The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increasing demand for renewable energy sources are expected to drive innovation in wind turbine manufacturing, thus driving the market during the forecast period.

The global wind turbine market is expected to grow from $79.13 billion in 2022 to $78.43 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The wind turbine market size is expected to grow to $104.50 billion in 2027 at a CAGR of 7.4%.

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Global Wind Turbine Market Segments Include:

• By Component: Rotator Blade, Gearbox, Generator, Nacelle, Other Components
• By Axis Type: Horizontal, Vertical
• By Location of Deployment: Onshore, Offshore
• By Connectivity Type: Grid Connected, Stand Alone
• By Application: Industrial, Commercial, Residential, Utility
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global wind turbine market in 2021.

Major Market Players in the wind turbine market include Enercon GmbH, Gamesa, General Electric, Goldwind, Guodian United Power Technology Company Ltd., Ming Yang, Sinovel Wind Group Co Ltd., Suzlon Energy Ltd.

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. 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.

The Wind Turbine Global Market Report 2023  provides a wind turbine market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The wind turbine market forecast analyzes wind turbine market size, wind turbine market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The wind turbine refers to a power-generating device that has been driven by the kinetic energy of the wind. A wind turbine turns wind energy into electricity using the aerodynamic force of the rotor blades, which work like an airplane wing or helicopter rotor blade. When wind flows across the blade, the air pressure on one side of the blade will decrease.

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