Wind Turbine Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global wind turbine market attained a value of USD 112.50 Billion in 2024, fuelled by the increasing renewable energy adoption, grid stability needs, and electric vehicle integration. The industry is expected to grow at a CAGR of 8.60% during the forecast period of 2025-2034, to reach USD 256.71 Billion by 2034. The market is likely driven by the rising renewable energy capacity, increased electrification, and the transition to cleaner power sources.

Global Wind Turbine Market Report Summary

Description

Value

Base Year

USD Billion

2024

Historical Period

USD Billion

2018-2024

Forecast Period

USD Billion

2025-2034

Market Size 2024

USD Billion

112.50

Market Size 2034

USD Billion

256.71

CAGR 2018-2024

Percentage

XX%

CAGR 2025-2034

Percentage

8.60%

CAGR 2025-2034- Market by Region

Asia Pacific

9.0%

CAGR 2025-2034 - Market by Country

China

13.0%

CAGR 2025-2034 - Market by Country

UK

10.6%

CAGR 2025-2034 - Market by Component

Rotator Blade

9.8%

CAGR 2025-2034 - Market by Installation

Offshore

9.8%

Wind Turbine Market Overview

The global wind turbine market value plays a pivotal role in achieving net-zero emissions by enabling the large-scale deployment of wind power, one of the most mature and scalable renewable energy sources. As the levelized cost of energy (LCOE) for onshore wind fell from 0.089/kWh to USD 0.039/kWh between 2010 and 2023, wind turbines are becoming increasingly cost-competitive. Governments are ramping up efforts to expand wind capacity: For instance, according to the data released by Global Wind Energy Council in 2025, the European Union aims to install 111 GW of new wind power between 2024 and 2030, while China added a record-breaking 75 GW of wind capacity in 2023 alone. These trends highlight wind energy’s central role in reducing reliance on fossil fuels, improving energy security, and driving the global energy transition.

Wind Turbine Market Growth

Wind Power Surges Globally with Innovation and Policy Backing

The wind turbine industry is witnessing significant growth, propelled by falling costs, technological advancements, and strong policy support. According to the projections by Global Wind Energy Council (GWEC), the offshore wind is expected to hold a growing share of new capacity—rising from 11.8% to 17.5% from 2024 to 2030. Additionally, the U.S. Department of Energy projects that wind could supply 30% to 35% of the country’s electricity by 2050, up from just over 10% in 2023. Meanwhile, India plans to boost the wind capacity to 140 GW by 2030 as part of its 500 GW non-fossil goal. These targets reflect a fast-growing market, supported by advances in turbine size, digital controls, and grid integration.

Similarly, in March 2023, Siemens Gamesa launched the SG 14-236 DD offshore wind turbine, delivering up to 15 MW per unit. The model was selected for deployment at the 2.9 GW North Sea Titan Wind Farm, with installation scheduled to begin in 2026. The project will provide electricity for over 3 million homes in Germany, reflecting Europe's growing offshore wind ambitions.

Key Trends and Recent Developments

The global wind turbine market is driven by advancements in turbine technologies, increasing investment in offshore wind energy, and rising demand for renewable energy sources.

April 2025

Siemens Gamesa launched the world’s most powerful onshore wind turbine, the Siemens Gamesa SG 14-222 DD, with a capacity of 15 MW. This turbine features a 222-meter rotor, optimized for maximum energy production in low-wind conditions. It is designed for locations with space constraints, offering enhanced performance, and making it suitable for both onshore and offshore projects.

March 2025

Orsted, a utility company, finalized plans for the construction of a 1.4 GW offshore wind farm in the North Sea, scheduled to begin operation by 2027. The wind farm will power 1.4 million homes in the UK, contributing significantly to the nation’s renewable energy goals. This marks a major step forward in the offshore wind sector, with investments rising significantly in Europe and Asia.

