Wind Turbine Market To Offer Numerous Opportunities At A CAGR Of 5.8% Through 2033

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Jul 4, 2024

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Introduction

The global wind turbine market is poised for substantial growth, expected to expand from USD 87.5 billion in 2023 to around USD 153.8 billion by 2033, achieving a compound annual growth rate (CAGR) of 5.8% during this period. This growth is largely fueled by increasing global demand for renewable energy, driven by the need to reduce dependency on fossil fuels and decrease greenhouse gas emissions.

Several factors contribute to this market’s expansion. Technological advancements in turbine design and materials are improving the efficiency and capacity of wind turbines, making them more appealing for both onshore and offshore installations. Additionally, governments around the world are implementing supportive policies and subsidies to encourage the adoption of wind energy, further stimulating market growth.

However, the wind turbine market faces challenges such as the complexity of installation locations and the intermittent nature of wind, which can affect power generation consistency. Despite these hurdles, the industry is expected to overcome these issues through continuous technological improvements and the development of more sophisticated wind energy infrastructures.

Recent developments in the market include significant investments in wind turbine technology and capacity expansion by leading countries in wind power like China and the United States. These nations are not only increasing their installed capacity but are also investing in research and development to push the boundaries of what wind technology can achieve. For instance, recent initiatives in the U.S. have aimed to reduce the cost of electricity generated from wind power, enhancing the economic viability of wind projects​​​​​.

Vestas has been actively expanding its technological capabilities and market reach. In a notable move to bolster its position in the offshore wind sector, Vestas acquired MHI Vestas Offshore Wind, a strategic step to strengthen its offerings in offshore wind turbines​.

Siemens Gamesa Renewable Energy has recently made significant strides by securing a substantial order to supply 95 units of its flagship SG 14-236 DD wind turbines for the East Anglia 3 project in the UK. This project, once completed, is expected to provide clean energy to approximately 1.3 million UK homes, marking a significant contribution to the UK’s decarbonization goals. Additionally, Siemens Gamesa has been emphasizing its innovations in turbine technology, with recent launches aiming to supply projects totaling another 2.8 GW in Denmark and Poland​.

Wind Turbine Market

Key Takeaways

  • Growth Projection: The wind turbine market to reach USD 153.8 billion by 2033, with a CAGR of 5.8% from 2023.
  • Dominant Technology: Horizontal-axis turbines captured 94.8% market share in 2023 for efficiency and widespread use.
  • Geographical Preference: Onshore turbines dominated with 77.8% market share in 2023, due to lower costs.
  • Capacity Distribution: Medium capacity turbines (100 KW to 1000 KW) led with a 45.3% market share in 2023.
  • Connectivity Trends: Grid-connected turbines held a 71.5% market share in 2023 for a steady energy supply.
  • End-use Applications: The industrial sector accounted for 38.7% market share in 2023, driven by sustainability.
  • North America holds the largest share of the global wind turbine market, accounting for 36.4%.

Wind Turbine Facts And Statistics

  • Wind turbines can be up to 200 m tall and a single rotor blade can be up to 60m long.
  • The largest wind turbine can be found in Hawaii and stands 20 stories tall and has blades the length of a football field.
  • A single turbine (depending on size and speed of operation) has a capacity of 2.5-3MW and can produce more than 6 million kWh in a year.
  • Wind turbine blades rotate between 15 and 20 revolutions per minute at constant speed.
  • The life of a wind turbine is between 20 and 25 years, during which time it operates continuously for as much as 120,000 hours.
  • Most onshore wind turbines today are rated at 2.5-3 MW (megawatts), with blades of about 50m in length, about half the length of a football field.
  • Wind Energy Council annual market statistics published today show that the wind industry installed just over 41,000
  • As of June 2024, the most powerful wind turbine in operation is the world’s first 18MW semi-direct drive offshore wind turbine
  • A notable feature of wind energy generation is the scale of wind turbines – an average turbine blade is about 200 ft long while turbine towers reach up to 295 ft tall on average.
  • In 2020, the average capacity of utility-scale wind turbines installed was 2.75 megawatts, 8% higher than the previous year.
  • Global Onshore Wind Electricity Generation Increased by 11% in 2020
  • The Biden Administration Set to Deploy 30 GW of Offshore Wind Power by 2030
  • Wind Energy Sector Will Employ 4 Million People by 2030
  • At the same time, eight East Coast states have set down offshore wind targets that, combined, amount to 40,000 MW by 2040.
  • A modern wind turbine tower can stand up to 150m tall, with a generation capacity of 7.2 megawatts each.
  • A wind turbine blade can be around 90 meters long

