Wind Energy Equipment Market Size To Hit USD 140.3 Bn by 2034

Overview

New York, NY – April 02, 2025 – The Wind Energy Equipment Market is on an exciting upward trajectory, with projections showing its value will nearly double from USD 72.0 billion in 2024 to about USD 140.3 billion by 2034, expanding at a robust annual growth rate of 6.9%.

This remarkable growth is fueled by increasing demand for renewable energy sources as countries worldwide seek cleaner, more sustainable energy solutions. The market’s popularity continues to rise as wind energy proves to be a reliable and cost-effective solution amidst global efforts to reduce carbon emissions.

Opportunities in this market are vast, ranging from the development of more efficient turbine technologies to the expansion of wind farms in both established and emerging markets. This expansion is supported by government incentives and the declining cost of wind technology, making it more accessible and appealing to a broader range of investors and consumers alike. The wind energy equipment market is set to not only grow in size but also significance, as it plays a crucial role in shaping a sustainable energy future.

Key Takeaways

• Wind Energy Equipment Market size is expected to be worth around USD 140.3 Bn by 2034, from USD 72.0 Bn in 2024, growing at a CAGR of 6.9%.
• Turbines held a dominant market position, capturing more than a 37.20% share of the global wind energy equipment market.
• Medium-Scale Wind Farms held a dominant market position, capturing more than a 42.30% share.
• Horizontal Axis Wind Turbines (HAWTs) held a dominant market position, capturing more than a 67.30% share.
• Onshore held a dominant market position, capturing more than a 78.20% share of the wind energy equipment market.
• Utility Companies held a dominant market position, capturing more than a 44.60% share of the wind energy equipment market.

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Report Scope

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Key Market Segments

By Equipment Type

Turbines Lead with a 37.20% Share in the Wind Energy Equipment Market

• In 2024, turbines secured a commanding position in the global wind energy equipment market, accounting for over 37.20% of the total share. As the essential component in wind power generation, turbines are poised to retain their prominence in the years ahead, fueled by the rising global demand for renewable energy. Factors such as expanding wind energy installations and ongoing innovations in turbine design—improving efficiency and scaling size—are set to reinforce their market leadership.

By Size of Wind Farms

Medium-Scale Wind Farms Take the Lead with a 42.30% Share in the Wind Energy Equipment Market

• In 2024, medium-scale wind farms emerged as the frontrunner in the global wind energy equipment market, holding over 42.30% of the share. Their popularity stems from their ability to balance cost-effectiveness with energy production, making them an appealing option for regions seeking to expand renewable energy without the hefty price tag of large-scale projects. This segment thrives as countries increasingly diversify their energy mix.

By Technology Type

Horizontal Axis Wind Turbines (HAWTs) Command a 67.30% Share in the Wind Energy Equipment Market

• In 2024, Horizontal Axis Wind Turbines (HAWTs) solidified their dominance in the wind energy equipment market, capturing over 67.30% of the share. Renowned for their high efficiency and adaptability across diverse wind conditions, HAWTs remain the preferred technology for wind energy developers globally. Their long-established reliability, especially in both offshore and onshore projects, underpins their widespread adoption.

By Location

Onshore Wind Farms Dominate with a 78.20% Share in the Wind Energy Equipment Market

• In 2024, onshore wind farms led the wind energy equipment market, securing over 78.20% of the share. Their dominance is driven by lower setup and upkeep costs compared to offshore alternatives, alongside easier land access and turbine technology enhancements. Supported by pro-renewable government policies and rising investments, onshore wind farms remain a practical and efficient choice for large-scale energy generation.

By End Use

Utility Companies Hold a 44.60% Share in the Wind Energy Equipment Market

• In 2024, utility companies took the lead in the wind energy equipment market, accounting for over 44.60% of the share. This reflects their pivotal role in the worldwide shift to renewables as they increasingly turn to wind energy to diversify portfolios and achieve sustainability goals. Wind farms offer utilities a reliable, scalable, clean energy source, making them a prime investment as the sector moves away from fossil fuels.