February 2025

Vestas secured 68 orders of its model V236-15.0 MW wind turbines for Vattenfall’s Nordlicht - 1 offshore wind project. The project will have a total installed capacity of 1,020 MW, with 980 MW connected to the grid and an additional 40 MW in excess capacity. This installation is part of the broader trend in the US, where wind power generation has doubled in the past decade, contributing to the country’s goal of 50% renewable energy by 2030.

October 2024

GE Renewable Energy completed the installation of its Haliade-X 14 MW turbine at the Dogger Bank Wind Farm in the UK, making it the world’s most powerful offshore wind turbine. The 107-meter-long blade will generate 67 GWh of electricity annually, powering 16,000 homes per turbine.

Development of floating wind turbines

The continuous demand for higher efficiency and lower cost-per-megawatt has led to breakthroughs in wind turbine technology. Offshore turbines have seen major advancements, such as the development of floating wind turbines, allowing turbines to be deployed in deeper waters with higher wind speeds. In 2023, the world's first fully operational floating wind farm in Norway, Hywind Tampen, achieved commercial operations with a capacity of 88 MW, showcasing the viability of this technology. Similarly, onshore turbines are benefiting from larger rotor blades and taller towers, maximizing energy production in low-wind regions.

Increasing investment in offshore wind energy

Investment in offshore wind energy has surged globally, driven by government policies and the urgent need to decarbonize energy systems. According to the International Renewable Energy Agency (IRENA), offshore wind power capacity is projected to grow by ten-fold (to 228 GW) through 2030 and 1,000 GW by 2050. The European Union has committed to increasing its offshore wind capacity to 60 GW by 2030. In addition, the US is making significant strides with the government’s goal of installing 30 GW of offshore wind capacity by 2030, with an investment of USD 12 billion expected in the 10 years. Offshore wind farms, such as the 3.6 GW Vineyard Wind project in Massachusetts, are part of a growing wave of large-scale offshore developments.

Increased demand for renewable energy and job creation

The rising demand for renewable energy sources has fueled the expansion of the wind turbine market. According to the Global Wind Energy Council (GWEC), the wind industry installed a 117 GW of new capacity, on a global level, in 2024, and is expected to reach almost 1TW by 2030, with China, the United States, and Europe leading the way in installations. The wind industry has also become a key job creator. As of 2025, the wind turbine manufacturing sector alone employs over 1.5 million people worldwide. With countries aiming to decarbonize their energy grids, job growth is expected to continue in the turbine manufacturing, operation, and maintenance sectors. In addition, wind energy jobs are diversifying, with roles in project development, engineering, and logistics seeing significant increases.

Technological advancements in wind turbine technology

The advancement is wind turbine blades and overall design can immensely enhance the power generation capacity of the wind turbine. For instance, a recent NREL study conducted in 2023, has indicated that technology innovations have a potential to add over 80% economically viable wind energy capacity in 2025. Moreover, by using flexible control mechanisms that adjust the angle of wind turbine blades and regulate generator speed, plant operators can direct individual turbines to minimize their impact on downstream turbines. This can enable existing facilities to achieve annual energy production gains of 1%–2%.

Wind Turbine Market Trends

Wind Turbine Market Grows Amid Renewable Push and Technology Advances

The rapid increase in renewable electricity generation is a core driver of the growth of wind turbine market. Global wind energy generation is projected to reach 3,000 TWh by 2030, up from 2,100 TWh in 2023, according to the International Energy Agency (IEA). Offshore wind is emerging as a key segment, with 500 GW of capacity expected globally by 2050, up from 64 GW in 2023. Key innovations include floating wind platforms, taller turbine towers, and digital wind farm analytics. Countries like the United Kingdom aim to reach 50 GW of offshore wind by 2030, set by the British Energy Security Strategy (BESS). These factors are accelerating deployment through competitive auctions and streamlined permitting. These trends support wind power’s role in delivering clean, stable, and scalable electricity.

