The Wind Turbine Global Market Report 2023 by The Business Research Company, provides wind turbine market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Wind Turbine Global Market Report 2023, the market grew from $79.13 billion in 2022 to $78.43 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of wind turbine is expected to grow to $104.50 billion in 2027 at a CAGR of 7.4%.
Increasing demand for renewable energy sources is contributing to the growth of the wind turbine market. A renewable energy source refers to an energy source that is repeatedly replenished without running out. Most of this energy will come from fossil fuels like coal, oil, and natural gas. The wind is a renewable energy source. Overall, using wind to produce energy has fewer effects on the environment than other energy sources. Wind turbines will not release emissions that will pollute the air or water and they do not require water for cooling. Wind turbines will also reduce the amount of electricity generation from fossil fuels, which results in lower total air pollution and carbon dioxide emissions.
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The wind turbine market is segmented:
1) By Component: Rotator Blade, Gearbox, Generator, Nacelle, Other Components
2) By Axis Type: Horizontal, Vertical
3) By Location of Deployment: Onshore, Offshore
4) By Connectivity Type: Grid Connected, Stand Alone
5) By Application: Industrial, Commercial, Residential, Utility
Technological enhancements are a key trend gaining popularity in the wind turbine market. The technology on the offshore direct drive platform allows for the re-use of most components from previous generations. In September 2022, Vestas, a Danish manufacturer of wind turbines, launched an onshore wind turbine tower with a hub height measuring 199 meters, the world’s tallest onshore tower. It is designed to be used by Vestas’ V172-7.2MW turbine.
The wind turbine market report table of contents includes:
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Top Major Players
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