In 2022, Chinese wind turbine manufacturer Goldwind had a global market share of around 20.8 percent. This was follwed by Goldwind at 17.5 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 11.2 percent of the world’s market share for wind turbines, while Siemens Gamesa had a market share of 7.7 percent. Vestas generated a revenue of 15.4 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.Recently, China’s new wind installations exceeded those of many other countries combined, reaching an additional capacity of over 76 gigawatts. Chinese turbine manufacturer Goldwind had a global market share of 21.8 percent in 2022.

The Wind Turbine Market Research Report is Segmented by Location of Deployment (Onshore and Offshore), Capacity (Small, Medium, and Large), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report PDF Offers the Installed Capacity, Wind Turbine Market Share, Forecasts, and Price Trend in GW for all the Above-Mentioned Segments.

Vestas was the leading wind turbine manufacturer based on production capacity in 2022, with roughly 20 gigawatts or a 13 percent share of the global manufacturing capacity. Goldwind and General Electric followed with a production capacity share of 11 and 10 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 15.8 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 13.6 percent of the market, while Denmark’s Vestas held about 15.8 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 8.25 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 40 percent of globally installed wind energy capacity is located in China and about 14 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.

The Wind Power Market Report is Segmented by Location (Onshore and Offshore) and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers the Market Size and Forecasts for Wind Power in Installed Capacity (GW) for all the Above Segments.

The report covers APAC Top Wind Turbine Manufacturers and the market is Segmented by Location (Onshore and Offshore) and Geography (China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific). The installed capacity and forecasts for Asia-Pacific Wind Power Market are provided in gigawatts (GW) for all the above segments.

In 2020, the global wind turbine market size stood at roughly 98.6 billion U.S. dollars. It is forecast that the wind turbine market value will grow with a compound annual growth rate (CAGR) of 5.6 percent from 2021 to 2027, reaching over 144 million U.S. dollars by the latter year.

The global wind energy market size reached US$ 89.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 164.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.8% during 2024-2032. The increasing demand for renewable energy sources, the increasing implementations of favorable policies and incentives, such as tax credits, subsidies, and feed-in tariffs, in stringent manner, and the development of energy storage technologies represent some of the key factors driving the market toward growth

The Report Covers China Wind Energy Market, Which is Segmented by Location (Onshore and Offshore). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity for all the Above Segments.

The wind power market size is projected to grow from USD 115.3 billion in the current year to USD 361.2 billion by 2035, representing a CAGR of 10.93%, during the forecast period till 2035.

The Floating Offshore Wind Market Report Size & Share and It is Segmented by Water Depth (Qualitative Analysis Only) Into Shallow Water (Less Than 30 M Depth), Transitional Water (30 M To 60 M Depth), and Deep Water (Higher Than 60 M Depth) and Geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The Installed Capacity and Forecasts for Floating Offshore Wind Power are Provided for all the Above Segments.

According to Cognitive Market Research, the global Onshore Wind Turbine market size will be USD 53142.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% 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 21257.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a USD 15942.75 million market size.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 12222.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2657.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% 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 1062.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The Electrically Excited Synchronous Generator held the highest Onshore Wind Turbine market revenue share in 2024.

Market Dynamics of Onshore Wind Turbine Market

Key Drivers for Onshore Wind Turbine Market

Increasing Demand for Renewable Energy Sources to Increase the Demand Globally

The Building & Construction Composites Market is experiencing growth owing to the increasing demand for renewable energy sources. Wind energy, being one of the most viable and cost-effective renewable options, is gaining substantial traction. Wind power is becoming one of the most feasible and economical renewable options available. Therefore, it encourages government subsidies and supportive legislation that stimulate investment in land-based wind farms. Furthermore, technological improvements have raised efficacy while decreasing costs for wind generators which makes it easier for people to utilize wind power resources. This increased focus on clean energy is accelerating the expansion of the onshore wind turbine sector as it plays a crucial role in the global shift towards a more sustainable energy future.