Wind Turbine Market Opportunities

Emerging Technologies and Repowering Presents Significant Opportunities

Significant opportunities are emerging in floating offshore wind technology, hybrid wind-solar systems, and turbine repowering, thus supporting the wind turbine market expansion. The World Bank estimates over 7,000 GW of floating wind potential worldwide, particularly in deepwater zones of Japan, the U.S. West Coast, and the Mediterranean. In April 2025, Japan approved its first commercial-scale floating wind project, totaling 250 MW, set to be operational by 2028.

Another opportunity lies in repowering ageing wind farms: in Germany alone, over 16 GW of turbines are more than 15 years old and eligible for upgrade. Additionally, digital wind farm management tools are enabling real-time performance optimization, lowering maintenance costs and maximizing output.

Wind Turbine Market Restraints

• Wind turbine projects, particularly offshore, require substantial upfront investment for equipment, grid connections, and marine logistics. This capital intensity poses challenges for smaller developers and emerging markets.
• Global supply chain constraints, including shortages in rare earth magnets, steel, and shipyard capacity, are delaying wind turbine deliveries. In Europe, the permitting process for wind farms can take up to 7 years, slowing down deployment despite rising demand.
• As wind penetration increases, grid operators face difficulties balancing variable supply with demand. Without parallel investment in grid infrastructure and energy storage, the full benefits of wind power may be limited in some regions.

Wind Turbine Industry Segmentation

“The EMR’s report titled “Wind Turbine Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Axis Type

• Horizontal
• Vertical

Breakup by Installation

• Onshore
• Offshore

Breakup by Component

• Rotator Blade
• Gearbox
• Generator
• Nacelle

Breakup by Application

• Industrial
• Commercial
• Residential
• Utility

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Wind Turbine Market Share

Horizontal Axis Wind Turbines Dominate Market with Higher Efficiency and Output

According to wind turbine market analysis, the horizontal segment was the largest revenue generator in 2023. Horizontal axis wind turbines are more efficient than vertical axis wind turbines because they can generate more electricity from the same amount of wind and their components or parts are easily accessible. Moreover, these types of blades are much larger in size as compared to vertical axis blades, resulting in much more energy generation as compared to other axis type.

Vertical axis wind turbines have their axis perpendicular to the ground. These are suitable for smaller places, where energy requirement is not that high. Moreover, these blades are less noisy as compared to horizontal axis types of wind turbines and have low speed too.

Onshore Turbines Drive Global Wind Capacity

The onshore segment holds the highest share in the global wind turbine market. The onshore wind energy is the power that’s generated by wind turbines located on land driven by the natural movement of the air. These types of wind turbines require less time and resources for construction and hence are less expensive as compared to offshore wind turbines. As per data by International Energy Agency, in 2023, of the total 1015 GW of wind capacity installed, 93% was in onshore systems.

Advancements in Rotor Blade Design Drive Wind Turbine Efficiency

Rotor blades hold a dominant position in the global wind turbine market. Modern wind turbines use longer and lighter composite blades, typically made from fiberglass or carbon fiber, to increase swept area and power output. As of 2024, rotor blades for onshore turbines have reached lengths of up to 85 meters, while offshore blades now exceed 100 meters, such as those on Siemens Gamesa’s SG 14-236 DD with 115-meter blades.

Gearboxes transform the turbine blades' low-speed rotation into a high-speed rotation that can produce electricity. Their main application is in geared wind turbines, which are still common in onshore installations because of their low cost.

Industrial Sector Leads Global Wind Turbine Adoption

The market for wind turbines worldwide is dominated by the industrial segment. Wind energy helps industries meet ESG commitments, decarbonize operations, and offset high electricity costs. Investments in on-site or PPA-based wind energy projects are growing in the heavy manufacturing, mining, and chemical industries. For example, Tata Steel announced in November 2024, that it would reduce its carbon footprint by 50,000 tons per year by implementing a 120 MW wind project in India to power its industrial operations.

Moreover, the commercial segment primarily addresses energy requirements in data center and business environments. More than 40% of Amazon and Google's worldwide electricity needs are currently met by wind, and in 2024, they increased their wind PPA portfolios in the US and Europe to power data centers.

