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Wind Turbine Market Size - By Axis (Horizontal, Vertical), By Installation (Onshore, Offshore), By Connectivity (Grid Connected, Stand Alone), By Rating, By Application, By Component (Rotor Module, Nacelle Module, Tower Module), & Forecast, 2025 – 2034
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Wind Turbine Market
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Premium Report Details
Base Year: 2024
Companies covered: 11
Tables & Figures: 20
Countries covered: 19
Pages: 100
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Wind Turbine Market Size
The global wind turbine market was valued at USD 151.8 billion in 2024 and is estimated to grow at a CAGR of 7.4% from 2025 to 2034. Growing adoption of renewable energy across major economies and strong push towards offshore wind energy will drive market growth. Investors are interested in renewable energy projects such as wind farms along with the rise of green bonds that give the available capital for wind energy projects, will improve the business scenario. For instance, Europe installed over 18 GW of wind energy in 2023 and will install 200 GW of new wind capacity from 2024-2030 to meet its climate energy targets.
Companies are working to mitigate these concerns through environmental assessments, technological solutions and improved community outreach, driving the market growth. For citation, in September 2024, consortium of five companies comprising Sumitomo Heavy Industries, Kawasaki Kisen Kaisha, Albatross Technology, Electric Power Development and Tokyo Power to conduct a feasibility study on floating VAWT’s.
Decreasing technology cost, integration of storage solutions with renewable energy along with investments, subsidies and grants for wind energy adoption will augment the business landscape. The Wind Europe states that more than USD 90 billion has been invested in Europe for 2023 which is double the investments made in the year 2022.
Wind Turbine Market Trends
Global decarbonization efforts will continue to benefit from the increased integration of wind and storage and growing corporate investments in sustainability have shown no signs of slowing. There is an increased interest in projects for wind energy that are green which encourages developers to pursue certifications such as LEED and BREEAM, which in turn ensures that wind farms are developed in a way that enhances adoption of the product.
Improving grades, extending the life span of these systems, and reducing maintenance will improve the wind turbine market scenario. The sector is witnessing increased interest due to the ongoing push towards sustainable energy. To cite an instance, the World Resources Institute stated, that the overall wind energy installations across the U.S. might reach 17 GW in 2024.
Shifting focus of people on becoming less reliant on carbon and generating more sustainable electricity will augment the product demand. Key authorities are transitioning from traditional energy sources to renewables to enhance energy security and boost the economy. Furthermore, the majority of countries have set targets in wind energy utilization that mark business development for these countries.
Introduction of financial incentives, tax credits, power purchase agreements and feed-in-tariffs will make wind energy attractive to operators and operators. For instance, the introduction of Production Tax Credit (PTC) in 2024, provide investment credit of 30% or 2.6 cents per KWh for projects over 1 MW, thereby contributing to the business momentum.
Wind Turbine Market Analysis
Wind Turbine Market Share
Wind Turbine Market Companies
Eminent players operating in the wind turbine industry are:
Wind Turbine Industry News:
This wind turbine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Million and MW ” from 2021 to 2034, for the following segments:
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Market, By Axis
Market, By Installation
Market, By Connectivity
Market, By Rating
Market, By Application
The above information has been provided for the following regions and countries: