Wind Turbine Market size to cross $291 Bn by 2032
Published Date: April 2023
Wind Turbine Market size is anticipated to exceed USD 291 billion by 2032, according to the latest research report by Global Market Insights Inc.
Consistent R&D to offer smart & advanced turbine solutions is poised to bolster industry growth during 2023-2032. The inclining interests of major players toward developing cost-competitive product offerings with better environmental compatibility, enhanced power output, and the ability to withstand extreme weather conditions are fostering product adoption.
Continuously evolving assessment techniques to shape the offshore segment outlook
The offshore wind turbine market is projected to surpass USD 63 billion in revenue 2032. The large output capacity and low labor costs of these turbines due to minimal human involvement, limited land use, better efficiency, and reliable wind flow are favoring the product uptake. Moreover, advanced techniques involved in the management of these turbines are supplementing sector growth. A 2022 study that constructed a new model to assess the failure and reliability of floating offshore wind turbines suggested that the proposed model indicated accuracy over the existing tools, promoting the use of offshore turbines.
Mounting preference for renewable energy in households to fuel demand for stand-alone turbines
The stand-alone wind turbine industry size is poised to grow at 11% CAGR from 2023 to 2032. Supportive regulations and policies relating to rural electrification in line with the increased need for electricity in rural areas are likely to accelerate product espousal for independent power supply options and lower energy costs. Additionally, the surging uptake of wind or solar energy sources over oil, coal and natural gas is slated to further segment expansion.
Favorable R&D initiatives to push rotor module sector growth
The wind turbine market size from the rotor module component type is projected to reach over USD 83 billion in revenue by 2032 accredited to the consistent R&D measures taken across major institutes and organizations, along with ongoing improvements in rotor designs. Besides, the development of significant projects and programs by major economies, such as the U.S. Big Adaptive Rotor Project, to develop next-generation systems are set to positively influence the segment scenario.
Browse key industry insights spread across 720 pages with 1640 market data tables & 28 figures & charts from the report, “Wind Turbine Market Size By Axis (Horizontal, Vertical), By Installation (Onshore, Offshore), By Connectivity (Grid Connected, Stand Alone), By Rating, By Application (Residential, Commercial & Industrial, Utility), By Component (Rotor Module, Nacelle Module, Tower Module) & Forecast, 2023 - 2032” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/wind-turbine-market
Soaring renewable energy use to boost product demand for commercial & industrial applications
The industry from the commercial & industrial application type will witness 8% growth during 2023-2032. The business growth is attributable to significant government initiatives to raise the proportion of renewable energy in the commercial and industrial sectors as well as ongoing manufacturing facility expansion. The Department of Interior’s Bureau of Ocean Energy Management (BOEM) announced a commercial lease final sale notice to encourage businesses to award clean energy and incentivize leases to use wind turbine blades made in the U.S.
Increasing investments in renewable energy initiatives to favor the North America industry
The North America wind turbine market is primed to observe 5% growth rate between 2023 and 2032 owing to supportive policies, norms, measures, and programs, as well as prominent investments and incentives across the region. Moreover, extensive private and public sector efforts to expand wind infrastructure are set to benefit business dynamics.
Promising alliances with end-user firms to remain a major growth tactic
Some of the key players involved in the wind turbine industry include Goldwind, ENERCON GmbH, Suzlon Energy Limited, Senvion, ENVISION GROUP, General Electric, and Zhejiang Windey Co., Ltd AMONG others. The strategic landscape of the wind turbine industry is slated to witness a series of partnerships among industry players to introduce new platforms.
