Wind Turbine Generator Market to exceed US$ 8,772.57 million by 2030

by Sameer Joshi or 08-Nov-2023
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Report : Wind Turbine Generator Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Type (Direct Current and AC Synchronous); Deployment Type (Onshore and Offshore), and Geography

According to our latest market study on " Wind Turbine Generator Market Forecast to 2030 –Global Analysis – by Type and Deployment Type," the market is expected to grow from US$ 3,483.84 million in 2022 to US$ 8,772.57 million by 2030; it is anticipated to grow at a CAGR of 12.2% from 2022 to 2030.

Onshore wind energy is generated by wind turbine towers located on land driven by the natural movement of air. The overall adoption of onshore wind energy is more as the wind farm construction and maintenance cost is less compared to offshore wind farms, ultimately driving the wind turbine generator market share of onshore wind turbine segment. In addition, the electricity transmission process from onshore wind farms is notably low compared to offshore wind farms. As a result, the demand for onshore wind farms increased. For instance, as per the report published by WindEurope in 2022, new onshore wind installations in Europe amounted to 16.7 GW, whereas new offshore wind installations amounted to 2.5 GW. Thus, owing to growing investments in the onshore wind farms, the demand for wind turbine generators for onshore applications is expected to increase. Further, developments in hydrogen production technologies onshore wind farms are playing an important role, which will further increase the preferences for onshore wind energy, ultimately driving the wind turbine generator market growth. 

Key Findings of Market Study:

In addition, the UK government has planned for a Green Energy Revolution, wherein the development of offshore wind power plays an important role. To comply with this, 6 new offshore wind projects in England and Wales are expected to be constructed for the next generation of the country’s offshore wind projects. They will also play an important role in the UK's plan to cut carbon emissions. In early 2021, the UK’s Crown Estate approved 6 fixed offshore wind projects with a combined capacity of around 8 GW. Moreover, in July 2022, the German Parliament adopted a new Onshore Wind Law to expand onshore wind by a massive 10 GW a year from 2025. Similarly, in July 2021, European Commission approved France’s US$ 30.54 billion renewables incentive program. Thus, favorable policy framework, faster approval of projects, and increased investment from the European Commission are the key factors raising the demand for wind turbine components for the construction of new wind farms.

In addition, Europe has a target to install 129 GW of wind energy by the end of 2027 which is further expected to generate new opportunities for wind turbine generator market players across the region. The region consists of different types of wind turbine component manufacturers, including Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, GRI Renewable Industries SL, LM Wind Power AS, ZF Friedrichshafen AG, and Flender International GmbH. These manufacturers are continuously working on the development of more eco-friendly components to protect the environment, which is generating lucrative opportunities for wind turbine generator market share.

Raw material suppliers, component manufacturers, and end users are among the major stakeholders in the global wind turbine generator market ecosystem.

Siemens Gamesa Renewable Energy S.A., ENVISION Group, Mingyang Smart Energy, Nordex SE, Xinjiang Goldwind Science & Technology Co., Ltd., Vestas Wind Systems AS, General Electric, Zhejiang Windey Co., Ltd., Suzlon Energy Limited, Enercon GmbH are among the key wind turbine generator market players profiled during this market study. In addition, several other essential wind turbine generator market players were also studied and analyzed to get a holistic view of the global wind turbine generator market and its ecosystem.

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