Wind Turbine Market Regional Analysis

CAGR 2025-2034 - Market by

Country

China

13.0%

UK

10.6%

India

9.9%

Germany

9.8%

Australia

7.8%

Japan

7.5%

France

7.4%

Italy

5.8%

USA

XX%

Canada

XX%

Saudi Arabia

XX%

Brazil

XX%

Mexico

XX%

Asia Pacific leads the wind turbine market growth with strong contributions from China and India

Asia Pacific is the fastest-growing region, led by China, which alone added 55 GW of new capacity in 2023, bringing its cumulative total to 430 GW. India also saw a revival with 2.5 GW of new installations in 2023 and aims for 140 GW by 2030. Australia, Vietnam, and South Korea are emerging markets investing in both onshore and offshore wind. Japan and South Korea are focusing on floating offshore wind projects, with multiple gigawatt-scale developments in the pipeline. The Asia Pacific market is expected to surpass 600 GW of installed capacity by 2030, driven by ambitious national targets, supportive policies, and the urgent need to transition from coal.

North American wind turbine industry is driven by the decarbonization targets, and favorable wind resources

The wind turbine industry in North America is advancing rapidly, spurred by government incentives, decarbonization targets, and favorable wind resources. As of 2023, the U.S. wind power capacity reached 147 GW, with over 10.2 GW added in that year alone. Texas continues to lead, with over 40 GW installed, followed by Iowa and Oklahoma. Offshore wind is also gaining traction, with the Vineyard Wind 1 project off the coast of Massachusetts expected to generate 800 MW by 2025. Canada has over 15 GW of wind capacity, with Alberta and Ontario being the major contributors. Looking ahead, the North American market is projected to reach 200 GW of total wind capacity by 2030, driven by both utility-scale projects and distributed generation in rural areas.

Competitive Landscape

The global wind turbine market is evolving rapidly, driven by technological innovation, increasing renewable energy demand, and supportive policies. Key players are investing in offshore and onshore turbine advancements, larger capacity models, and digitalization to improve efficiency, reduce costs, and accelerate the global energy transition.

Vestas Wind Systems A/S

Founded in 1945 and headquartered in Denmark, Vestas Wind Systems A/S is offers sustainable energy solutions, specializing in the design, manufacture, installation, and maintenance of wind turbines across onshore and offshore markets. The company has installations in over 88 countries and over 164 GW of wind turbines installed worldwide.

Siemens AG

Based in Germany, and founded in 1847, Siemens AG operates across multiple industrial verticals with Siemens Gamesa Renewable Energy (SGRE) as its wind energy business vertical. SGRE is a major force in offshore wind, delivering over 130 GW globally. Siemens also integrates digital twin technology and condition monitoring systems to improve turbine lifecycle and reliability, aligning with the global shift toward smart energy infrastructure.

General Electric Company

Founded in 1892 and located in New York, United States, General Electric (GE) operates across energy, aviation, and healthcare sectors. GE Renewable Energy, a division of GE, focuses on wind, hydro, and solar power. As of 2025, GE has installed over 50,000 wind turbines globally. The company continues to pioneer hybrid wind-storage systems, incorporating battery storage with wind energy to address intermittency and grid stability challenges, especially in North American and Asian markets.

Goldwind Science & Technology Co., Ltd.

Founded in 1998 and headquartered in Beijing, China, Goldwind is one of the largest wind turbine manufacturers globally. The company focuses on permanent magnet direct drive (PMDD) technology, offering reliable and low-maintenance wind solutions. Goldwind has installed more than 100 GW of wind power capacity, Goldwind also invests in digital wind farm platforms and smart operation centers to enhance predictive maintenance and reduce O&M costs across large-scale wind farms.

Other key players in the wind turbine market report include Envision Group, Mingyang Smart Energy Group, Nordex SE, Enercon GmbH, Suzlon Energy Limited, Shanghai Electric Wind Power Group Co., Ltd., among others.