Global Wind Turbine Market Size (2024 – 2030)

The estimation for the Global Wind Turbine Market stood at USD 102.9 Billion in 2023, with projections indicating a growth to USD 155.74 Billion by 2030, demonstrating a robust CAGR of 6.1% during the forecast period (2024-2030).

WIND TURBINE MARKET

The sector encompassing the design, construction, and maintenance of wind turbines is commonly known as the wind turbine market. Wind turbines capture the kinetic energy of the wind, converting it into electrical energy. These turbines consist of a rotor with two or more blades that rotate to power a generator, producing energy when the wind blows. The manufacturing and assembly of components such as blades, towers, nacelles (housing the generator and related equipment), and control systems are essential for this process. Manufacturers develop turbines of various sizes and capacities to meet the diverse needs of wind power projects. Typically, wind turbines are installed in wind farms, large clusters of turbines located in areas with consistent and plentiful wind resources. The installation process involves site selection, foundation construction, transportation, erection of turbines, and integration with the electrical grid. To ensure optimal performance and longevity, operational and maintenance activities include monitoring, inspection, and upkeep. Regular inspections, repairs, component replacements, and problem-solving are conducted to minimize downtime and enhance energy output. It is crucial to note that market dynamics can change rapidly, particularly within the renewable energy sector. Thus, the figures provided above may not reflect the current wind turbine market size accurately. It is recommended to refer to industry publications, market research journals, and consult firms specializing in renewable energy for up-to-date insights into the size, trends, and forecasts of the wind turbine market.

Global Wind Turbine Market Drivers:

The increasing concerns and goals for emissions reduction are driving the demand for renewable sources, making wind power and turbines the favored sustainable solution:

The global population is projected to surpass 8.5 billion by 2050, with exponential growth continuing to 9.8 billion, posing challenges for food and natural resource provision. Issues such as shrinking land availability, food scarcity, competition for resources, and the need to boost crop yields in harsh environments are prominent. Concerns regarding food contamination during storage and processing are also widespread. Developing sustainable methods and practices to maximize the efficiency of natural resources, plant hormones, disease control, herbicides, fertilizers, and metal ions used in agriculture and food production is of utmost importance.

Wind power reduces dependency on fossil fuels, enhancing energy security and driving market growth:

Wind power allows nations to diversify their energy portfolios and reduce reliance on imported fossil fuels, improving energy security with a domestic, indigenous alternative. The wind energy industry has created numerous job opportunities, both in turbine manufacturing and in the establishment and maintenance of wind farms. Wind power projects can stimulate local economies through investments, infrastructure development, and tax revenues. Ongoing research and development initiatives have led to significant advancements in wind turbine design and efficiency. Innovations such as larger rotor diameters, taller towers, and enhanced turbine performance have increased wind power output and lowered maintenance costs.

Global Wind Turbine Market Challenges:

The intermittent nature of wind energy, reliant on wind availability, poses challenges to grid integration and stability. Sophisticated grid infrastructure and efficient energy storage technologies are necessary to balance supply and demand due to this intermittency. Wind turbines require expansive land areas with suitable wind resources for optimal energy production. Identifying ideal locations and obtaining necessary licenses and land rights can be challenging, especially in densely populated areas or regions with limited available land. Local communities may oppose wind farms due to concerns about noise pollution, aesthetic impacts, and potential effects on wildlife, particularly when located near residential areas. Public support and engagement are crucial for successful wind energy projects. Despite declining turbine costs over time, the initial capital investment for wind projects remains substantial. Financing wind power projects, especially for smaller developers or projects in emerging economies, can be challenging due to high upfront costs and uncertainties regarding long-term returns on investment.

COVID-19 Impact on Global Wind Turbine Market:

The global wind turbine industry experienced disruptions in its supply chain due to plant closures, travel restrictions, and logistical challenges during the COVID-19 pandemic. Delays in the manufacturing and delivery of wind turbine components such as blades, towers, and nacelles impacted project timelines and installations. Government-imposed travel restrictions, social distancing measures, and lockdowns led to delays in the development and installation of wind farms. Many projects faced difficulties in acquiring workers, supplies, and transportation, resulting in extended or postponed project schedules. Economic impacts of the pandemic made securing funding for wind power projects challenging. Increased caution among investors and financial institutions, particularly for smaller developers or projects in developing economies, led to delays or cancellations of projects. The flow of new wind project developments was slowed by the pandemic, affecting project announcements and progress. Developers encountered challenges in obtaining permissions, conducting environmental assessments, and engaging with communities, resulting in fewer advancements in projects.

