Press release
Navigating the Future: Wind Turbine Market Trends and Forecast Insights, 2025 Edition
Wind Turbine
Wind Turbine Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The expansion of the wind turbine market has been swift and significant in the past few years. The market, which was worth $163.16 billion in 2024, is projected to increase to $180.58 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.7%. This historical growth trend can be credited to factors such as renewable energy policies, objectives for energy transition and sustainability, cost-competitiveness, worldwide energy demand, and heightened environmental awareness.
Wind Turbine Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the wind turbine market size is projected to experience robust growth, reaching a value of $262.07 billion by 2029 with a compound annual growth rate (CAGR) of 9.8%. The boost through this forecast period can be attributed to the transition to faster energy, government stimulus and subsidies, advanced developments in turbines, integration of energy storage, and global climate agreements. Key trends during this period include the emphasis on recycling and sustainable materials, the evolution of hybrid renewable energy systems, community and local involvement in wind projects, cost cutting and competitive auctions for wind projects, as well as the worldwide expansion of wind energy markets.
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What Are the Drivers Transforming the Wind Turbine Market?
The rise in demand for renewable energy sources is fueling the expansion of the wind turbine market. An energy source that can be restored over and over again without depleting is considered as a renewable energy source. The major contributor to this energy sector has been fossil fuels such as coal, oil, and natural gas. Wind energy is also one such renewable energy source. On the whole, using wind energy has less environmental impact compared to other sources of energy. There won't be any emission of pollutants into the air or water as wind turbines don't necessitate water for cooling. Moreover, wind turbines will help in reducing the amount of electricity produced from fossil fuels, consequently decreasing the overall level of air pollution and carbon dioxide emissions. For example, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, stated in January 2023 that the power generation from solar photovoltaic systems reached an all-time high of 270 TWh in 2022, a 26% rise from 2021. Solar PV, despite being the third largest renewable electricity technology following wind and hydropower, contributed to 4.5% of the worldwide total electricity. Consequently, the escalating demand for renewable energy sources is promoting the expansion of the wind turbine market.
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What Long-Term Trends Will Define the Future of the Wind Turbine Market?
Advancements in technology are becoming an increasingly prevalent trend in the wind turbine industry. The technology incorporated in offshore direct drive platforms permits the recycling of components from earlier models. For example, Danish wind turbine producer, Vestas, introduced the world's tallest onshore wind turbine tower, boasting a hub height of 199 meters, in September 2022. This tower is specifically crafted to support Vestas' V172-7.2MW turbine.
Which Segments in the Wind Turbine Market Offer the Most Profit Potential?
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 Firms Dominate the Wind Turbine Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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.
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