The global wind turbine market is witnessing a continued growth. This growth is majorly driven by factors such as increasing wind power projects, government policies aimed at achieving emission reduction targets and enhancing energy security, and a surge in investments in global offshore wind energy.
Nevertheless, the protracted permitting process, issues associated with land use and land rights, environmental concerns, and limitations in grid infrastructure are some of the major constraints for global wind turbine market growth.
Global cumulative wind power capacity reached 1097 GW in June 2024, and it is anticipated to reach 1200 GW by the end of 2024. The year 2023 was a very accomplishing year for the wind energy sector, with wind farm capacity witnessing a total increase of 116 GW, comprising 10.7 GW of offshore and 105.3 GW of onshore installations.
These statistics depict a 55% growth compared to the trailing year and thus mark the single highest annual growth in wind capacity on record while boosting the country's regions participating in the renewables push.
In the year 2023, global wind turbine market expansion reached record heights, with the procurement registering 155 GW for the year, which in itself was a 16 GW raise compared to the 2022 figures. Moreover, both the Western and China markets had unprecedented order intake, leading to a rough annual investment of USD 83 billion.
In H1 2023, total global wind turbine orders reached an all-time high, with a record intake standing at 69.5 GW, which was 12% higher than the previous year. This upsurge was mainly propelled by orders that were received from regions outside China since orders from these regions soared by 47% to exceed 25 GW.
Particularly noteworthy was North America’s remarkable increase, where order intake surged by over four times to 7.7 GW. As one goes deeper into their supplied figures, two offshore orders raised this growth substantially, comprising 49% of the total amount.
Supportive policies by governments around the world continue to be the main driver of global wind turbine installations. A wide range of policy mechanisms is propelling capacity growth, comprising auctions, feed-in tariffs (FiT), contracts for difference (CfD), and renewable energy portfolio standards (RPS).
Consequently, there has been a significant demand for such wind energy solutions from countries like Germany, the U.S., Canada, as well as France. This development has in turn spurred unprecedented demand, resulting in a backlog of orders that the sector is currently experiencing, which emphasizes the future prospects of this industry.
For instance, in December 2024, the British government proposed to reintroduce large onshore wind projects under the Nationally Significant Infrastructure Project (NSIP) framework in England. This change would permit the state to make the final decision on approving any wind farm projects that would exceed 100 MW, thus making the entire process more efficient and faster and probably the construction of onshore wind energy sites.
In March 2024, Ireland introduced an offshore wind industrial policy with the aim of developing an efficient offshore wind energy industry.
The Asia-Pacific region is currently dominating the global wind turbine market, primarily due to China. Following the establishment of a local wind supply chain between 2008 and 2010, China has not only risen to prominence as the world's leading wind turbine manufacturing hub but has also become the largest production center for critical components and raw materials in the wind energy industry.
As of September 2024, China’s cumulative grid-connected wind power capacity stands at 479.6 GW after adding 39.1 GW in the first nine months of 2024. In 2023, China contributed to 65% of global wind capacity. The country’s first cluster of large scale renewable energy projects is planned for completion by 2024. This short time constraint has been instrumental in increasing wind energy installations.
This along with a developed supply chain and supportive government policies such as the 14th Five-Year Plan for Renewable Energy, which featured ambitious plans towards the use of renewable sources, has pushed wind energy deployment in China to an unparalleled level.
The China wind turbine market is currently dominated by key players such as Goldwind, Envision, Windey, MingYang, and SANY which together hold a market share of more than 50%. These companies also secured their positions in the top 15 wind turbine manufacturers, driven by their efforts to connect increasing wind energy capacity.
The global market for wind turbines has an oligopoly, which includes a handful of key firms involved in the entire value chain of the industry. The firms have penetrated different regions through advanced technology, supply chains, and partnerships.
The distribution of market shares indicates a level of market competition, where major producers lead in the number of installations and account for large shares of the total installed capacity of both land-based and submerged wind power.
The Onshore wind turbines segment has been spearheading the growth of additional wind power capacity. These are gradually preferred as they are built using land that is more readily available, mostly in rural or remote areas. They are generally smaller and less expensive to install than their offshore counterparts.
In comparison to offshore deployment, a bigger margin of standardization of onshore wind turbines includes cheaper installation and lower subsequent upkeep, as well as better connectivity to infrastructure. In 2023, global onshore wind installations reached 105.6 gigawatts (GW), contributing to a cumulative capacity surpassing 1 terawatt (TW).
Offshore wind turbine technology is still in the nascent stage of expansion. In 2023, the global offshore wind capacity reached 75 GW, reflecting significant progress. It is foreseen to increase in the years to come as more countries are in the stage of constructing or planning their first offshore wind farms.
Offshore wind turbines are installed in water bodies, shallow sea borders, or further into the sea. This type of turbine is typically larger than their land-based models, more powerful, and suitable for stronger winds high above the ocean surface.
Blackridge Research's global wind turbine market report provides insights into the current global and regional market demand scenario and its outlook.
The new report from Blackridge Research on the global wind turbine market provides comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market.
The study covers all the major underlying market dynamics that help the market develop and grow, as well as the factors that constrain global market growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and will function as a guide for you to analyze the degree of impact.
This report discusses the market overview, the latest updates, important commercial developments and structural trends, and government policies and regulations.
The report provides the global wind turbine market size and demand forecast until 2030, including year-on-year (YoY) growth rates and CAGR.
The report examines the critical elements of the wind turbine industry supply chain, its structure, and the participants.
Using Porter's five forces framework, the report covers an assessment of the wind turbine industry's state of competition and profitability.
The report dissects the global wind turbine market into various segments based on technology type (onshore wind, and offshore wind). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each market segment.
Further, wind turbine market share, size, and demand forecasts will be presented, along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth.
The report covers detailed profiles of major regions across the world. Each region's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.
In addition, market size, demand forecasts, and growth rates will be provided for all regions. The region is segmented geographically into North America, Europe, Asia-Pacific, and the rest of the world (South America, the Middle East, and Africa).
This report presents detailed profiles of key companies in the wind turbine industry, such as Vestas Wind Systems A/S, Xinjiang Goldwind Science & Technology Co., Ltd., Siemens Gamesa Renewable Energy SA, GE Vernova, Nordex SE, Envision Energy, etc. In general, each company profile includes an overview of the company, relevant products and services, a financial overview, and recent developments.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an executive summary chapter and ends with conclusions and recommendations.
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