The global wind turbine market was valued at $66.9 billion in 2023, and is projected to reach $164.3 billion by 2033, growing at a CAGR of 9.5% from 2024 to 2033.
The energy sector is the largest user of wind turbines, integrating them into national and regional power grids to supply electricity. Countries worldwide are adopting wind energy to diversify their energy mix and meet renewable energy targets. In rural and agricultural settings, wind turbines are used to power irrigation systems, grain mills, and water pumps. Small-scale wind energy solutions are particularly beneficial for farms located in windy regions. Wind turbines provide a sustainable power source for remote telecommunications infrastructure, such as cell towers and satellite communication systems, especially in areas with limited grid connectivity. In the transportation industry, wind energy is utilized to power electric vehicle (EV) charging stations. In addition, experimental technologies are exploring wind-powered ships and renewable energy-based rail systems.
High Initial Capital Investment is expected to hamper the growth of wind turbine market. The cost of wind turbines themselves represents a significant portion of the initial investment. Modern turbines, which incorporate advanced materials, sophisticated electronics, and precision engineering, are designed to maximize efficiency and longevity, but they come with a high price tag. Transportation and logistics also add to the costs, as moving large turbine components to remote or offshore locations can be complex and expensive. In offshore wind projects, additional costs arise from the need for specialized vessels, deep-water foundations, and undersea cabling, making these installations even more capital-intensive. Moreover, the long payback period for wind energy projects can deter investors. While wind farms offer low operating and maintenance costs after installation, the initial capital outlay often requires decades to recoup through energy generation and sales.
On the basis of axis type, the horizontal segment dominated the wind turbine market in 2023. The widespread usage of horizontal axis wind turbines (HAWTs) is due to their ability to operate at high efficiencies, especially in areas with wind speeds averaging around 5-7 m/s. These turbines can be scaled to various sizes, from small turbines for residential or community use to massive turbines for offshore wind farms. In offshore settings, HAWTs are the preferred choice due to their larger size and ability to capture wind at higher altitudes, where wind speeds are generally more favorable.
On the basis of installation, offshore was the fastest growing segment in the market in 2023 and is expected to witness a CAGR of 9.8% during the forecast period. One of the main advantages of offshore wind turbines is the higher wind speeds available in marine environments, which lead to higher energy yields. Offshore areas, particularly in coastal regions, also tend to have fewer obstacles like buildings or trees, which might impede wind flow and reduce the efficiency of onshore wind farms. Furthermore, the ocean-based location ensures that these turbines are far from populated areas, thus reducing the visual and noise disturbances associated with onshore installations. In December 2024, Japan selected two consortiums to manage offshore wind power projects as part of its third auction round to bolster renewable energy. One consortium, comprising JERA, Green Power Investment, and Tohoku Electric Power, will operate a 615 megawatt (MW) wind farm off the coast of Aomori prefecture. Another consortium, including Marubeni, Kansai Electric Power, BP's unit BP IOTA, and Tokyo Gas, will handle a 450 MW project off the Yamagata prefecture coast. Both projects are expected to start operations in June 2030, thus contributing to Japan's goal of achieving 10 GW of offshore wind capacity by 2030.
Region wise, Asia-Pacific dominated the wind turbine market in 2023. The Asia-Pacific (APAC) region has seen a significant rise in wind turbine usage due to increasing energy demands, sustainability goals, and advancements in wind energy technologies. Countries such as China and India are dominating the wind energy deployment, supported by robust government policies, investments, and favorable geographic conditions for wind power generation. China is the biggest installer of wind turbines and also a major manufacturer of wind turbine components. The government’s long-term policy framework, including incentives for both domestic and foreign wind energy projects, has enabled the establishment of numerous wind farms, especially in the northern and western provinces where wind resources are abundant
Introduction
Wind turbines play a pivotal role in sustainable development, offering a clean and renewable energy solution. Wind turbines are predominantly used in wind farms to produce electricity on large scales. These wind farms can be onshore (land-based) or offshore (located in bodies of water). Offshore wind farms harness higher wind speeds and steadier conditions, making them highly efficient in energy production. Small-scale wind turbines are often integrated into microgrids, particularly in remote or rural areas where access to centralized power grids is limited. They serve as a reliable source of energy for off-grid applications. Wind turbines are frequently combined with other renewable sources such as solar panels in hybrid energy systems. This approach ensures a continuous energy supply by compensating for variability in wind or solar availability.The energy sector is the largest user of wind turbines, integrating them into national and regional power grids to supply electricity. Countries worldwide are adopting wind energy to diversify their energy mix and meet renewable energy targets. In rural and agricultural settings, wind turbines are used to power irrigation systems, grain mills, and water pumps. Small-scale wind energy solutions are particularly beneficial for farms located in windy regions. Wind turbines provide a sustainable power source for remote telecommunications infrastructure, such as cell towers and satellite communication systems, especially in areas with limited grid connectivity. In the transportation industry, wind energy is utilized to power electric vehicle (EV) charging stations. In addition, experimental technologies are exploring wind-powered ships and renewable energy-based rail systems.
