Wind Turbine Market Projected to Reach 1.39 Thousand Gigawatts by 2030 Amidst Technological Advancements and Policy Support

Mordor Intelligence has published a new report on the Wind Turbine Market, offering a comprehensive analysis of trends, growth drivers, and future projections.

The Wind Turbine Market is projected to grow from 0.21 thousand gigawatts in 2025 to 1.39 thousand gigawatts by 2030, with a compound annual growth rate (CAGR) of 45.66% during the forecast period (2025-2030). The growth of the wind turbine market is driven by the rising demand for renewable energy as countries aim to reduce carbon footprints, continuous technological advancements improving turbine efficiency, and supportive government policies offering tax incentives and subsidies.

Report Overview - https://www.mordorintelligence.com/industry-reports/wind-turbine-market

Key Trends:

1. Technological Advancements Enhancing Efficiency
The wind energy sector is witnessing significant technological progress, particularly in turbine design and materials. Innovations such as taller towers and longer blades have markedly improved energy capture, even in areas with lower wind speeds. For instance, in September 2022, Vestas introduced an onshore wind turbine tower with a hub height of 199 meters, setting a new benchmark for onshore installations.

2. Favorable Government Policies and Incentives
Governments worldwide are implementing policies to promote renewable energy adoption. In the United States, despite recent administrative challenges, wind power remains a critical component of the clean energy strategy, with tax credits and subsidies bolstering industry growth. Similarly, European nations continue to offer feed-in tariffs and other incentives to encourage wind energy investments.

3. Expansion of Offshore Wind Projects
Offshore wind energy is gaining momentum due to its vast potential and the ability to harness stronger, more consistent winds. Countries like the United Kingdom and Germany are leading in offshore installations, while emerging markets are also exploring offshore opportunities. However, regulatory delays, such as those observed in Australia's offshore wind licensing, highlight the need for streamlined approval processes to sustain growth.

4. Market Consolidation and Strategic Partnerships
The wind turbine industry is experiencing consolidation, with key players engaging in mergers and acquisitions to enhance their market presence. A notable example is Ryse Energy's acquisition of Primus Wind Power in July 2023, aiming to expand its footprint in the American market and diversify its product portfolio.

Market Segmentation

The wind turbine market is segmented based on location of deployment, capacity, and geography.

By Location of Deployment:

• Onshore Wind Turbines: These are installed on land and are currently more prevalent due to lower installation costs and easier maintenance.
• Offshore Wind Turbines: Installed in bodies of water, usually on continental shelves, these turbines benefit from stronger and more reliable wind patterns, leading to higher energy outputs.

By Capacity:

• Small Wind Turbines: Typically used for residential or small commercial applications, these turbines have lower capacity and are suitable for localized energy needs.
• Medium Wind Turbines: Serving larger commercial or community projects, these turbines offer a balance between size and power output.
• Large Wind Turbines: Utilized in utility-scale projects, these turbines contribute significantly to national grids and are central to large-scale renewable energy strategies.

By Geography:

• North America: The United States leads in wind energy production, with significant capacity additions in recent years.
• Europe: Countries like Germany, the United Kingdom, and Denmark are pioneers in both onshore and offshore wind energy installations.
• Asia-Pacific: China and India are rapidly expanding their wind energy capacities, driven by increasing energy demands and environmental considerations.
• South America: Brazil and Chile are emerging markets with substantial investments in wind energy projects.
• Middle East and Africa: While currently lagging, there is growing interest and potential for wind energy developments, particularly in regions with favorable wind conditions.

Get a Customized Report Tailored to Your Requirements: https://www.mordorintelligence.com/market-analysis/wind-turbine

Key Players

Several companies are at the forefront of the wind turbine market, driving innovation and expansion:

• General Electric Company (GE): A global leader in energy solutions, GE offers a range of wind turbines and has a significant presence in both onshore and offshore markets.
• Vestas Wind Systems A/S: Headquartered in Denmark, Vestas is renowned for its extensive portfolio of wind turbines and has installations across multiple continents.
• Siemens Gamesa Renewable Energy, S.A.: This Spanish-German company specializes in wind turbine manufacturing and services, with a strong emphasis on offshore wind projects.
• Nordex SE: Based in Germany, Nordex focuses on producing efficient and reliable wind turbines suitable for various climatic conditions.
• Suzlon Energy Limited: An Indian multinational, Suzlon is a prominent player in the Asia-Pacific region, offering a range of wind energy solutions.

Direct Drive Wind Turbine Market:

The report examines manufacturers of direct drive wind turbines, with the market segmented by capacity (less than 1 MW, 1 MW - 3 MW, and greater than 3 MW) and by region (North America, Europe, Asia-Pacific, South America, Middle East, and Africa).

To know more visit this link: https://www.mordorintelligence.com/industry-reports/global-direct-drive-wind-turbine-market-industry

Small Wind Turbine Market:

The Small Wind Power Market report is divided by axis type (Horizontal Axis Wind Turbine and Vertical Axis Wind Turbine), application (On-Grid and Off-Grid), and region (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The report provides market size and revenue forecasts (USD) for all these segments.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/small-wind-turbine-market

Wind Turbine Gearbox Repair and Refurbishment Market:

The Global Wind Turbine Gearbox Repair and Refurbishment Market is divided by type (Repair and Refurbishment), gearbox failure type (Bearings and Others), deployment (Onshore and Offshore), and region (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa)

To know more visit this link: https://www.mordorintelligence.com/industry-reports/wind-turbine-gearbox-repair-refurbishment-market

Conclusion:

The wind turbine market is poised for substantial growth in the coming years, propelled by technological advancements, supportive policies, and a global shift towards sustainable energy sources. The projected increase to 1.39 thousand GW by 2030 underscores the pivotal role wind energy will play in the future energy landscape. As industry continues to evolve, collaboration among key players, governments, and communities will be essential to overcome challenges and harness the full potential of wind energy.

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