Technological Advancements in Wind Turbine Design to Propel Market Growth

The Onshore Wind Turbine market has witnessed steady growth, driven by technological advancements in wind turbine design. Innovations have resulted in more efficient, reliable, and cost-effective turbines, making wind power a more attractive option. Improved blade designs, taller towers, and enhanced materials increase energy capture and reduce maintenance costs. These advancements allow the turbines to operate in a wider range of wind conditions, allowing them to operate in a wider range of environments. Additionally, smart technology and data analytics optimize operations and anticipate maintenance needs, increasing productivity. As these technological advances continue, they contribute to greater adoption of onshore wind turbines, supporting the global shift towards renewable energy and fueling market growth.

Restraint Factor for the Onshore Wind Turbine Market

High initial investment costs Limit the Sales of the Market

The Onshore Wind Turbine market is restrained by the high initial investment costs. This is because constructing wind farms necessitates major expenditures such as land acquisition, manufacturing turbines, transportation, and installation. These expenses can be a significant barrier, particularly to small developers or regions with limited financial resources. For this reason, financing large-scale projects can be an intricate procedure as it involves a long payback period and uncertainties associated with wind energy production. In addition, obtaining funding and investments may mean dealing with complicated regulatory frameworks and market conditions. As a consequence of the immense upfront capital required for starting these projects, hinders market expansion and new entrants into the onshore wind industry despite the low running/maintenance costs of turbines.

Impact of Covid-19 on the Onshore Wind Turbine Market

The Onshore Wind Turbine Market has seen growth driven by the increasing demand for renewable energy and advancements in turbine technology. Key drivers include government incentives and the global shift towards sustainable energy so...

Global Wind Turbine Market to hit USD 262.07B by 2029 growing at 9.8% CAGR. Explore trends, drivers, and competition for strategic insights with The Business Research Company.

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.

Vertical Axis Wind Turbine Market size was valued at USD 15,034 Million in 2023 and is projected to reach USD 20,256 Million by 2030, growing at a CAGR of 4.3% during the forecast period 2024-2030.

Global Vertical Axis Wind Turbine Market Drivers

The market drivers for the Vertical Axis Wind Turbine Market can be influenced by various factors. These may include:

Urbanization and Land Constraints: VAWTs are generally preferred in metropolitan areas or regions with limited space because of their compact form and ability to capture wind from any direction. The need for VAWTs may rise as urbanization continues and the amount of land available for conventional horizontal axis wind turbines (HAWTs) decreases.
Enhanced Performance and Efficiency: Developments in the fields of aerodynamics, materials science, and design have brought about enhanced performance and efficiency in VAWT technology. VAWTs are becoming more and more appealing for both onshore and offshore applications as their efficiency in capturing wind energy increases.
Lower Wind Speed Requirements: VAWTs are appropriate for regions with lower average wind speeds since they are frequently made to function more effectively at lower wind speeds than HAWTs. This opens up previously unsuitable places to the potential market for wind energy generation.
Reduced Environmental Impact: VAWTs generally have a reduced environmental impact compared to regular HAWTs. They frequently present less of a risk to wildlife and are quieter and less obtrusive visually. VAWT adoption may rise as long as consumer preferences and energy policy are shaped by environmental concerns.
Government Policies and Incentives: The VAWT market may be considerably impacted by government policies, subsidies, and incentives that favor the development of renewable energy. Investment in VAWT plants can be stimulated by feed-in tariffs, tax credits, renewable energy targets, and carbon pricing schemes.
Offshore Wind Development: VAWTs may be used in offshore wind farms because they are more easily maintained and installed than HAWTs, among other benefits. With the ongoing global expansion of offshore wind development, VAWTs may be crucial to achieving renewable energy targets.
Energy Security and Diversification: Adoption of renewable energy is mostly driven by the need to diversify the energy mix and lessen dependency on fossil fuels. By offering a different method of producing clean energy, decreasing reliance on limited fuel supplies, and improving energy security, VAWTs support this diversification.
Technological Innovation and Cost Reduction: Continued innovation in VAWT design, materials, and manufacturing processes has the potential to drive down costs and enhance the competitiveness of VAWTs compared to other kinds of energy generation. The market for VAWTs can grow as expenses go down.