Market Dynamics
An increase in demand for energy security and independence is expected to drive the growth of the market. Wind energy significantly enhances energy security and independence by reducing reliance on imported fossil fuels. Many nations face challenges in ensuring a stable and affordable energy supply due to their dependence on fossil fuel imports, which are vulnerable to geopolitical tensions, price volatility, and supply chain disruptions. By harnessing domestically available wind resources, countries can diversify their energy mix, decrease their exposure to these risks, and stabilize energy prices in the long term. Wind energy, as a renewable and inexhaustible resource, provides a consistent and sustainable alternative to meet growing energy demands without relying on external suppliers. The government has implemented various policies to support renewable energy development, such as permitting 100% Foreign Direct Investment (FDI) under the automatic route, waiving Inter-State Transmission System (ISTS) charges for solar and wind projects commissioned by June 30, 2025, and setting up Ultra Mega Renewable Energy Parks to provide land and transmission infrastructure for large-scale projects.High Initial Capital Investment is expected to hamper the growth of wind turbine market. The cost of wind turbines themselves represents a significant portion of the initial investment. Modern turbines, which incorporate advanced materials, sophisticated electronics, and precision engineering, are designed to maximize efficiency and longevity, but they come with a high price tag. Transportation and logistics also add to the costs, as moving large turbine components to remote or offshore locations can be complex and expensive. In offshore wind projects, additional costs arise from the need for specialized vessels, deep-water foundations, and undersea cabling, making these installations even more capital-intensive. Moreover, the long payback period for wind energy projects can deter investors. While wind farms offer low operating and maintenance costs after installation, the initial capital outlay often requires decades to recoup through energy generation and sales.
Segments Overview
The wind turbine market is segmented into axis type, installation, component, application, and region. By axis type, the market is bifurcated into horizontal and vertical. As per installation, the market is categorized into onshore, and offshore. On the basis of component, the market is divided into rotator blade, gearbox, generator, nacelle, and others. On the basis of application, the market is segmented into industrial, commercial, residential, and utility. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.On the basis of axis type, the horizontal segment dominated the wind turbine market in 2023. The widespread usage of horizontal axis wind turbines (HAWTs) is due to their ability to operate at high efficiencies, especially in areas with wind speeds averaging around 5-7 m/s. These turbines can be scaled to various sizes, from small turbines for residential or community use to massive turbines for offshore wind farms. In offshore settings, HAWTs are the preferred choice due to their larger size and ability to capture wind at higher altitudes, where wind speeds are generally more favorable.
On the basis of installation, offshore was the fastest growing segment in the market in 2023 and is expected to witness a CAGR of 9.8% during the forecast period. One of the main advantages of offshore wind turbines is the higher wind speeds available in marine environments, which lead to higher energy yields. Offshore areas, particularly in coastal regions, also tend to have fewer obstacles like buildings or trees, which might impede wind flow and reduce the efficiency of onshore wind farms. Furthermore, the ocean-based location ensures that these turbines are far from populated areas, thus reducing the visual and noise disturbances associated with onshore installations. In December 2024, Japan selected two consortiums to manage offshore wind power projects as part of its third auction round to bolster renewable energy. One consortium, comprising JERA, Green Power Investment, and Tohoku Electric Power, will operate a 615 megawatt (MW) wind farm off the coast of Aomori prefecture. Another consortium, including Marubeni, Kansai Electric Power, BP's unit BP IOTA, and Tokyo Gas, will handle a 450 MW project off the Yamagata prefecture coast. Both projects are expected to start operations in June 2030, thus contributing to Japan's goal of achieving 10 GW of offshore wind capacity by 2030.
Region wise, Asia-Pacific dominated the wind turbine market in 2023. The Asia-Pacific (APAC) region has seen a significant rise in wind turbine usage due to increasing energy demands, sustainability goals, and advancements in wind energy technologies. Countries such as China and India are dominating the wind energy deployment, supported by robust government policies, investments, and favorable geographic conditions for wind power generation. China is the biggest installer of wind turbines and also a major manufacturer of wind turbine components. The government’s long-term policy framework, including incentives for both domestic and foreign wind energy projects, has enabled the establishment of numerous wind farms, especially in the northern and western provinces where wind resources are abundant
Competitive Analysis
The key players operating in the wind turbine market include ENERCON Global GmbH, Siemens Gamesa Renewable Energy, S.A.U., GE VERNOVA, Goldwind Americas, Guodian United Power Technology Co., Ltd., Mingyang Smart Energy Group Co., Ltd., Sinovel Wind Group Co., Ltd, Senvion India Pvt. Ltd, Suzlon Energy Limited, and Vestas.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wind turbine market analysis from 2023 to 2033 to identify the prevailing wind turbine market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wind turbine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global wind turbine market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Axis Type
- Horizontal
- Vertical
By Installation
- Onshore
- Offshore
By Component
- Rotator Blade
- Gearbox
- Generator
- Nacelle
- Others
By Application
- Industrial
- Commercial
- Residential
- Utility
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- GE Vernova
- ENERCON Global GmbH
- Mingyang Smart Energy Group Co., Ltd.
- Vestas
- Sinovel Wind Group Co., Ltd.
- Siemens Gamesa Renewable Energy, S.A.U.
- Senvion India Pvt. Ltd.
- Goldwind Science & Technology Co., Ltd.
- Suzlon Energy Limited
- Guodian United Power Technology Co.,Ltd
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WIND TURBINE MARKET, BY AXIS TYPE
CHAPTER 5: WIND TURBINE MARKET, BY INSTALLATION
CHAPTER 6: WIND TURBINE MARKET, BY COMPONENT
CHAPTER 7: WIND TURBINE MARKET, BY APPLICATION
CHAPTER 8: WIND TURBINE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- GE Vernova
- ENERCON Global GmbH
- Mingyang Smart Energy Group Co., Ltd.
- Vestas
- Sinovel Wind Group Co., Ltd.
- Siemens Gamesa Renewable Energy, S.A.U.
- Senvion India Pvt. Ltd.
- Goldwind Science & Technology Co., Ltd.
- Suzlon Energy Limited
- Guodian United Power Technology Co.,Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 321 |
| Published | January 2025 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 66.9 billion |
| Forecasted Market Value ( USD | $ 164.3 billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
