Wind Turbine Market Size (2023 – 2030)

The Global Wind Turbine Market was estimated at USD 96.98 Billion in 2022 and is anticipated to be a value of USD 155.74 Billion by 2030, growing at a fast CAGR of 6.1% during the outlook period (2023-2030).

The industry and market area concerned with the design, construction, and upkeep of wind turbines is referred to as the wind turbine market. The kinetic energy of the wind is captured by wind turbines, which then transform it into electrical energy. When the wind blows, they comprise of a rotor with two or more blades that revolve, powering a generator to generate energy. To do this, parts for wind turbines such as blades, towers, nacelles (which house the generator and other equipment), and control systems must be produced and put together. To satisfy the various requirements of wind power projects, manufacturers develop and create turbines of various sizes and capacities. Typically, wind turbines are erected in wind farms, which are sizable clusters of turbines situated in locations with reliable and abundant wind resources. The process of installation entails choosing a location, building a foundation, transporting and erecting the turbines, and connecting them to the electrical grid. To ensure the best performance and longevity of wind turbines, operations, and maintenance tasks entail monitoring, inspecting, and maintaining them. To reduce downtime and increase energy output, this involves routine inspections, repairs, component replacements, and troubleshooting. It is crucial to remember that market conditions may change quickly, particularly in the field of renewable energy. As a result, the numbers given above may not accurately reflect the current market size for wind turbines. I suggest reviewing industry papers, market research journals, and consulting companies specializing in the renewable energy sector to get the most recent information on the size, trends, and projections of the wind turbine market.

Global Wind Turbine Market Drivers:

Growing concerns and emissions reduction goals propel the demand for renewable sources, making wind power and turbines the preferred sustainable solution:

More than 8.5 billion people are expected to live on the planet by the year 2050, and this population growth will continue exponentially until it reaches 9.8 billion people, creating difficulties for the provision of food and natural resources. Other key problems include reduced land area, a scarcity of food and crops, competition for natural resources, and an emphasis on boosting crop output in harsh environmental conditions. The contamination of food with bacteria during storage and processing is another problem that is raising concerns across the globe. It is critically important to develop new sustainable methods and practices to maximize the effectiveness of natural resources, plant hormones, a range of diseases, herbicides, fertilizers, and metal ions used in the production of agricultural and food products.

Wind power reduces fossil fuel dependency and enhances energy security, thus boosting market growth:

Through the help of wind power, nations may diversify their energy portfolios and lessen their reliance on fossil fuels, which are frequently imported. With less reliance on uncertain international energy markets, wind turbines provide a home and indigenous energy alternative that improves energy security. Both in the manufacture of wind turbines and in the building and maintenance of wind farms, the wind energy industry has generated a large number of job possibilities. Local economies may be boosted by wind power projects through investments, the creation of new infrastructure, and the collection of taxes. Significant technical breakthroughs in wind turbine design and efficiency have been made possible by ongoing research and development initiatives. The energy output of wind power has grown and maintenance costs have decreased thanks to innovations including bigger rotor diameters, higher towers, and greater turbine performance.

Global Wind Turbine Market Challenges:

Wind energy is sporadic, meaning that it depends on the presence of wind. The integration and stability of the grid may be hampered by this intermittency. Because wind energy is erratic, sophisticated grid infrastructure and effective energy storage technologies are needed to balance supply and demand. For the best energy production, wind turbines need wide land areas with appropriate wind resources. Finding ideal places and acquiring the required licenses and land rights can be difficult, especially in densely populated areas or regions with a dearth of available land. Due to worries about noise pollution, aesthetic impact, and potential impacts on wildlife, local communities may be opposed to wind farms, especially when they are situated close to residential areas. Successful wind energy projects depend on public support and participation. The initial capital commitment for wind projects is still substantial even if the cost of wind turbines has declined over time. Due to the large upfront costs and unknowns around long-term returns on investment, financing wind power projects can be difficult, especially for smaller developers or projects in emerging economies.

COVID-19 Impact on Global Wind Turbine Market:

Due to plant closures, travel restrictions, and logistical difficulties during the epidemic, there were interruptions in the wind turbine industry's worldwide supply chain. Timelines for projects and installations were impacted by delays in the manufacturing and delivery of wind turbine parts such as blades, towers, and nacelles. Government-imposed travel bans, social isolation policies, and lockdowns caused delays in the development and installation of wind farms. Many projects encountered difficulties obtaining workers, supplies, and transportation, which resulted in pushed-back or extended project timeframes. The pandemic's impact on the economy made it challenging to find funding for wind power projects. Particularly for smaller developers or projects in developing economies, investors and financial institutions' increased prudence led to project delays or cancellations. New wind project development was hampered by the pandemic, which slowed the flow of projects. Obtaining permissions, executing environmental evaluations, and interacting with the community was difficult for developers, which led to fewer project announcements and developments.

