Wind Turbine Market Research 2024-2033 - Size, Trends, Share Analysis, Overview

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Wind Turbine Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $245.72 billion In 2028 At A CAGR Of 10.0% :

The wind turbine market size has grown rapidly in recent years. It will grow from $151.22 billion in 2023 to $167.64 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to renewable energy policies, energy transition and sustainability goals, cost competitiveness, global energy demand, environmental awareness.

The wind turbine market size is expected to see rapid growth in the next few years. It will grow to $245.72 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to growing accelerated energy transition, government incentives and subsidies, technological advancements in turbines, energy storage integration, global climate agreements. Major trends in the forecast period include focus on sustainable materials and recycling, development of hybrid renewable energy systems, community and local participation in wind projects, cost reduction and competitive auctions for wind projects, global expansion of wind energy markets.

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Wind Turbine Market Major Segments
The wind turbine market covered in this report is segmented -

1) By Component: Rotator Blade, Gearbox, Generator, Nacelle, Other Components
2) By Axis Type: Horizontal, Vertical
3) By Location of Deployment: Onshore, Offshore
4) By Connectivity Type: Grid Connected, Stand Alone
5) By Application: Industrial, Commercial, Residential, Utility

Key Driver - Exploring The Surge In Demand For Renewable Energy With Wind Turbines

Increasing demand for renewable energy sources is contributing to the growth of the wind turbine market. A renewable energy source refers to an energy source that is repeatedly replenished without running out. Most of this energy will come from fossil fuels like coal, oil, and natural gas. The wind is a renewable energy source. Overall, using wind to produce energy has fewer effects on the environment than other energy sources. Wind turbines will not release emissions that will pollute the air or water and they do not require water for cooling. Wind turbines will also reduce the amount of electricity generation from fossil fuels, which results in lower total air pollution and carbon dioxide emissions. For instance, according to IEA data 2021, Paris-based autonomous intergovernmental organization, renewable energy use increased by 3% in 2020 as demand for all other fuels declined. Moreover, the amount of electricity generated from renewables is set to increase too by 8% in 2021 and more than 6% in 2022. Increasing demand for renewable energy sources drives the growth of the wind turbine market.

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Prominent Trend - Technological Advancements Transforming The Wind Turbine Landscape

Technological enhancements are a key trend gaining popularity in the wind turbine market. The technology on the offshore direct drive platform allows for the re-use of most components from previous generations. For instance, in September 2022, Vestas, a Danish manufacturer of wind turbines, launched an onshore wind turbine tower with a hub height measuring 199 meters, the world's tallest onshore tower. It is designed to be used by Vestas' V172-7.2MW turbine.

Wind Turbine Market Players
Major companies operating in the wind turbine market report are Clipper Windpower A/S, Hitachi Ltd., Siemens AG, General Electric Company, Suzlon Energy Limited, CRRC Group Corporation, Eaton Corporation plc, Shangai Electric Group Co. ltd., Vestas Wind Systems A/S, Sany Heavy Industry Co. Ltd., Gamesa Electric, Dongfang Electric Corporation, Nordex SE, Goldwind Science and Technology Co. Ltd., Ming Yang Smart Energy Group Co. Ltd., Guodian United Power Technology Co. Ltd., Bilfinger Offshore Wind Energy GmbH, Zhejiang Windey Co. Ltd., Envision Energy, LM Windpower A/S, Impsa S.A., Sinovel Wind Group Co. Ltd., Leitwind GmbH, Vergnet S.A., Northern Power Systems Ltd., Enercon Gmbh Windenergieanlagen, Senvion SE, Bergey Windpower Inc., ZF Wind Power Antwerpen NV, United Power Inc.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the wind turbine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wind Turbine Market Report Structure
3. Wind Turbine Market Trends And Strategies
4. Wind Turbine Market - Macro Economic Scenario
5. Wind Turbine Market Size And Growth
…..
27. Wind Turbine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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