Global Wind Turbine Market Outlook to 2029

Global Wind Turbine Market Outlook to 2029

Updated on 10th April 2024 | Market Research Reports | Q1 2024 | Report ID: BR0253

About the Report

The global wind turbine market is growing rapidly. This expansion of the market is attributed to several key factors, including the widespread deployment of wind power projects, decreasing wind turbine costs, government policies aimed at achieving emission reduction targets and enhancing energy security, and a surge in investments in the global wind energy market.


However, the time-consuming permitting process, environmental concerns, and grid infrastructure constraints are some of the major restraints on global wind turbine market growth.


Global Wind Energy Scenario

In 2023, the global wind energy sector saw an increase of 116 GW in installed capacity, comprising 10.7 GW in offshore wind power and 105.3 GW in onshore installations. While this figure represents a 55% increase compared to the previous year, it stands as the highest year in history for wind capacity additions.


Global Annual Wind Power Capacity Additions, 2017-2023, in GW


Global Wind Turbine Industry Scenario in 2023

In 2023, the global wind turbine market witnessed remarkable growth, with a procurement of 155 gigawatts (GW) for the year, representing a significant increase of 16 GW compared to 2022. Notably, both China and Western markets achieved record-breaking order intake, leading to an estimated annual investment of approximately USD 83 billion.


During the first half of 2023, the global wind turbine order intake surged by 12% compared to the previous year, setting a new record at 69.5 GW. This surge was largely driven by robust demand observed outside of China, where orders from these regions soared by 47% to exceed 25 GW. Particularly noteworthy was North America's remarkable increase, with orders more than quadrupling to 7.7 GW. Notably, two offshore orders contributed significantly to this growth, accounting for 49% of the total.



Supportive Policies

Policy support by governments around the world continues to be the main driver of global wind turbine installations. A wide range of policy mechanisms are propelling capacity growth, encompassing auctions, feed-in tariffs, contracts for difference, and renewable energy portfolio standards.


For instance, in August 2022, the U.S. federal government unveiled the Inflation Reduction Act (IRA), a comprehensive initiative that substantially augments support for renewable energy sources over the next decade. This support is achieved through a combination of tax credits and various other measures. The impact of the IRA provisions started to manifest in 2023, driving the wind power market in North America.


The IRA has new advanced manufacturing production credits for companies that domestically manufacture and sell clean energy equipment in the United States between December 31, 2022, and December 31, 2032.


Regional Analysis

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.


China also remains at the forefront in terms of wind capacity growth, having added an impressive 76 GW in 2023. The unveiling of the 14th Five-Year Plan for Renewable Energy in 2022 sets forth ambitious objectives for the deployment of renewable energy. These targets are expected to propel even more significant advancements in the years ahead.


In response to the energy crisis, the European region is intensifying its wind deployment initiatives, achieving a notable addition of 18.3 GW in 2023. Onshore wind installations constituted 79% of the new capacity, amounting to a total of 14.5 GW. Within the EU-27, a record-breaking 16.2 GW of new capacity was installed, with 82% of it being onshore, totaling 13.3 GW.


Germany led in new capacity additions in 2023, primarily driven by its rapid expansion of onshore wind projects. Following Germany, the Netherlands emerged as the second-largest contributor, attributed to their record-breaking installations of new offshore wind farms. Sweden secured the third position, with 1.9 GW of new capacity installed, exclusively from onshore projects.


The proposed policies and targets outlined in the REPowerEU Plan and the Green Deal Industrial Plan are poised to play pivotal roles in stimulating investments in wind power.


In the North American region, the United States is leading the market with the addition of 6.3 GW of wind power capacity. This was due to the inclusion of generous new funding for wind power in the Inflation Reduction Act (IRA), introduced in 2022. Investment and production tax credits are expected to boost capacity deployment during the forecast period.


In the wake of the COVID-19 pandemic, European and American turbine Original Equipment Manufacturers (OEMs) made strategic decisions to diversify their supply chains, with the aim of ensuring a secure and reliable source of supply.


Segment Analysis

The Onshore wind turbines segment continues to lead the wind capacity addition growth. However, the offshore segment is increasing its share. By the end of 2023, globally, 90% of the total installed wind power capacity was in the onshore segment, and the remaining 10% was in the offshore segment.


