Wind Turbine Market to Reach $115.2 Billion, Globally, by 2033 at 6.2% CAGR: Allied Market Research
Wilmington, Delaware , Sept. 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Wind Turbine Market by Axis Type (Horizontal and Vertical), Installation (Onshore and Offshore), Component (Rotator Blade, Gearbox, Generator, Nacelle and Others), and Application (Industrial, Commercial, Residential and Utility): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the wind turbine market was valued at $63.4 billion in 2023, and is estimated to reach $115.2 billion by 2033, growing at a CAGR of 6.2% from 2024 to 2033.
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Prime determinants of growth
The global wind turbine market is experiencing growth due to increase in adoption of wind energy as a clean, renewable source. However, the initial capital required for wind turbine installation is expected to limit the growth of the wind turbine market during the forecast period. Moreover, innovations in blade design, materials, and aerodynamics offer remunerative opportunities for the global wind turbine market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $63.4 billion |
| Market Size in 2033 | $115.2 billion |
| CAGR | 6.2% |
| No. of Pages in Report | 300 |
| Segments Covered | Axis Type, Installation, Component, Application, and Region. |
| Drivers | Adoption of wind energy as a clean, renewable source |
| Integration with smart grids and advancements in energy storage solutions | |
| Opportunities | Innovations in blade design, materials, and aerodynamics |
| Restraints | Variability and dependency of wind turbine on weather conditions |
The vertical segment is expected to remain the largest type throughout the forecast period
Vertical axis wind turbines (VAWTs) have garnered attention for their unique design and potential advantages in certain applications. Unlike traditional horizontal axis wind turbines (HAWTs), which have blades that rotate around a horizontal axis, VAWTs have blades that rotate around a vertical axis. VAWTs are also being explored for off-grid and hybrid energy systems. In remote locations where access to electricity is limited or unreliable, VAWTs can provide a sustainable source of power to meet basic energy needs. They can also be integrated with other renewable energy sources, such as solar panels or batteries, to create hybrid systems that improve overall reliability and efficiency.
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The onshore segment is expected to lead throughout the forecast period
Onshore wind turbines are a vital component of renewable energy infrastructure, contributing significantly to global efforts to reduce reliance on fossil fuels and combat climate change. These turbines harness the power of wind to generate electricity, making use of vast expanses of land rather than offshore locations. Furthermore, onshore wind turbines often benefit from established infrastructure, such as roads and electrical grids, which can streamline the development process and reduce associated costs. Their proximity to populated areas can also minimize transmission losses, ensuring efficient delivery of electricity to consumers.
The rotator blade segment dominated the wind turbine market throughout the forecast period
The primary function of the rotator blade in wind turbine is to harness the kinetic energy present in the wind and transfer it into rotational motion. As the wind blows, it exerts force on the turbine blades, causing them to rotate around the shaft. This rotational motion is then transmitted through the shaft to the generator, where it is converted into electrical energy. Proper maintenance and monitoring of the rotator are critical to ensuring the continued performance and longevity of the wind turbine. This includes regular inspections to detect any signs of wear or damage, as well as lubrication of moving parts to reduce friction and prevent premature failure.
The utility segment is expected to lead throughout the forecast period.
One of the primary advantages of wind turbines in utility applications is their ability to produce electricity at scale without emitting greenhouse gases or other pollutants associated with conventional power plants. This makes them a crucial tool in combating climate change and reducing reliance on finite fossil fuel resources. Additionally, wind energy is abundant and inexhaustible, providing a reliable source of power that can help stabilize energy markets and enhance energy security.
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Asia-Pacific to maintain its dominance by 2033
The Asia-Pacific region has been rapidly adopting wind energy as a significant component of its renewable energy. China leads the Asia-Pacific region in wind turbine usage, boasting the largest installed capacity in the world. The country's aggressive investment in wind energy has been driven by both environmental concerns and a desire to reduce dependence on fossil fuels. China's vast land area, particularly in regions such as Inner Mongolia and Xinjiang, provides ample space for large-scale wind farms, contributing significantly to its renewable energy goals.
India is another key player in the Asia-Pacific wind energy market. The country has made significant strides in recent years to harness its wind resources, particularly along its western coast and in states such as Tamil Nadu and Gujarat. India's ambitious renewable energy targets, coupled with favorable government policies and incentives, have spurred growth in the wind energy sector, attracting both domestic and international investment.
Players: -
- ENERCON Global GmbH
- Siemens Gamesa Renewable Energy, S.A.U.
- GE VERNOVA
- Goldwind Americas
- Guodian United Power Technology Co., Ltd.
- Mingyang Smart Energy Group Co., Ltd.
- Sinovel Wind Group Co., Ltd.
- Senvion India Pvt. Ltd.
- Suzlon Energy Limited
- Vestas
The report provides a detailed analysis of these key players in the global wind turbine market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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