Wilmington, Delaware, Feb. 05, 2025 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Wind Turbine Market by Axis Type (Horizontal and Vertical), Installation (Onshore and Offshore), Component (Rotator Blade, Gearbox, Generator, Nacelle, and Others), and Application (Industrial, Commercial, Residential, and Utility): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the wind turbine market was valued at $66.9 billion in 2023, and is estimated to reach $164.3 billion by 2033, growing at a CAGR of 9.5% from 2024 to 2033.
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Prime determinants of growth
The global wind turbine market has experienced growth due to several factors such as innovations in wind turbine design and innovations in blade design, generator efficiency, and energy storage integration. However, environmental and social concerns are expected to hamper the growth of the wind turbine market. Moreover, increase in digitalization and smart turbines are expected to offer lucrative opportunities in the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $66.9 billion |
| Market Size in 2033 | $164.3 billion |
| CAGR | 9.50% |
| No. of Pages in Report | 321 |
| Segments Covered | Axis Type, Installation, Component, Application, and Region |
| Drivers | Innovations in wind turbine design |
| Innovations in blade design, generator efficiency, and energy storage integration | |
| Opportunity | Increase in digitalization and smart turbines |
| Restraint | Environmental and Social Concerns |
The horizontal segment dominated the market in 2023.
On the basis of axis type, the horizontal segment dominated the wind turbine market, accounting for more than half of the market share, in 2023. Horizontal Axis Wind Turbines (HAWTs) are the most widely used type of wind turbines, dominating the global wind energy landscape. These turbines feature a rotor shaft, and blades mounted on a horizontal axis, parallel to the ground. The primary reason for their extensive usage is their high efficiency in converting wind energy into electricity. The blades are engineered to maximize the lift-to-drag ratio, ensuring optimal performance even in varying wind conditions. HAWTs are also equipped with yaw systems that allow the turbine to adjust its orientation, ensuring that the rotor faces the wind direction for maximum energy capture. This adaptability makes them highly reliable and productive for large-scale renewable energy projects.
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The onshore segment dominated the market in 2023.
On the basis of installation, the onshore segment was the highest revenue contributor in the market in 2023. Onshore wind turbines are installed on land in areas with favorable wind conditions, such as open plains, hilly terrains, or coastal regions. Onshore wind farms typically consist of multiple turbines strategically placed to maximize wind capture and energy efficiency. They are increasingly being integrated into energy grids to reduce dependence on fossil fuels, mitigate carbon emissions, and support global climate goals. The efficiency of onshore wind turbines has improved significantly due to advancements in turbine technology, allowing them to generate more electricity even at lower wind speeds.
The rotator blade held the highest market share in 2023.
On the basis of component, the rotator blade segment dominated the market in 2023. Rotator blades are among the most critical components of wind turbines, playing a central role in converting wind energy into mechanical energy. The primary function of the rotator blades is to capture kinetic energy from the wind and transmit it to the turbine’s rotor, which then drives the generator to produce electricity. The design, materials, and operational efficiency of rotator blades significantly influence the overall performance and cost-effectiveness of wind turbines. Rotator blades are subjected to harsh environmental conditions, including high winds, extreme temperatures, and exposure to moisture and ultraviolet radiation.
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The utility held the highest market share in 2023.
On the basis of application, the utility segment dominated the market in 2023. Utility-scale wind turbines are designed to generate large amounts of electricity, which is fed directly into the grid to supply power to residential, commercial, and industrial consumers. These turbines are typically installed in wind farms, which consist of multiple turbines strategically placed in high-wind areas to maximize energy capture. Wind farms can be located onshore or offshore, with offshore installations becoming increasingly popular due to higher and more consistent wind speeds. In addition, wind turbines have low operational and maintenance costs once installed, making them economically viable over the long term. Governments and utilities worldwide are incentivizing wind energy through subsidies, tax benefits, and renewable energy targets, further driving its adoption.
Asia-Pacific held the highest market share in 2023.
Wind turbines play a crucial role in the energy landscape of the Asia-Pacific (APAC) region, contributing significantly to the transition toward sustainable energy solutions. China, the world’s largest wind energy market, leads the Asia-Pacific region in wind turbine usage. The country has installed thousands of onshore and offshore wind turbines, driven by government incentives, technological advancements, and a commitment to achieve carbon neutrality by 2060. China’s dominance in manufacturing wind turbine components, including blades, towers, and gearboxes, has further reduced costs, making wind energy a competitive alternative to traditional fossil fuels.
Players: –
- ENERCON Global GmbH
- Siemens Gamesa Renewable Energy, S.A.U.,
- GE VERNOVA
- Goldwind Americas
- Guodian United Power Technology Co.,Ltd
- Mingyang Smart Energy Group Co., Ltd
- Sinovel Wind Group Co., Ltd
- Senvion India Pvt. Ltd
- Suzlon Energy Limited
- Vestas
The report provides a detailed analysis of these key players in the global wind turbine market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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