbine market is projected to maintain significant growth, though the CAGR may moderate somewhat as the market matures. Continued investment in research and development will be crucial in driving further cost reductions and efficiency improvements. The geographic distribution of the market is expected to see ongoing expansion in developing economies with significant wind resources, while established markets in North America and Europe will continue to see growth, albeit potentially at a slower pace than emerging regions. The successful integration of wind energy into smart grids, along with advances in energy storage technologies to address intermittency, will further enhance the market's future prospects. Competition among manufacturers will remain intense, emphasizing the need for continuous innovation and effective supply chain management to maintain market share. Recent developments include: January 2024: Suzlon Group made a new 225 MW wind energy order from Everrenew Energy. As per the order, the company will install 75 wind turbine generators with a Hybrid Lattice Tubular tower and a rated capacity of 3 MW each at Everrenew Energy's sites at Vengaimandalam, Trichy district, and Ottapidaram, Tuticorin district in Tamil Nadu., November 2023: GE Vernova agreed with O2 Power Private Limited to supply, install, and commission 36 units of its workhorse 2.7-132 onshore wind turbines for the 97 MW wind power projects in Maharashtra, India., January 2023: Braun Windturbinen GmbH, a wind turbine manufacturer in Germany, announced the installation of 7.5 KW of small wind turbines. The system operates three parallel to the grid with the Smart Wind SW7.5 and as a backup heating system with a 6.0 kW heating rod. When 2.5 kW is reached in grid-parallel operation, the heating rod is automatically switched on according to the turbine characteristic curve. The monitoring of the domestic hot water temperature is adjustable and installed at the small wind turbine.. Key drivers for this market are: 4.5.1.1 Increasing Demand for Renewable Energy Sources4., Efforts to Reduce the Reliance on Fossil Fuel-Based Power Generation. Potential restraints include: 4.5.1.1 Increasing Demand for Renewable Energy Sources4., Efforts to Reduce the Reliance on Fossil Fuel-Based Power Generation. Notable trends are: Offshore Wind Turbine to Witness Significant Industry Growth.

Snapshot img

The Offshore Wind Turbine Market is poised to grow by 54975 MT during 2022-2026, accelerating at a CAGR of 24% during the forecast period

Technavio market report provides a holistic analysis, market size and forecast, trends, growth drivers, challenges, and vendor analysis covering around 15 vendors. Furthermore, this report extensively covers offshore wind turbine market segmentation by geography (EMEA, APAC, and Americas) and substructures (monopiles, gravity foundation, and others). The market report also offers information on several market vendors, including Eaton Corporation Plc, ENERCON GmbH, General Electric Co., Hitachi Ltd., Nordex SE, Senvion SA, Siemens AG, Suzlon Energy Ltd., Vestas Wind System AS, and Xinjiang Goldwind Science & Technology Co. Ltd. among others.

What will the Offshore Wind Turbine Market Size be During the Forecast Period?

Download Report Sample to Unlock the Offshore Wind Turbine Market Size for the Forecast Period and Other Important Statistics

Parent Market Analysis

Our Technavio Research categorizes the report belonging to Electrical Equipment Industry for the market. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions.

Offshore Wind Turbine Market: Key Drivers, Trends, and Challenges

Technavio Research categorizes the global Offshore Wind Turbine Market belonging to the Capital Goods Industry. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year.

The market is extremely competitive with all sizes of businesses, including large, medium, and small-sized companies vying to monopolize the market. The tremendous development in various fields such as product innovations and new product launches by manufacturers operating in the market will drive the growth further.

Key Offshore Wind Turbine Market Driver

The decline in LCOE for wind power generation is one of the major drivers impacting the offshore wind turbine market growth. 
Technological advances such as larger swept areas and higher hub height, along with the decline in the total installation costs, have encouraged the growth of wind power worldwide.
The fall in wind turbine cost, low operation and maintenance cost, low cost of financing, and rising turbine supplies are contributing to the decline in the levelized cost of electricity (LCOE).
The UK is a pioneer in wind power generation, where the cost of producing electricity from onshore wind turbines has declined dramatically due to innovative designs; the cost of producing electricity using wind energy in the country is now cheaper than that using fossil fuels. A decline in LCOE in wind power generation is expected to boost wind turbine installation worldwide, thereby propelling the global offshore wind turbine market.

Key Offshore Wind Turbine Market Trend

R&D in direct drive generators is one of the major trends influencing the offshore wind turbine market growth. In a typical onshore wind turbine, a low rotational speed of around 14 rpm is converted into a high rotational speed of 560-1,500 rpm. However, the wind turbine industry is currently experimenting with direct drive generators.
Direct train technology offers various advantages when compared with conventional turbines; for example, direct-drive generators will eliminate the need for a gearbox, and thus the turbine will involve fewer moving parts than geared drive trains. In the absence of gearboxes, direct-drive wind turbines run with the help of a rotor and a generator that rotate as an integrated unit.
With no mechanism to step up the rotational speed, the size of the generator increases considerably. Moreover, with no gearbox present, direct drive wind turbines are lighter in weight.
Many companies such as Siemens and GE are already experimenting with direct drive turbines, especially in offshore wind farms. As they require low maintenance, these systems are considered the future of offshore wind turbines. During the forecast period, these turbines are expected to undergo more R&D, which will also be influenced by the expected increase in offshore wind capacity.