Regional Analysis

• The Asia-Pacific (APAC) region has solidified its leadership in the wind energy equipment market, commanding over 47.20% of the global share, with a valuation of roughly USD 33.9 billion. This surge is largely fueled by robust investments in renewable energy infrastructure, spearheaded by China and India, the region’s frontrunners in wind energy expansion. China stands as the world’s top player in both onshore and offshore wind installations, accounting for a significant chunk of APAC’s wind energy capacity.
• India, a key contributor in the APAC landscape, is also experiencing swift growth in its wind energy sector. India’s wind energy capacity will have exceeded 42 GW, with ambitious projects in the pipeline set to drive further increases shortly. The push toward renewable energy, aimed at cutting carbon emissions and bolstering energy security, has spurred strong government backing through policies and financial incentives, amplifying the demand for wind energy equipment across APAC.

Top Use Cases

• Electricity Generation: Wind turbines convert wind into electricity, supplying power to homes, businesses, and grids. This reduces reliance on fossil fuels and lowers greenhouse gas emissions. Wind farms can be located onshore or offshore, depending on wind availability and land use.​
• Agricultural Applications: In rural areas, wind energy equipment powers irrigation systems and other farm operations. Historically, windmills were used to pump water and grind grain, showcasing wind’s role in agriculture.​
• Water Pumping: Wind-powered pumps are utilized to extract water from underground sources, especially in remote locations lacking electricity. This method is sustainable and cost-effective for communities and livestock.​
• Maritime Navigation: Wind energy equipment aids in maritime navigation by powering lighthouses, buoys, and other signaling devices. This ensures safety and reliability in guiding vessels, particularly in isolated areas.
• Telecommunications: Remote communication towers use wind turbines to generate the electricity needed for operation. This is particularly beneficial in off-grid areas, ensuring consistent communication services.

Recent Developments

• ABB has been advancing wind energy solutions with its high-efficiency motors, converters, and grid integration technologies. Recently, ABB launched its Next-Level Wind Power Converter, enhancing reliability and performance for offshore wind farms. The company is also focusing on digital solutions like ABB Ability for predictive maintenance and energy optimization. ABB collaborates with wind turbine manufacturers to improve energy yield and reduce downtime.
• Ming Yang has introduced its MySE 16.0-242, the world’s largest hybrid-drive offshore wind turbine, with a 16 MW capacity and 242-meter rotor diameter. The company is expanding globally, particularly in Europe and Southeast Asia, with a focus on floating offshore wind technology. Ming Yang is also investing in smart wind farm solutions using AI for performance optimization.
• Eaton has been enhancing its wind turbine electrical systems, including switchgear, transformers, and power distribution solutions. Recently, Eaton partnered with a major wind farm developer to improve grid stability using its Voltage Regulation System. The company is also integrating energy storage with wind power to manage intermittency. Eaton’s Xpert LV switchgear is now widely used in wind energy projects for improved safety and efficiency.
• ENERCON continues to innovate with its EP5 platform, featuring modular direct-drive turbines optimized for low-to-medium wind speeds. The company has also introduced E-STORAGE solutions, combining wind energy with battery storage for grid balancing. ENERCON is expanding its service network in Europe and North America, focusing on repowering older wind farms with newer, more efficient models.
• GENERAL ELECTRIC (GE) Renewable Energy recently launched its Haliade-X offshore wind turbine, now upgraded to 14.7 MW, making it one of the most powerful turbines globally. GE is also working on 3D-printed wind turbine blades to reduce manufacturing costs. The company has secured multiple offshore wind contracts in the U.S. and Europe, emphasizing floating wind technology for deeper waters.

Conclusion

​The Wind Energy Equipment Market is experiencing significant growth, driven by the global shift towards renewable energy sources. This expansion is fueled by technological advancements that have enhanced the efficiency and affordability of wind turbines, making wind power increasingly competitive with traditional energy sources. Notably, the Asia-Pacific region, particularly China and India, is leading this growth due to substantial investments and supportive government policies. However, the industry faces challenges, including supply chain constraints and the need for infrastructure development to support large-scale installations.

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