>
>

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

Download Free PDF

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.
 

Wind Turbine Market

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 Size, By Axis, 2022-2034 (USD Billion)
  • The wind turbine industry was valued at USD 132.6, USD 137.2 and USD 151.8 million in 2022, 2023 and 2024 respectively.
     
  • The horizontal segment is set to reach more than USD 303 billion by 2034 on account of key features including scalability, efficiency, and adaptability across a wide variety of applications. Key factors including effectiveness at harnessing wind energy, long track record of performance, expertise in manufacturing, installation, and operation and growing size and capacity over the duration of time will complement the wind turbine market landscape.
     
  • The design of HAWTs, has, through refinements in blades materials and structural components, Achieved new highs in efficiency. Furthermore, they are the most desired type of offshore wind farm turbines because they capture stronger and more persistent winds available in the open sea, which drives the market scenario.
     
  • Vertical market account for 0.7% of the overall market share in 2024. Advancements in the aerodynamics, materials, and control systems for Vertical Axis Wind Turbines (VWTs) will improve their efficiency sufficient to make them suitable for Vestas, in turn, Vertical Axis Wind Turbines. For instance, Vestas delivered 8 V136 - 4.2 MW wind turbines to South Korea in March 2024, which are anticipated to be functional by the year 2026.
     
Wind Turbine Market Share, By Installation, 2024
  • Based on installation, the wind turbine market is bifurcated into onshore and offshore. The onshore wind turbine contributes 90.6% of the market share in 2024. Large wind power plants for bulk power supply and the continued development of large capacity turbines will positively influence the business indicators.
     
  • The onshore segment is likely to grow more than 5.5% CAGR through 2034, fueled by the recognition of technological progress, economic growth, and support from the state for renewable energy. Many manufacturers are working toward creating larger turbines with a higher capacity factor which yield more power from fewer units, thereby decreasing the installation costs for each megawatt and driving the demand for the product.
     
  • Additionally, several onshore wind farms that are already operational are being repowered with newer turbine models, which is expected to improve energy output and productivity which in turn, will aid in fostering energy and improving the industry’s overall economy. GWEC reports suggest that the onshore wind capacity for Asia will surpass 1 TW by the year 2030.
     
  • The offshore segment is set to reach more than CAGR 14% CAGR through 2034, on account of massive investments and developments of new wind farms across the developed economies. For citation, the offshore wind energy  orders totaled to 19 GW of capacity in 2023. Further, advancements in turbine sizes, adoption of floating wind projects and grid integration will drive the business scenario.
     
U.S. Wind Turbine Market Size, 2022-2034 (USD Billion)
  • The U.S. wind turbine market was reached USD 22.3, USD 24 and USD 25.1 billion in 2022, 2023 and 2024 respectively. The North America market holds more than 16% in market share owing to advancements in machinery, enhanced logistics supply, and innovative business models.
     
  • The U.S. market for wind turbine will cross USD 34 billion by 2034. Growing integration of wind energy with storage solutions along with growing demand for clean energy solutions to combat climate change is driving the need for renewable energy sources like wind. Reduction in the cost of wind energy coupled with policies and incentives like feed-in tariffs, tax credits, renewable energy targets, and even the introduction of new policies will promote clean energy production. These actions will significantly improve the business context.
     
  • The European wind turbine market will grow on account of set ambitious targets, advancing floating wind projects and initiatives boosting the investments in the market. According to the REPowerEU initiative, in 2022, enhanced the wind capacity by 33 GW, ensuring 46% of electricity from the renewables.
     
  • Growing energy demand, commitment to renewable energy goals and increasing adoption for onshore and offshore wind projects in economies including China will augment the product adoption across Asia Pacific. Ongoing development for wind energy infrastructure, especially in coastal areas with optimal wind resources will stimulate the market landscape.
     
  • MEA wind turbine market will reach more than USD 12 Billion by 2034. Increasing requirement to diversify the energy sources, reduce dependance on fossil fuels and setting of ambitious renewable energy targets will drive the market growth. For instance, the Dumat al-Jandal, the 400 MW, utility scale wind farm began operations in 2024 in Saudi Arabia, stimulating the product demand.
     

Wind Turbine Market Share

  • In the wind turbine manufacturing sector, Siemens Gamesa holds a noteworthy share in the market owing to a broad range of onshore and offshore wind turbines. The company provides integrated solutions for large scale wind projects and is known for its technological innovation.   
     
  • Apart from SGRE, the top 5 companies operating in the wind turbine industry include Nordex, Suzlon Green Energy, Vestas, Goldwind and Senvion. These companies develop large turbines that offer higher efficiency, incorporate AI, IoT and predictive maintenance systems to optimize performance.
     