Key Offshore Wind Turbine Market Challenge

The high failure rate of wind turbine components is one of the major challenges impeding the offshore wind turbine market growth. 
The reliability of turbines

Wind Turbine Market size was valued at USD 69.25 Billion in 2024 and is projected to reach USD 115.62 Billion by 2031, growing at a CAGR of 7.30% from 2024 to 2031.

Global Wind Turbine Market Drivers

The growth of wind turbine technology and installations is driven by several factors, including technological advancements, government policies, environmental concerns, economic viability, energy security, public acceptance, and community engagement. Technological advancements have led to more efficient and cost-effective wind turbines, with improved aerodynamics, blade materials, and control systems. Government policies, subsidies, and incentives, such as tax credits and feed-in tariffs, have made wind power projects financially viable for developers and investors.

Environmental concerns, such as climate change and air pollution, have increased the demand for clean and renewable energy sources like wind power. The decreasing costs of wind energy have made it more competitive with conventional energy sources, making it an attractive option for utilities, businesses, and consumers seeking affordable and sustainable electricity.

Wind power contributes to energy diversification and reduces reliance on imported fossil fuels, enhancing energy security for countries worldwide. Public acceptance and community engagement are crucial for successful deployment of wind energy projects. Improvements in grid infrastructure and transmission networks are necessary to accommodate the increasing penetration of wind energy into the electricity grid.

Market demand and industry growth are driving the expansion of the wind energy industry, with manufacturers, developers, and service providers scaling up operations, investing in research and development, and expanding their market presence to capitalize on the growing demand for wind turbines and related services.

Global Wind Turbine market size is expected to reach $262.07 billion by 2029 at 9.8%, segmented as by component, rotator blade, gearbox, generator, nacelle, other components

According to Cognitive Market Research, The Global wind turbine shaft market size is USD 5.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 8.00% from 2023 to 2030.

The demand for wind turbine shafts is rising due to Increase in wind tower market.
Demand for metal remains higher in the wind turbine shaft market.
The commercial category held the highest wind turbine shaft market revenue share in 2023.
Asia Pacific wind turbine shaft will continue to lead, whereas the North American wind turbine shaft market will experience the most substantial growth until 2030.

Increase in New Product Launches to Provide Viable Market Output

Leading market participants have introduced new goods with enhanced capabilities. Denmark, for example, just released a new wind turbine shaft for a turbine capable of producing 10 GW of energy. Manufacturers have made the required efforts to improve device accuracy and overall operation. The wind turbine shaft combined cycle is a recent industry product that can generate secondary power using a steam turbine and the exhaust heat emitted after turning the wind turbines. Peak motor speeds are also being fitted to reduce noise pollution. With new technology, the top industry manufacturers of wind turbine shafts are working to make turbines more visually appealing.

Increased energy consumption and wind turbine installation to Propel Market Growth

Manufacturers actively diversify wind turbine shaft production to respond to specialized applications due to fluctuating market demand. Water pumping activities are a major application, exploiting the efficiency and dependability of wind turbines. Wind turbine installation is increasing due to its clean energy qualities, cost-effectiveness in power generation, and decreased maintenance costs, which drive up demand for wind turbine shafts. This surge emphasizes the critical importance of these components in harvesting wind energy for various applications, aligning with the global shift toward more ecological and economically viable power production sources.

Market Dynamics of the Wind Turbine Shaft

High Capital and Material Costs of the Turbine Shaft to Restrict Market Growth

Due to the high capital and material costs associated with turbine shaft production, the wind turbine business is constrained. The complicated design and specialized materials required for manufacture add to the high manufacturing costs—these increased expenses present difficulties for wind energy projects, reducing their economic viability. The financial burden impedes the widespread adoption of wind turbines, particularly in areas where budgetary constraints are severe. Mitigating these cost problems is critical for the industry's future, necessitating continual R&D and innovation initiatives to optimize manufacturing processes and improve the cost-efficiency of wind turbine shafts.

Impact of COVID–19 on the Wind Turbine Shaft Market

Due to supply chain disruptions, workforce limits, and project delays, the COVID-19 pandemic first affected the wind turbine shaft business. Travel restrictions and lockdowns could have improved manufacturing and installation activities. The renewable energy sector, especially wind energy, has shown resiliency. Governments prioritized green energy efforts as economies recovered, reviving demand for wind turbine components. The market recovered due to renewed investments in long-term infrastructure, which aided the sector's recovery. Despite short-term hurdles, the pandemic highlighted the need for clean energy, boosting the wind turbine shaft market even further. Countries emphasized robust and sustainable solutions in their economic recovery strategies. Introduction of the Wind Turbine Shaft Market

The wind turbine shaft market is an important part of the greater wind energy business, as it contributes to efficiently converting wind power into electricity. These shafts convey rotational energy from the turbine blades to the generator. Wind turbine shafts are in high demand due to the increased emphasis on renewable energy. Material and manufacturing technique advancements improve the durability and efficiency of these components. The global deployment of wind energy projects is propelling the industry. As governments and industry prioritize sustainable energy sources, the wind turbine shaft market is expected to rise ...