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

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

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

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.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Wind Turbine Market Regional Analysis

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

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.