Wind Turbine Market is worth USD 69.25 Billion in 2024. Technological growth, government regulation, environmental protection, economic sustainability, energy security, social acceptability, integration into the power grid, and market pull fuel the development of wind turbine technology. Enhanced aerodynamics, material science, and control technology have resulted in increased efficiency and economy of turbines.
Government subsidies, environmental factors, and financial viability increase the attractiveness of wind power. Social acceptance, integration with the grid, and the development of industry are also vital to effective deployment and is likely to reach at USD 167.89 Billion by 2035 and is rising at a (CAGR) of 9.10% from 2024 to 2035.
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What are the Factors Driving the Wind Turbine Market?
The development of wind turbine technology and installations is promoted by various reasons such as technological innovation, government policies, environmental factors, economic viability, energy security, public support, and social acceptance. Improved aerodynamics, blade design, and control systems have resulted from technological innovation, creating more efficient and economic wind turbines. Government policies, incentives, and subsidies like tax credits and feed-in tariffs have enhanced the economic viability of wind power projects for developers and investors.
Environmental issues, including climate change and air pollution, have boosted the need for clean and renewable energy sources such as wind power. The declining cost of wind energy has made it competitive with traditional energy sources, and it is now a viable choice for utilities, companies, and consumers looking for cheap and sustainable electricity.
Wind power enhances energy diversification and lessens the dependence on foreign fossil fuels, thereby improving energy security of nations across the globe. Public opinion and community outreach are vital elements to the successful installation of wind energy projects. There is a need for enhancement of grid infrastructure and transmission lines to be able to accommodate growing penetration of wind energy into the electricity grid.
Country/Region-wise Acumens
ACU abortions by Country/Region:
Which Country has the Largest Market Share in Wind Turbine Market?
The Asia-Pacific region has the largest market share in the wind turbine market owing to reasons like economic growth, government incentives, rich wind resources, technology development, industrial capabilities, environmental issues, climatic targets, urbanization, and demand for power. China and India have witnessed accelerated economic growth and industrialization, resulting in high energy demand and the necessity for more electricity generation capacity. Supportive policies and incentives have been put in place by governments to foster renewable energy, such as wind power, and investment in wind energy projects.
The region’s rich wind resources, especially in coastal, mountainous, and island areas, render it extremely favorable for wind energy projects. Technological innovation has enhanced the cost-effectiveness, reliability, and efficiency of wind turbines and made them more competitive with fossil fuels. The indigenous manufacturing industry has made possible the low-cost production of large quantities of wind turbines. The region has also received substantial investment in renewable energy, such as wind power, from both local and foreign investors, through project finance, green bonds, and international cooperation agreements.
What are the Drivers for the Fast Growth of the North America in Wind Turbine Market?
The North American wind turbine market is growing fast because of a number of factors. They are policy support and regulatory stability, reducing costs and technology, high wind resources, energy transition and climate targets, technology innovation and research, robust market demand and investment, employment and economic returns, and infrastructure and grid integration. North American governments have enacted supportive policies and regulatory measures to encourage the development of renewable energy, including tax incentives, production tax credits, renewable portfolio standards, and long-term power purchase agreements.
Advances in turbine design, materials, and manufacturing processes have enhanced efficiency, reliability, and performance, lowering costs and boosting market growth. The wind resources of the region, such as the Great Plains area, are also being harnessed along the coastal regions and the Great Lakes. Increased knowledge of climate change and the necessity to cut down greenhouse gas emissions has spurred investments into clean energy technologies. Partnerships between the government, academia, and industry enable innovations in next-generation wind turbines, grid integration technologies, and energy storage systems.
Competitive Landscape
The market is intensely competitive, with well-established firms using advanced technology, quality products, and established brand image to capitalize on revenue growth. They use tactics such as research, development, mergers, and technology innovations to enhance their product offerings.
Some of the noted players 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 received a fresh 225 MW wind energy order from Everrenew Energy. Under the order, the company will supply 75 wind turbine generators with a Hybrid Lattice Tubular tower and a rated capacity of 3 MW each to Everrenew Energy’s locations at Vengaimandalam, Trichy district, and Ottapidaram, Tuticorin district in Tamil Nadu.
In November 2023, GE Vernova signed a deal with O2 Power Private Limited to provide, erect, and commission 36 units of its workhorse 2.7-132 onshore wind turbines for the 97 MW Maharashtra, India wind power projects.
In January 2023, Braun Windturbinen GmbH, a German wind turbine company, reported the installation of 7.5 KW small wind turbines. The system is paralleled to the grid with the Smart Wind SW7.5 and used as a backup heat system with a 6.0 kW heat rod. If 2.5 kW in grid-parallel operation is exceeded, the heat rod is turned on automatically by the turbine characteristic curve. Adjustable monitoring of domestic hot water temperature is mounted on the small wind turbine.
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
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• Qualitative and quantitative market analysis based on segmentation including economic as well as non-economic factors
• Market value (USD Billion) data for every segment and sub-segment
• Shows the region and segment that is anticipated to grow the fastest as well as to control the market
• Geographical analysis with the consumption of the product/service in the region as well as showing the factors influencing the market in every region
