Wind Turbine Market Updates

Wind Turbine Market size was valued at USD 61.72 Billion in 2023 and is poised to grow from USD 66.04 Billion in 2024 to USD 113.46 Billion by 2032, growing at a CAGR of 7.0% during the forecast period (2025-2032).

A few major companies do occupy a huge share of the global wind turbine industry, and they have established a good local presence. Besides their active ventures in strategic growth activities, such as product development, launches, joint ventures, and partnerships, the frontline companies are committed to the ongoing research and development work. These companies want to leverage these strategies to enhance their market position, expand their customers, and acquire a sizeable percentage of the market. 'Vestas Wind Systems A/S (Denmark) ', 'Siemens Gamesa Renewable Energy (Spain) ', 'GE Vernova (United States) ', 'ENERCON GmbH (Germany) ', 'Goldwind (China) ', 'Envision Energy (China) ', 'Mingyang Smart Energy (China) ', 'Nordex SE (Germany) ', 'Zhejiang Windey Co., Ltd. (Windey) (China) ', 'Shanghai Electric Wind Power Group Co., Ltd. (SEwind) (China) ', 'Dongfang Electric Corporation (DEC) (China) ', 'China Haizhuang  (China) ', 'CRRC Wind Power (Shandong) Co., Ltd. (China) ', 'United Power Technology Co., Ltd. (China) ', 'Sany Renewable Energy Co., Ltd. (Sany Renewable Energy) (China) ', 'Suzlon Energy Limited (India) ', 'ReNew Power (India) ', 'Adani Green Energy Limited (India) ', 'Sembcorp Green Infra Limited (Singapore) ', 'Gamesa India (Siemens Gamesa) (India)'

Most national governments globally have adopted policies aimed at mitigating climate change and reducing the reliance of humans and their economic activities on fossil fuels. By providing a broad package of incentives to stimulate private and corporate investments in wind energy infrastructure, these policies include feed-in tariffs, tax credits, renewable portfolio standards, and other types of subsidies. All these options create a climate of market development while reducing the costs and risks incurred in the installation of wind turbines.

Offshore Wind Growth: Advances in turbine technology and increasing efficiencies of offshore installations are key wind turbine market trends for the very fast growth being experienced in offshore wind energy. Offshore wind farms compete at better levels of energy output because the winds at sea are stronger and more reliable. Large-scale expansions and floating turbines will especially boost the development of the offshore wind industry in the next years and are significant investments by major countries such as the UK, Germany, and China.

Asia-Pacific led the highest wind turbine market share in 2022. This is attributed to fast industrialization, economic growth, and rising energy needs. Governments of China, India, and South Korea are actively looking for substitute energy sources that are more sustainable and less harmful to the environment to meet this growth in demand. Due to abundant resources and declining costs, potential wind energy is becoming increasingly popular as a method to fill the energy gap. Feed-in tariffs, renewable targets, subsidies, and incentives are some of the policies put in place by governments around the area, which encourage the use of wind energy, thus investing in wind energy projects and bringing about a ripe market atmosphere.