Global Wind Turbine Market By Product Type (Horizontal Axis Wind Turbines [HAWT], Vertical Axis Wind Turbines [VAWT]), By Application (Onshore Wind Turbines, Offshore Wind Turbines), By End-User Industry (Power Generation, Industrial Manufacturing, Utilities, Commercial & Residential Applications), By Capacity (Below 1 MW, 1-3 MW, 3-5 MW, Above 5 MW); Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Wind Turbine Market was valued at USD 94.4 billion in 2023 and will surpass USD 146.5 billion by 2030; growing at a CAGR of 6.5% during 2024 - 2030.

The wind turbine market has experienced significant growth in recent years, driven by increasing demand for renewable energy, technological advancements, and global efforts to combat climate change. Wind power has become one of the most prominent sources of clean energy, with turbines offering a sustainable and eco-friendly solution to power generation. As the need for renewable energy escalates, the wind turbine market is expected to continue expanding, with innovations in turbine design, efficiency, and energy storage. This market encompasses various product types, applications, end-user industries, and capacities, each contributing to the overall growth and development of the industry.

Horizontal Axis Wind Turbines (HAWT) Segment is Largest Owing to Efficiency and Scalability

Among the two primary types of wind turbines, Horizontal Axis Wind Turbines (HAWT) dominate the market. HAWTs have been the preferred choice for large-scale wind farms due to their higher efficiency and scalability. These turbines have blades that rotate on a horizontal axis, capturing wind energy more effectively than vertical axis designs. They are commonly used in both onshore and offshore wind farms, benefiting from their superior aerodynamic efficiency, which allows for greater power generation. As a result, HAWTs continue to hold the largest market share and are expected to remain the dominant turbine type in the coming years, especially in large-scale installations.

The demand for HAWTs is especially robust in regions with vast open areas, such as North America, Europe, and parts of Asia. The continued focus on renewable energy adoption and energy transition initiatives has led to more investments in HAWT technology. This trend is expected to persist as governments and private companies push to meet renewable energy targets and reduce carbon emissions. With advancements in turbine design, HAWTs are becoming even more efficient, driving further market adoption in both developed and emerging markets.

Offshore Wind Turbines Segment is Fastest Growing Owing to Higher Energy Output

Offshore wind turbines are the fastest-growing segment within the wind turbine market, primarily due to their higher energy generation potential and the ability to take advantage of stronger and more consistent winds found offshore. Offshore wind farms are increasingly being seen as a viable solution for meeting global energy demands, especially in coastal regions where land-based turbines may not be as effective due to space limitations or land use conflicts. Offshore turbines can be installed in deep waters using floating platforms, which makes them ideal for tapping into previously inaccessible wind resources.

This segment’s rapid growth is driven by strong government support for offshore wind projects, especially in Europe and the U.S. With global offshore wind power capacity expected to increase significantly, offshore wind turbines are poised to play a key role in renewable energy strategies. Their potential for high-capacity generation makes them an attractive investment, especially for large-scale projects aiming to meet long-term energy goals. The development of floating wind turbines and advanced grid connection technologies further fuels the expansion of this market.

Power Generation Segment is Largest End-Use Industry Due to Growing Energy Demand

The power generation industry remains the largest end-use segment in the wind turbine market, driven by the global shift towards renewable sources of energy. Wind power is becoming an essential part of the energy mix, offering a sustainable and reliable solution to meet growing electricity demands while reducing dependence on fossil fuels. Wind turbines are installed in both onshore and offshore settings to generate electricity, contributing to the renewable energy capacity of many countries.

The increasing need for clean energy solutions and the emphasis on reducing greenhouse gas emissions are primary drivers of the wind turbine market’s growth in the power generation sector. Additionally, technological advancements in turbine efficiency and energy storage solutions are further driving the adoption of wind energy in power generation. With significant investments in renewable energy infrastructure globally, the power generation segment is expected to continue leading the wind turbine market throughout the forecast period.

Above 5 MW Capacity Segment is Largest Owing to Offshore Market Growth

In terms of turbine capacity, the above 5 MW segment is the largest, driven by the growing demand for offshore wind turbines. Larger turbines are increasingly favored for offshore wind farms, where higher capacity turbines are necessary to meet the energy needs of large-scale projects. These turbines are designed to generate significant amounts of electricity, often exceeding 10 MW, making them ideal for offshore installations, where space is less of a concern compared to onshore wind farms.

The transition to larger turbines is also supported by technological advancements in turbine design, materials, and energy storage, which allow for better scalability and higher efficiency. The push towards offshore wind power projects, particularly in Europe and North America, is accelerating the adoption of these larger turbines. As offshore wind farms continue to grow in size and capacity, the above 5 MW segment is expected to maintain its leading position in the market.

Europe is Largest Region Owing to Strong Investment in Renewable Energy

Europe stands as the largest region in the wind turbine market, driven by its ambitious renewable energy goals and long-standing investments in wind energy infrastructure. The European Union has set aggressive targets for reducing carbon emissions and increasing the share of renewable energy in its overall energy mix, making wind power a critical component of the region’s energy transition strategy. Countries like Germany, Spain, Denmark, and the UK are leaders in the deployment of both onshore and offshore wind turbines.

The rapid expansion of offshore wind farms in the North Sea and Baltic Sea regions further solidifies Europe’s position as a leader in the wind turbine market. The region’s commitment to green energy, along with the development of innovative technologies such as floating wind turbines and advanced grid systems, is expected to continue driving growth in the market. As a result, Europe remains the most significant region for wind turbine adoption and investment.

Leading Companies and Competitive Landscape

The wind turbine market is highly competitive, with several global players leading the industry. Companies like Vestas Wind Systems, Siemens Gamesa Renewable Energy, GE Renewable Energy, and Nordex SE are at the forefront, offering a wide range of turbine solutions for both onshore and offshore applications. These companies focus on continuous innovation to improve turbine efficiency, reduce costs, and increase energy output.

The market is also witnessing increased collaboration between turbine manufacturers and utility companies to develop large-scale wind farms, particularly offshore projects. Additionally, many companies are investing in research and development to advance turbine technology, including the development of larger, more efficient turbines and floating wind turbine platforms. The increasing demand for renewable energy, coupled with strong government support for wind power projects, continues to drive competition in the market, making it dynamic and rapidly evolving.

List of Leading Companies:

• Vestas Wind Systems
• Siemens Gamesa Renewable Energy
• GE Renewable Energy
• Nordex SE
• Suzlon Energy Limited
• Envision Energy
• Goldwind
• Ming Yang Smart Energy
• Senvion
• Dongfang Electric Corporation
• Shanghai Electric Group
• Nordex SE
• Acciona Energia
• GE Renewable Energy
• Sinovel Wind Group

Recent Developments:

• Vestas Wind Systems recently announced a significant offshore wind turbine order for a large-scale project off the coast of the UK, reinforcing its leadership in the offshore wind sector.
• Siemens Gamesa unveiled its new offshore wind turbine model designed to increase energy production and lower costs, marking a significant step in offshore wind technology.
• GE Renewable Energy has signed an agreement to supply 1.2 GW of onshore wind turbines in India, contributing to the country’s renewable energy goals.
• Acciona Energia successfully completed a wind farm project in Australia, adding over 100 MW of clean power capacity to the national grid.
• Suzlon Energy entered into a partnership with the Indian government to develop renewable energy infrastructure, focusing on expanding its wind turbine manufacturing capabilities

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