  • The market structure is dominated by firms whose key strategies involve technology development, cost savings, and venturing into new markets.  The industry has a growing number of regional and smaller players. The sector has seen an increase in mergers and acquisitions as companies look to strengthen their positions, enter new markets, or gain access to new technologies.
     

Wind Turbine Market Companies

  • Siemens Gamesa Renewable Energy is amongst the top companies in the wind turbine industry. The company had ana overall revenue of USD 10 Billion in 2024. The company innovated and introduced the Recyclable Blade, offering comprehensive solutions for commercial use across onshore and offshore installations.
     
  • Nordex maintains a sizable presence in the market with new order intake of over 1 GW in 2024. The company has a wide manufacturing network with a product portfolio focused on 4 to 6 MW onshore wind turbines.  Recently, the company supplied 32% of the new connected onshore wind power in Germany.
     
  • Vestas is the amongst the largest turbine manufacturers and service providers, focusing on technological innovations and sustainable energy solutions. Recently, Vestas received a turbine order for 384 MW Tyligulska project in Ukraine, supplying 64 turbines.
     
  • Goldwind has global installed wind capacity of over 100 GW by 2024. The company provides complete wind power solutions and has formed the Global alliance for Sustainable Energy along with 17 other power companies. Recently, the company inaugurated its wind equipment manufacturing facility in Brazil with anticipated annual capacity of 150 units of medium speed permanent magnet turbines.
     

Eminent players operating in the wind turbine industry are:

  • Envision group
  • Enercon
  • General Electric
  • Goldwind
  • Mingyang Smart Energy Group Co., Ltd.
  • Nordex
  • Siemens Gamesa Renewable Energy
  • Suzlon Energy
  • Senvion
  • Vestas
  • Zhejiang Windey Co., Ltd.
     

Wind Turbine Industry News:

  • In November 2024, Scottish Power entered in an agreement with SGRE, for manufacture of 64 turbines for East Anglia TWO offshore windfarm. The USD 4.1 Billion windfarm will produce energy to power nearly 1 million homes. The 14-236 DD* offshore wind turbines, have a rotor diameter of 236 meters will generate up to 960 MW of green electricity boosting manufacturing in UK.
     
  • In January 2025, Nordex received a turbine order for 638 MW including the service contracts from Turkey. This will align with the country goal to achieve the expansion of solar and wind energy to 120,000 MW by 2035. Further, the company has been the market leader with market share of over 30% in the country.
     
  • In September 2024, GE Vernova has signed an agreement with Aula Energy and CS Energy to provide turbines for the 228 MW Boulder Creek Wind Farm in Australia. Once operational, the wind farm will generate enough power for around 85,000 Australian homes and is projected to cut greenhouse gas emissions by roughly 379,000 tonnes of CO2 equivalent annually. This would further increase the tally of 6 MW platform turbines either in operation or under construction in Australia to 250.
     
  • In June 2022, an energy equipment manufacturer Mingyang Smart Energy Group Co., Ltd. launched the MySE 12MW – a hybrid drive wind turbine aimed at offshore installations. In comparison to its predecessor model 11 MW, this advanced version integrates a series of new technologies including an advanced lubrication system, a multi-sensor wind measurement system, dual drive pitch control, and a multi-source data system.
     

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:

Market, By Axis

  • Horizontal (HAWTs)
    • Up-wind
    • Down-wind
  • Vertical (VAWTs)

Market, By Installation

  • Onshore
  • Offshore

Market, By Connectivity

  • Grid connected
  • Stand alone

Market, By Rating

  • 100 kW
  • 100 kW to 250 kW
  • > 250 kW to 500 kW
  • > 500 kW to 1 MW
  • 1 MW to 2 MW
  • > 2 MW

Market, By Application

  • Residential
  • Commercial & Industrial
  • Utility

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Spain
    • UK
    • France
    • Italy
    • Sweden
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
  • Middle East & Africa
    • South Africa
    • Egypt
  • Latin America
    • Brazil
    • Chile
    • Argentina
Authors: Ankit Gupta, Srishti Agarwal
Frequently Asked Question(FAQ) :
What will be the size of horizontal segment in the wind turbine industry?
The horizontal segment is anticipated to cross 303 billion by 2034.
How much market size is expected from U.S. wind turbine market by 2034?
Who are the key players in wind turbine market?
How big is the wind turbine market?
Wind Turbine Market Scope
  • Wind Turbine Market Size
  • Wind Turbine Market Trends
  • Wind Turbine Market Analysis
  • Wind Turbine Market Share
Related Reports
    Authors: Ankit Gupta, Srishti Agarwal
    Buy Now
    $4,123 $4,850
    15% off
    $4,840 $6,050
    20% off
    $5,845 $8,350
    30% off
        Buy now
    Premium Report Details

    Base Year: 2024

    Companies covered: 11

    Tables & Figures: 20

    Countries covered: 19

    Pages: 100

    Download Free PDF

    Top