Wind Turbine Market By Type of Wind Farm (Onshore, Offshore), Application (Industrial, Commercial, and Residential), & Region for 2024 to 2031.
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationWind Turbine Market By Type of Wind Farm (Onshore, Offshore), Application (Industrial, Commercial, and Residential), & Region for 2024 to 2031.
Wind Turbine Market Valuation – 2024-2031
Wind Turbine Market valued USD 69.25 Billion in 2024. The growth of wind turbine technology is driven by technological advancements, government policies, environmental concerns, economic viability, energy security, public acceptance, grid integration, and market demand. Improved aerodynamics, materials, and control systems have led to more efficient and cost-effective turbines.
Government subsidies, environmental concerns, and economic viability make wind energy more attractive. Public acceptance, grid integration, and industry growth are also crucial for successful deployment and is expected to reach at USD 115.62 Billion by 2031 and is growing at a (CAGR) of 7.30% from 2024 to 2031.
Wind Turbine MarketDefinition/ Overview
A wind turbine is a device that converts wind kinetic energy into mechanical power, which can be converted into electricity. It consists of large blades mounted on a tall tower, which rotate when the wind blows, driving a generator to produce electricity. The blades are designed to capture as much wind energy as possible and can be adjusted based on wind speed and direction.
Modern wind turbines use advanced technology for efficient and reliable operation, providing clean and sustainable power generation without greenhouse gas emissions. They can range from small units for residential applications to large utility-scale installations, playing a crucial role in transitioning to a more sustainable energy future.
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What Factors are Driving the Wind Turbine Market?
The growth of wind turbine technology and installations is driven by several factors, including technological advancements, government policies, environmental concerns, economic viability, energy security, public acceptance, and community engagement. Technological advancements have led to more efficient and cost-effective wind turbines, with improved aerodynamics, blade materials, and control systems. Government policies, subsidies, and incentives, such as tax credits and feed-in tariffs, have made wind power projects financially viable for developers and investors.
Environmental concerns, such as climate change and air pollution, have increased the demand for clean and renewable energy sources like wind power. The decreasing costs of wind energy have made it more competitive with conventional energy sources, making it an attractive option for utilities, businesses, and consumers seeking affordable and sustainable electricity.
Wind power contributes to energy diversification and reduces reliance on imported fossil fuels, enhancing energy security for countries worldwide. Public acceptance and community engagement are crucial for successful deployment of wind energy projects. Improvements in grid infrastructure and transmission networks are necessary to accommodate the increasing penetration of wind energy into the electricity grid.
Market demand and industry growth are driving the expansion of the wind energy industry, with manufacturers, developers, and service providers scaling up operations, investing in research and development, and expanding their market presence to capitalize on the growing demand for wind turbines and related services.
What are the Barriers Impeding the Growth of the Wind Turbine Market?
Wind turbines offer numerous benefits, but they also face challenges in their deployment and operation. These include intermittent and variable wind energy generation, which can affect grid stability and reliability. Integrating large amounts of wind power into the electricity grid can strain existing infrastructure and require significant investments in upgrades and expansion. Land use and siting are also significant issues, as wind farms require large amounts of land and must consider environmental impacts, wildlife habitat, visual aesthetics, and community concerns.
Visual and aesthetic impact is another concern, as wind turbines can be visually prominent, especially in residential areas. Mitigating noise and shadow flicker during operation is crucial for minimizing community opposition. Bird and bat collisions pose risks to birds and bats, raising conservation concerns and regulatory scrutiny. Regular maintenance and inspection are essential for optimal performance and reliability.
Cost and financing are also significant challenges for wind projects. While the cost of wind energy has declined, upfront capital costs for wind projects can still be substantial. Securing financing, navigating regulatory processes, and managing project risks are critical factors for the successful development and deployment of wind turbines.
Category-Wise Acumens
Which Type has the Highest Market Share in the Wind Turbine Market?
The traditional horizontal-axis wind turbine (HAWT) is the dominant onshore type in the Wind Turbine Market due to its established technology, proven performance, and widespread deployment. HAWTs have a horizontal rotor shaft with blades rotating perpendicular to the wind direction and come in various sizes, from small-scale residential to utility-scale turbines.
They benefit from mature supply chains, standardized components, and well-established manufacturing processes, contributing to cost-effectiveness and reliability. HAWTs are versatile and adaptable to diverse geographical conditions, making them a popular choice over other turbine types like VAWTs or hybrid systems. Overall, HAWTs continue to dominate the market due to their overall performance, efficiency, and economic viability.
How is the Market for Wind Turbine Expanding through Industrial Industry?
