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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, 2024 - 2032

  • Report ID: GMI2679
  • Published Date: Mar 2023
  • Report Format: PDF

Wind Turbine Market Size

Wind Turbine Market size valued at USD 141.4 million in 2023 and is projected to expand at more than 8.2% CAGR from 2024 to 2032, driven by continuous restructuring and refurbishment of existing infrastructure.

The industry demand is primarily fueled by a positive inclination toward sustainable energy development. The business scenario is strongly influenced by the greater need to reduce carbon emissions and initiatives to provide clean electricity for different applications. Major authorities are working on replacing conventional energy sources with renewable ones to improve energy security and stimulate the economy. China witnessed renewable energy capacity reach nearly 152 million kW in 2022, accounting for a total of 76.2% of the country’s newly installed power generation capacity.

Wind Turbine Market

Growing privacy concerns may restrain industry progression

The complexities related to geographical constraints along with intermittency related to wind turbines, especially across onshore operations are obstructing the industry growth. However, supportive regulatory policies to propel wind energy deployment, coupled with the continuous development of large-scale offshore facilities, are likely to help manufacturers overcome the issue. For instance, the Central Electricity Regulatory Commission of India introduced a new tariff plan for renewable energy applicable till 2023.

Wind Turbine Market Analysis

Wind turbine market from the horizontal axis segment is anticipated to surpass USD 281 billion by 2032 propelled by its ability to self-start, enhanced efficiency & reliability, and large return on investment on variable blade pitch, which makes the turbine suitable for use at strong wind sites. A 2022 research article based on the analysis of the efficiency of these wind turbines in different climate conditions in the U.S. found that Shiraz, which has a cold summer Mediterranean climate and less damage to the environment due to carbon emission, was the optimal option for the use of the wind turbine system.

Wind Turbine Market Share, By Installation

In terms of installation, the wind turbine market from onshore segment is predicted to observe nearly 7% growth rate between 2023 and 2032. Onshore wind energy is an established technology that is easy to install and maintain and involves low-cost wind farms, which is bolstering the deployment of onshore turbines. For instance, in February 2023, wpd AG, a German wind projects firm, selected GE Renewable Energy to provide 16 onshore wind turbines for their wind farms situated in Landkreis Uelzen.


Authors: Ankit Gupta

Frequently Asked Questions (FAQ) :

The market size of wind turbine crossed USD 141.4 million in 2023 and is primed to progress at over 8.2% gains through 2032, propelled by continuous restructuring and refurbishment of existing infrastructure.

The onshore wind turbine segment is foreseen to depict sizable growth at over 7% CAGR from 2023 to 2032 as a result of its ease of installation, maintenance, and low-cost wind farms.

The utility application segment size reached more than 75.5 GW in 2022 owing to prominent wind energy projects that aim to supply electricity to large facilities, along with the consistent efforts to introduce turbines with more capacity.

The Europe market size is foreseen to surpass 86 GW by 2032 on account of significant investments in wind energy generation in line with the presence of a robust regulatory framework in the region.

Wind Turbine Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 1667
  • Countries covered: 29
  • Pages: 720
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