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Wind Turbine Market size to exceed $80bn by 2024

  • Published Date: August 6, 2019

Wind Turbine Market size will surpass USD 80 Billion by 2024, as reported in the latest study by Global Market Insights Inc.

Rising electricity demand with government measures to accelerate the investments across clean energy sector will drive the global wind turbine industry share. In 2018, European Investment Bank cooperated with State Bank of India to expand the ongoing financing initiatives to develop India’s wind energy sector.

Asia Pacific market is anticipated to witness an annual installation of 40 GW by 2024. Supportive government measures to expand the clean energy deployment with competitive power generation tariffs are few significant parameters positively influencing the technology penetration. In 2019, China installed the tallest wind turbine at record breaking height of 152 meters across 100 MW Yangzhou Wind Farm project.

Wind Turbine Market

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Horizontal axis wind turbine demand is anticipated to witness an extensive growth owing to its low O&M cost index with extensive generation capabilities. In addition, ability to harness power across extreme whether conditions will drive the installation over the forecast period. Furthermore, effective performance across residential segment will boot the technology adoption.  

Low component and installation cost in line with supportive government schemes including net metering & feed in tariff (FiT) will augment the on-grid product penetration. Ongoing establishment of utility-based power projects to meet the growing electricity demand across industrial, commercial and residential areas will further complement the industry scenario.

Browse key industry insights spread across 800 pages with 1696 market data tables & 13 figures & charts from the report, “Wind Turbine Market Size By Axis (Horizontal {Up-wind, Down-wind}, Vertical), By Installation (Onshore, Offshore), By Connectivity (Grid Connected, Stand Alone), 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), By Application (Utility, Industrial {Manufacturing Industries, Process Industries, Chemical Industries}, Commercial {Education, Office, Government/Military}, Residential), By Component (Rotor Module, Nacelle Module, Tower Module) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, Spain, UK, France, Italy, Sweden, Poland, Denmark, Portugal, Netherlands, Ireland, Romania, Belgium, Austria, China, India, Australia, Japan, South Korea, Vietnam, Thailand, Philippines, Taiwan, South Africa, Egypt, Morocco, Ethiopia, Tunisia, Jordan, Brazil, Chile, Argentina, Uruguay), Competitive Market Share & Forecast, 2018 – 2024), Application Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:

The onshore wind turbine market is expected to expand over USD 60 Billion by 2024. Favorable regulatory norms along with extensive long-term renewable energy installation targets will drive the product installation. Increasing investments to enhance the product efficiency by lowering cost parameters are some of the indispensable factors which will proliferate the industry growth. Increased operational efficiency in comparison to the other technologies will further complement the technological intervention.

Rising research and development (R&D) investment to enhance the CUF of wind power generation technologies with increasing utility scale installation will positively impact the technology penetration. Increasing industry efforts toward improvement in blade size and tower length to enhance the power generation output will complement the business dynamics.

Adoption of distributed power generation from renewable energy systems will propel the > 2 MW based wind turbine market growth. Cost competitiveness, low emissions, reduced land requirement, and improved efficiency in line with advanced technological development are few prime factors driving the product adoption.

Increasing concern to supply uninterrupted and reliable power to remote consumers will drive the off-grid wind turbine industry share over the forecast period. Positive government outlook subjected to the rural electrification program along with increasing integration of microgrid power projects and networks will further stimulate the business dynamics.

Major industry participants operating in the global wind turbine market include Enercon, General Electric, Senvion, Nordex Acciona, Vestas, Siemens Gamesa, Enessere, MHI-Vestas, Bergey, Goldwind, WEG SA, United Power, Suzlon, Wobben, Envision Energy, Mingyang, Impsa, Clipper, LM Windpower, and Northern Power Systems.

Wind turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:

Wind Turbine Industry, By Axis

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

Wind Turbine Industry, By Installation

  • Onshore
  • Offshore

Wind Turbine Industry, By Connectivity

  • Grid connected
  • Stand alone 

Wind Turbine Industry, 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

Wind Turbine Industry, By Application

  • Utility
  • Industrial


  • Manufacturing industries
  • Process industries
  • Chemical industries
  • Others
  • Commercial


  • Education
  • Office
  • Government/Military
  • Others


  • Residential

Wind Turbine Market, By Component

  • Rotor Module
  • Nacelle Module
  • Tower Module

The above information is provided on a regional & country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Spain
    • UK
    • France
    • Italy
    • Sweden
    • Poland
    • Denmark
    • Portugal
    • Netherlands
    • Ireland
    • Romania
    • Belgium
    • Austria
  • Asia Pacific
    • China
    • India
    • Australia
    • Japan
    • South Korea
    • Vietnam
    • Thailand
    • Philippines
    • Taiwan
  • Middle East & Africa
    • South Africa
    • Egypt
    • Morocco
    • Ethiopia
    • Tunisia
    • Jordan
  • Latin America
    • Brazil
    • Chile
    • Argentina
    • Uruguay
Authors: Ankit Gupta, Aditya Singh Bais