The floating wind turbine market size is expected to grow from USD 1.09 billion to USD 21.56 billion, registering a CAGR of more than 25.3% during the forecast timeline, between 2025 and 2037. Europe industry is projected to account for the largest share of about 38% during the forecast period. This growth can be attributed to the presence of a large number of offshore wind farms in several countries, such as Denmark, Norway, the UK, and Russia, along with high untapped potential in the region

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.

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.

Impact of Covid-19 on the Wind Turbine Market

The COVID-19 pandemic had a mixed impact on the Wind Turbine Market. Initially, the industry faced significant disruptions due to global supply chain interruptions, delays in project timelines, and restrictions on manufacturing activities. These challenges led to a temporary slowdown in new installations and heightened uncertainty in the market. However, as the pandemic progressed, governments and investors increasingly recognized the importance of sustainable energy in economic recovery plans. This shift resulted in renewed commitments to wind energy projects, with many countries accelerating their renewable energy targets to stimulate growth. Consequently, the market has shown resilience, bouncing back with strong momentum as economies recover. Introduction of the Wind Turbine Market

The Wind Turb...

The Report Covers North America Large Wind Turbine Market Size & Share and It is Segmented by Location of Deployment (Onshore and Offshore) and Geography (Canada, United States, and the Rest of North America). The Report Offers the Market Size and Forecasts for the Large Wind Turbine Market in Revenue (USD) for all the Above Segments.

According to Cognitive Market Research, the global Wind Turbine Generators market size will be USD 3512.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.60% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 1404.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1053.66 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 807.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
The Latin American market will account for more than 5% of global revenue and have a market size of USD 175.61 million in 2024. It will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 70.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.
The Direct Drive Wind Turbine Generators held the highest Wind Turbine Generators market revenue share in 2024.

Market Dynamics of Wind Turbine Generators market

Key Drivers of Wind Turbine Generators market

Increasing Demand for Renewable Energy to Increase the Demand Globally

The increasing demand for renewable energy sources is a significant driver behind the rising global demand for wind turbine generators. As concerns about climate change, energy security, and environmental sustainability continue to grow, there is a growing recognition of the need to transition away from fossil fuels and towards cleaner, more sustainable alternatives. Renewable energy sources such as wind power play a crucial role in this transition by offering a clean, abundant, and inexhaustible source of energy.

Wind turbine generators are at the forefront of the renewable energy revolution, harnessing the power of the wind to generate electricity without emitting greenhouse gases or other pollutants. This makes wind energy an attractive option for countries, utilities, and businesses looking to reduce their carbon footprint and meet renewable energy targets. Additionally, wind energy offers several other benefits, including energy security, job creation, and economic development, further driving its adoption worldwide.

Declining Costs to Propel Market Growth

The declining costs associated with wind turbine generators are expected to be a significant driver propelling market growth in the coming years. As technology advances and economies of scale are realized, the costs associated with manufacturing, installation, and maintenance of wind turbines are steadily decreasing. This trend is making wind energy increasingly competitive with traditional fossil fuel-based energy sources, leading to wider adoption and deployment of wind turbine generators across various regions. Lower costs make wind energy projects more financially viable for developers and investors, driving increased investment in wind power infrastructure and contributing to market expansion.

Additionally, declining costs are making wind energy more accessible to a broader range of stakeholders, including utilities, businesses, and communities, further accelerating market growth. As the wind energy sector continues to mature and technology continues to improve, the downward trajectory of costs is expected to persist, fuelling continued growth and innovation in the wind turbine generators market.

Restraint Factors of Wind Turbine Generators market

Noise and Aesthetic Concerns to Limit the Sales

Noise and aesthetic concerns pose significant challenges to the wind turbine generator market, potentially limiting sales and hindering the development of wind energy projects. Wind turbines can generate noise during operation, which has been a source of concern for nearby residents, particularly in residential areas or scenic landscapes. The audible noise produced by wind turbines can lead to annoyance and discomfort among residents, impacting their quality of life and potentially causing negative health effects.

Furthermore, wind turbines may be perceived as visually intrusive or aesthetically unappealing, especially in areas with pristine landscapes or cultural significance. Concerns about ...