Global Wind Turbine Market Recent Developments:

In June 2022, Vestas, one of the world's leading wind turbine manufacturers, announced the launch of its new EnVentus platform. The EnVentus platform combines turbines with larger rotor diameters, improved energy capture, and state-of-the-art control systems to enhance the performance and efficiency of wind farms.

In March 2022, Nordex introduced the N163/5.X turbine. This turbine features a rotor diameter of 163 meters and a rated capacity of 5.7 MW. It incorporates advanced technology for adaptive control, noise reduction, and improved performance in low-wind conditions.

In July 2021, Chinese wind turbine manufacturer Goldwind unveiled the GW 155-4.5MW turbine. With a 155-meter rotor diameter, this turbine is designed to withstand high wind speeds. It boasts enhanced aerodynamics and advanced control technologies for increased energy output.

Global Wind Turbine Market Segmentation: By Turbine Type

• Onshore Wind Turbines
• Offshore Wind Turbines

The primary locations for onshore wind turbines are on-land installations, typically found in expansive areas such as plains, hills, or coastal regions. These turbines constitute the most widespread type globally and have seen extensive use. In contrast to their offshore counterparts, onshore wind turbines generally boast simpler construction, maintenance, and connectivity to the electrical grid. Offshore wind turbines, on the other hand, are situated in water bodies, often along coastal or offshore sites. Due to their construction for enduring harsh maritime environments, offshore turbines tend to be larger in size. The wind resources in offshore locations are typically stronger and more reliable, which enhances their capacity for electricity generation. Nonetheless, these turbines come with added complexities such as intricate installation procedures, higher costs, and maintenance demands.

Global Wind Turbine Market Segmentation: By Turbine Capacity

• Up to 2 MW
• 2 MW - 3 MW
• 3 MW - 5 MW
• Above 5 MW

This category encompasses wind turbines with a capacity of up to 2 megawatts (MW). These turbines are commonly utilized in smaller-scale projects including residential, commercial, and community-based wind power installations. They find frequent application in onshore wind farms and are suitable for medium-scale energy production. The section of 3 MW to 5 MW comprises wind turbines designed to capture stronger winds, often employed in both onshore and offshore wind farms to maximize electricity production. Wind turbines with a capacity exceeding 5 MW fall into this category. These larger turbines are commonly deployed in offshore wind farms to take advantage of the more consistent and potent wind resources available at sea.

Global Wind Turbine Market Segmentation: By End-User

• Independent Power Producers (IPPs)
• Utilities
• Commercial and Industrial (C&I) Sector
• Residential Sector

Businesses or entities that generate energy for resale to utilities or end customers directly are termed Independent Power Producers (IPPs). IPPs play a significant role in the wind turbine market as they develop, own, and operate wind farms for renewable energy generation. These entities often enter into power purchase agreements (PPAs) with utilities or other organizations to sell the electricity generated by their wind farms. Utilities, on the other hand, not only distribute electricity to end consumers but also have power generation capabilities. Many utilities are incorporating wind power into their energy mix to meet their renewable energy targets and diversify their generation portfolios. The commercial and industrial (C&I) sector includes manufacturing facilities, office buildings, retail outlets, data centers, and other businesses and organizations. This sector has been increasingly adopting wind power to achieve sustainability objectives, reduce carbon footprints, and lower energy expenses. C&I entities have the option of installing wind turbines on their premises or entering into contracts to procure wind energy from nearby wind farms. The residential sector comprises small-scale customers and individual households. While installations of home wind turbines are less common compared to other sectors, there is a growing interest in small-scale residential wind turbines. These turbines enable reduced reliance on the grid, assist households in generating clean energy for self-consumption, and, in certain regions, allow for the sale of surplus electricity back to the grid.

Global Wind Turbine Market Segmentation: By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

The North American region currently holds the largest share of the global wind turbine market due to the increasing utilization of smart connected devices, the industrial Internet of Things (IoT), and flexible networks. The growing demand for IoT sensors and connected devices is facilitating the adoption of Nano Biosensors in the region. The market for Nano Biosensors is also being propelled by the rising use of cloud and mobile technologies. In South America, the need for Nano Biosensors is expected to rise as smart connected devices and the Industrial Internet of Things become more prevalent. The Asia Pacific region has gained the largest share of the global nano biosensors market owing to its substantial population base and the increasing prevalence of various lifestyle disorders.

Global Wind Turbine Market Key Players:

1. Vestas Wind Systems A/S
2. Siemens Gamesa Renewable Energy
3. General Electric Company
4. Goldwind
5. Enercon GmbH
6. Nordex SE
7. Suzlon Energy Limited
8. MingYang Smart Energy Group Co., Ltd.
9. Envision Energy
10. Senvion S.A.