The wind turbine market is expanding through various industrial sectors. Industrial companies are increasingly involved in the supply chain for wind turbine components, contributing to production efficiency and cost-effectiveness. They invest in technology transfer and innovation, enhancing turbine performance, reliability, and energy yield. Vertically integrating into the wind energy value chain, they develop, own, and operate wind farms, leveraging financial resources and access to capital markets. This allows them to capture value across the entire lifecycle of wind turbines.
Diversifying their product portfolios and entering the wind energy market can help mitigate risks associated with cyclical industries or declining market segments. Additionally, involvement in wind energy projects can enhance the sustainability profile of industrial firms and align with corporate social responsibility objectives. Partnerships and collaborations with wind turbine manufacturers, developers, utilities, and research institutions facilitate technology transfer, knowledge sharing, and joint innovation initiatives, contributing to the development of a robust and sustainable wind energy ecosystem.
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Country/Region-wise Acumens
Which Country holds the Largest Market Share in Wind Turbine Market?
The Asia-Pacific region holds the largest market share in the wind turbine market due to factors such as rapid economic growth, government support, abundant wind resources, technological advancements, industrial capacity, environmental concerns, climate goals, urbanization, and energy demand. Countries like China and India have experienced rapid economic growth and industrialization, leading to increased energy demand and the need for additional electricity generation capacity. Governments have implemented supportive policies and incentives to promote renewable energy, including wind power, encouraging investment in wind energy projects.
The region’s abundant wind resources, particularly in coastal, mountainous, and island regions, make it highly conducive to wind energy projects. Technological advancements have improved the efficiency, reliability, and cost-effectiveness of wind turbines, making them increasingly competitive with conventional energy sources. Domestic manufacturing capabilities have enabled the production of large numbers of wind turbines at competitive prices. The region has also attracted significant investment in renewable energy, including wind power, from both domestic and international sources, through financing mechanisms such as project finance, green bonds, and international cooperation agreements.
What Factors are Driving the Rapid Expansion of the North America in Wind Turbine Market?
The North American wind turbine market is expanding rapidly due to several factors. These include policy support and regulatory stability, declining costs and technological advancements, abundant wind resources, energy transition and climate goals, technological innovation and research, strong market demand and investment, job creation and economic benefits, and infrastructure and grid integration. North American governments have implemented supportive policies and regulatory frameworks to promote renewable energy development, such as tax incentives, production tax credits, renewable portfolio standards, and long-term power purchase agreements.
Technological advancements in turbine design, materials, and manufacturing processes have improved efficiency, reliability, and performance, driving down costs and accelerating market growth. The region’s vast wind resources, including the Great Plains region, are also being utilized in coastal areas and the Great Lakes. The growing awareness of climate change and the need to reduce greenhouse gas emissions has led to increased investment in clean energy technologies. Collaborations between industry, academia, and government facilitate the development of next-generation wind turbines, grid integration solutions, and energy storage technologies.
Competitive Landscape
The market is fiercely competitive, with established companies leveraging advanced technology, high-quality products, and strong brand image to drive revenue growth. They employ strategies like research, development, mergers, and technological innovations to expand their product portfolios.
Some of the prominent players operating in the wind turbine market are
- General Electric company.
- Vestas Wind Systems A/S
- Nordex SE.
- Suzlon Energy Limited.
- Siemens Gamesa renewable energy. SA
- CSIC.
- Shanghai Electric
- Windey
Latest Developments
- In January 2024, Suzlon Group made a new 225 MW wind energy order from Everrenew Energy. As per the order, the company will install 75 wind turbine generators with a Hybrid Lattice Tubular tower and a rated capacity of 3 MW each at Everrenew Energy’s sites at Vengaimandalam, Trichy district, and Ottapidaram, Tuticorin district in Tamil Nadu.
- In November 2023, GE Vernova agreed with O2 Power Private Limited to supply, install, and commission 36 units of its workhorse 2.7-132 onshore wind turbines for the 97 MW wind power projects in Maharashtra, India.
- In January 2023, Braun Windturbinen GmbH, a wind turbine manufacturer in Germany, announced the installation of 7.5 KW of small wind turbines. The system operates three parallel to the grid with the Smart Wind SW7.5 and as a backup heating system with a 6.0 kW heating rod. When 2.5 kW is reached in grid-parallel operation, the heating rod is automatically switched on according to the turbine characteristic curve. The monitoring of the domestic hot water temperature is adjustable and installed at the small wind turbine.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~7.30% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | General Electric company., Vestas Wind Systems A/S, Nordex SE., Suzlon Energy Limited., Siemens Gamesa renewable energy. SA, Shanghai Electric, Windey |
| Customization | Report customization along with purchase available upon request |
Wind Turbine Market, By Category
Type of Wind Farm
- Onshore
- Offshore
Application
- Industrial
- Commercial
- Residential
Region
- North America
- Europe
- Asia Pacific
- Rest of the World
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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