Onshore wind technology is well-established, with a presence in 115 countries globally. In contrast, offshore wind is still in its early stages of expansion and is currently operational in just 20 countries. However, the offshore reach is expected to grow in the forthcoming years as more nations are in the process of developing or planning their inaugural offshore wind farms.


Recent Developments

  • In April 2024, the European Union has launched investigation of possible distortions by Chinese wind turbine makers in the European Union.
  • In November 2023, Vestas, a leading Danish wind turbine manufacturer, in collaboration with Zhong Neng Offshore Wind Farm, successfully launched the first locally assembled offshore wind turbine rotor hub in Taiwan.
  • The Biden administration has granted approval for the largest offshore wind project in the United States in October 2023. The Coastal Virginia Offshore Wind project, upon its completion, will provide clean energy to power 900,000 homes, generate thousands of job opportunities, and contribute an impressive 2,600 megawatts of clean energy to the grid.
  • In November 2023, HD Hyundai Electric, a Korean energy solutions company, signed a multi-partner agreement to help develop a 3.2-gigawatt offshore wind power project off the coast of South Korea.
  • Rajalakshmi Group, based in Chennai, India, has embarked on a new venture in the manufacturing of wind turbines. Their manufacturing facility is expected to be established in Gummidipoondi, near Chennai, with technology support from Germany's Vensys. The company is actively developing a 4 MW turbine through its subsidiary, Ventus Power, and aims to commence turbine sales in 2025. This move represents an exciting development in India's renewable energy landscape.


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.


(You can access a comprehensive list of both existing and upcoming wind energy projects, along with their current status, through our extensive Global Wind Projects Database.)


What Do We Cover in the Report?

Wind Turbine Market Drivers & Restraints

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.


Wind Turbine Market Analysis

This report discusses the market overview, the latest updates, important commercial developments and structural trends, and government policies and regulations.


Wind Turbine Market Size and Demand Forecast

The report provides the global wind turbine market size and demand forecast until 2029, including year-on-year (YoY) growth rates and CAGR.


Wind Turbine Industry Analysis

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.


Wind Turbine Market Segmentation & Forecast

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. Contact us for "bespoke" market segmentation to better align the research report with your requirements.


Regional Market Analysis

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).


Key Company Profiles

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 Renewable Energy, Nordex Acciona, Envision Energy, etc. In general, each company profile includes an overview of the company, relevant products and services, a financial overview, and recent developments.


Competitive Landscape

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.


Executive Summary

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.


Also, check out our other reports:

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Market Opportunities
  • 3.5 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Location of deployment
    • 5.1.1 Onshore
    • 5.1.2 Offshore

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Asia-Pacific
  • 6.3 Europe
  • 6.4 Rest of the World

7. Key Company Profiles

  • 7.1 Vestas
  • 7.2 Siemens Gamesa Renewable Energy SA
  • 7.3 Xinjiang Goldwind Science & Technology Co., Ltd.,
  • 7.4 GE Renewable Energy
  • 7.5 Envision Group
  • 7.6 Ming Yang Smart Energy Group Ltd
  • 7.7 Nordex Acciona
  • 7.8 Zhejiang Windey Co., Ltd.,
  • 7.9 Other Notable Players

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures


Additional Notes


  This report helps to:-

  • Gain a deeper understanding of the global wind turbines market
  • Equip yourself with rigorous analysis and forward-looking insight into the Wind Turbines market across various regions
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand across various segments evolve over the next five years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players
  • Keep on top of M&A developments, JV's and other agreements to assess the evolving competitive landscape and enhance your competitive position

  Who need this report?

  • Wind Turbine OEMs
  • Component Suppliers
  • Operators, Utilities, Other End Users
  • Investor Community
  • Financing Companies
  • Government Bodies & Industry Organizations
  • Others

  What's included

Report - Global Wind Turbine Market Outlook to 2029.pdf
Market Data - Global Wind Turbine Market Outlook to 2029.xls

  Why buy this report?

  • Gain a deeper understanding of the impact of Covid-19 on the <Global Wind Turbine Market>.
  • Equip yourself with rigorous analysis and forward-looking insights into the <Global Wind Turbine Market> across multiple regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
  • Assess market size data and forecasts to understand how the demand across various segments evolves over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position

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