Press release
Prominent Wind Turbine Market Trend for 2025: Technological Advancements Transforming The Wind Turbine Landscape
Wind Turbine
The rise in demand for renewable energy is fuelling the expansion of the wind turbine market. The term renewable energy refers to an infinite source of energy that is continually replenished. The majority of the world relies on fossil fuels like coal, oil, and natural gas for this type of energy. However, wind stand as a sustainable source of energy which impacts the environment less compared to other energy sources. Wind turbines do not emit pollutants into the air or water nor do they necessitate water for cooling purposes. Furthermore, the use of wind turbines can lead to a reduction in electricity generated from fossil fuels, thus bringing down overall atmospheric pollution as well as carbon dioxide emissions. For example, in 2023, the International Energy Agency (IEA) based in France, reported that power generated from solar photovoltaic systems in 2022 hit an all-time high of 270 TWh, representing a 26% increase from the previous year. Despite being behind wind and hydropower, solar PV is the third largest producer of renewable electricity, contributing to 4.5% of the world's total electricity production. Thus, it can be concluded that the growing preference for renewable energy sources propels the wind turbine market's expansion.
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What is the projected compound annual growth rate (CAGR) of the wind turbine market from 2025 to 2034, and what factors influence it?
There has been swift expansion in the size of the wind turbine market in the last few years. The market, which was valued at $163.16 billion in 2024, is projected to inflate to $180.58 billion in 2025, registering a compound annual growth rate (CAGR) of 10.7%. Growth in the previous years has been driven by factors such as directives related to renewable energy, objectives aimed at energy transition and sustainability, competitive pricing, global energy demand, and heightened consciousness about the environment.
The market size for wind turbines is predicted to undergo significant expansion in the coming years. It is projected to reach a size of $262.07 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.8%. This development during the predicted period can be traced back to the rapid transition to energy, government-led incentives and subsidies, advancements in turbine technology, integration of energy storage, and the existence of global climate accords. Some of the substantial trends during this period are spotlight on recycling and sustainable materials, the evolution of hybrid renewable energy systems, local community involvement in wind-based projects, reduction in costs and competitive bids for these projects, and the worldwide spread of wind energy markets.
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How are the latest trends influencing the growth of the wind turbine market?
Advancements in technology are becoming increasingly popular in the wind turbine industry, exemplifying a notable trend. The offshore direct drive platform technology enables the recycling of most elements from preceding generations. For instance, Vestas, a wind turbine manufacturer from Denmark, introduced an onshore wind turbine tower in September 2022. The tower, with a hub height of 199 meters, is the tallest onshore tower in the world and is specifically engineered for use with Vestas' V172-7.2MW turbine.
What are the major segments of the wind turbine market and their role in driving growth?
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
Subsegments:
1) By Rotator Blade: Composite Blades, Steel Blades, Carbon Fiber Blades
2) By Gearbox: Planetary Gearbox, Helical Gearbox, Spur Gearbox
3) By Generator: Synchronous Generators, Asynchronous Generators, Permanent Magnet Generators
4) By Nacelle: Housing Components, Cooling Systems, Control Systems
5) By Other Components: Tower, Yaw System, Pitch Control System
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Which region dominates the wind turbine market?
Asia-Pacific was the largest region in the wind turbine market in 2024. 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.
Who are the key firms paving the way for growth in the wind turbine market?
Major companies operating in the wind turbine market include 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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What Is Covered In The Wind Turbine Global Market Report?
•Market Size Forecast: Examine the wind turbine market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the wind turbine market for a structured understanding.
•Key Players Overview: Analyze major players in the wind turbine market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the wind turbine market.
•Segment Contributions: Evaluate how different segments drive overall growth in the wind turbine market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the wind turbine market.
•Industry Challenges: Identify potential risks and obstacles affecting the wind turbine market.
•Competitive Landscape: Review strategic developments in the wind turbine market, including expansions, agreements, and new product launches.
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