Global Wind Turbine Market Recent Developments:

• In June 2022, one of the biggest producers of wind turbines in the world, Vestas, announced the opening of its new EnVentus platform. The EnVentus platform combines turbines with bigger rotor diameters, better energy capture, and cutting-edge control systems, to improve wind farms' performance and efficiency.

• In March 2022, launch of the N163/5.X turbine by Nordex. The rotor diameter of this turbine type is 163 meters, and its rated capacity is 5.7 MW. It makes use of cutting-edge technology for adaptive control, noise reduction, and better performance in low-wind situations.

• In July 2021, The GW 155-4.5MW turbine was unveiled by Chinese wind turbine maker Goldwind. The GW 155-4.5MW has a 155-meter-diameter rotor and was built to withstand high wind speeds. It has improved aerodynamics and cutting-edge control technologies for greater energy output.

WIND TURBINE MARKET REPORT COVERAGE:

Global Wind Turbine Market Segmentation: By Turbine Type

• Onshore Wind Turbines

• Offshore Wind Turbines

On-land installations, usually in wide spaces like plains, hills, or coastal regions, are where onshore wind turbines are located. They are the most prevalent form of wind turbine and have been widely used across the world. In comparison to offshore turbines, onshore turbines are often simpler to construct, maintain, and connect to the electrical grid. In waterways, usually in coastal or offshore sites, offshore wind turbines are placed. These turbines are frequently greater in size than onshore turbines since they are built to resist severe maritime environments. Offshore wind farms benefit from stronger and more reliable wind resources, which increases their potential for producing more electricity. However, they also provide extra difficulties such as complicated installation procedures, greater prices, and upkeep needs.

Global Wind Turbine Market Segmentation: By Turbine Capacity

• Up to 2 MW

• 2 MW - 3 MW

• 3 MW - 5 MW

• Above 5 MW

Up to 2 megawatts (MW) wind turbines are included in this class. Usually, smaller-scale projects including residential, business, and community wind power installations employ these turbines. This class of turbines is frequently used in onshore wind farms and is appropriate for medium-scale energy generation. The 3 MW - 5 MW section consists of wind turbines of 3 MW to 5 MW capacity. These turbines, which are often used in both onshore and offshore wind farms, are built to collect stronger winds and produce the most electricity. The wind turbines in this section have a capacity greater than 5 MW. These massive turbines are frequently employed in offshore wind farms because they can take advantage of the more reliable and powerful wind resources present at sea.

Global Wind Turbine Market Segmentation: By End-User

• Independent Power Producers (IPPs)

• Utilities

• Commercial and Industrial (C&I) Sector

• Residential Sector

Independent power producers are businesses or other entities that create energy for resale to utilities or to end customers directly. IPPs are important players in the market for wind turbines since they build, own, and run wind farms that provide renewable energy. To sell the electricity produced by their wind farms, these enterprises frequently sign power purchase agreements (PPAs) with utilities or other organizations. Companies that provide utilities generally have power-producing capabilities in addition to distributing electricity to end consumers. To satisfy their renewable energy goals and diversify their generating portfolios, several utilities are adding wind power to their energy mix. To purchase wind-generated power, they may build their wind farms or engage in long-term contracts with wind farm developers. Manufacturing facilities, office buildings, retail stores, data centers, and other enterprises and organizations are all included in the commercial and industrial sectors. To achieve sustainability goals, lower carbon footprints, and cut energy costs, this industry has been embracing wind power more and more. C&I entities have the option of installing wind turbines on their property or signing contracts to buy wind energy from adjacent wind farms. Small-scale customers and individual households are included in the residential sector. Even though home wind turbine installations are less frequent than in other industries, there is rising interest in small-scale residential wind turbines. These turbines can lessen dependency on the grid, assist families in producing clean energy for self-consumption, and in certain areas, allow for the sale of surplus electricity back to the grid.

Global Wind Turbine Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

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Global Wind Turbine Market Key Players:

1. Vestas Wind Systems A/S

2. Siemens Gamesa Renewable Energy

3. General Electric Company

4. Goldwind

5. Enercon GmbH

6. Nordex SE

7. Suzlon Energy Limited

8. MingYang Smart Energy Group Co., Ltd.

9. Envision Energy

10. Senvion S.A.