Emerging Trends

  • Artificial Intelligence and Digital Twins: The integration of AI and digital twins in wind turbines is enhancing performance and enabling predictive maintenance. This technology allows for real-time monitoring and data analysis, leading to more efficient operations and extended equipment lifespan​.
  • Advanced Manufacturing Techniques: There is a growing use of advanced manufacturing methods, such as 3D printing, which simplifies the production and transportation of turbine components. This not only reduces costs but also allows for more customized designs​.
  • Larger Turbine Blades: Turbines are getting bigger with longer blades, which capture more wind and operate at lower wind speeds, thus increasing efficiency and power output. This development is crucial as it reduces the number of turbines needed for the same power generation, contributing to both cost-effectiveness and environmental sustainability​.
  • Robotics and Automation: Automation and robotics are becoming more prevalent in the manufacturing and maintenance of wind turbines. These technologies enhance safety and efficiency, particularly in hazardous environments, and are crucial in reducing human error and operational costs​.
  • Sustainability in Design and Operation: The industry is focusing more on sustainable practices, not just in energy generation but also across the lifecycle of turbine components. Innovations include closed-loop recycling systems for turbine blades and other components to minimize waste and environmental impact​.
  • Emergence of Floating and Multi-Turbine Platforms: Floating wind turbines and multi-turbine platforms are gaining traction, particularly in offshore settings. These platforms can harness wind energy in deeper waters and more varied geographic locations, significantly expanding the potential sites for wind farms​.

Use Cases

  • Electricity Generation for Grids and Microgrids: Wind turbines are primarily used for generating electricity. Large-scale wind farms can power thousands of homes, whereas individual turbines can support smaller communities or even single homes. The integration with microgrids is particularly valuable in remote or rural areas where traditional grid access is challenging​​​.
  • Water Pumping and Irrigation: In agricultural settings, wind energy is utilized to operate pumps for water extraction and irrigation, providing a sustainable alternative to diesel or electric pumps. This application is crucial in remote areas, significantly aiding in agricultural productivity by ensuring reliable water supply​.
  • Desalination Processes: Wind turbines power processes that convert seawater into freshwater through desalination. This is particularly useful in arid regions where freshwater is scarce but wind resources are abundant​.
  • Ventilation Systems: Wind-powered ventilation systems are employed in agricultural structures like barns and greenhouses to improve air quality and control temperatures, enhancing the overall environment for livestock and crop storage​.
  • Community and Cooperative Models: Community-owned wind projects allow local citizens to invest in turbines and reap direct benefits from the energy produced. This model not only supports local energy independence but also fosters community engagement and economic benefits​.
  • Remote Applications: In isolated communities, such as those in Alaska, wind energy is integrated into distributed or hybrid systems combining multiple renewable sources. These systems enhance energy security and resilience, providing a reliable power source in areas without grid access​.

Key Players Analysis

Vestas is a dominant force in the wind turbine sector, particularly noted for its substantial installations across North America, including a recent 1.1 GW order for the SunZia Wind project in New Mexico, the largest single onshore order globally to date. This deal involved 242 of their V163-4.5 MW turbines, demonstrating Vestas’ capacity to meet large-scale energy demands. Additionally, Vestas has focused on enhancing its U.S. manufacturing capabilities, with significant investments aimed at expanding production facilities and increasing local employment to support its projects​​​.

Siemens Gamesa is a key player in the global wind energy sector, renowned for its innovation and sizable contributions to offshore wind projects. Notably, Siemens Gamesa recently secured a contract to supply 95 units of its flagship SG 14-236 DD turbines for the East Anglia 3 project in the UK. This project, expected to provide clean energy to 1.3 million UK homes, marks the first installation of this turbine model in the country, highlighting Siemens Gamesa’s role in driving forward the renewable energy agenda with cutting-edge technology​.

Suzlon Energy Limited is a prominent player in the wind energy sector, headquartered in Pune, India. It’s known for providing comprehensive renewable energy solutions and has achieved significant financial and operational milestones. Recently, Suzlon reported a substantial increase in its financial performance, with the largest order book in its history at 3.3 GW, indicating robust demand for its products and services. The company has also made significant strides in technology with the launch of its powerful 3 MW series wind turbines, enhancing its product portfolio and market reach​​​​.

Sinovel Wind Group Co., Ltd., based in Beijing, is one of China’s leading wind turbine manufacturers. It specializes in the research, development, manufacture, and sales of double-fed induction wind turbines. Sinovel is known for its significant role in China’s wind energy industry and has aimed to expand its influence in global markets. Despite facing legal challenges and market competition, Sinovel continues to invest in technology and expansion to maintain its position in the rapidly growing renewable energy sector. However, specific recent updates on their activities require further details from the latest sources or the company directly.

General Electric, through its renewable energy division GE Vernova, is a prominent leader in the wind turbine industry, particularly in the United States where it leads in installed capacity with over 71 GW. GE has innovated with wind turbine designs that enhance performance, reflected in its portfolio which includes turbines ranging from 1.7 MW to 4.8 MW for onshore and up to 12 MW for offshore applications. Recent expansions include the production of its largest onshore wind turbine at a new facility in New York, supported by significant investment aimed at boosting the renewable sector under the U.S. Inflation Reduction Act​​​​​​.

Nordex SE, a German-based wind turbine manufacturer, has established itself as a key player in the wind energy market with over 35 years of experience. The company offers a variety of high-yield, cost-efficient onshore wind turbines designed for long-term and economical power generation across diverse geographic and climatic conditions. Following its merger with Acciona Windpower in 2016, Nordex has expanded its global footprint, catering to a broad international market with a strong focus on innovative and sustainable technology solutions.

ENERCON GmbH is a leading German wind turbine manufacturer known for its innovative gearless drive technology, which has become a hallmark of its products since the 1990s. As of 2023, ENERCON has installed over 32,000 turbines globally, contributing to more than 60 GW of wind power capacity. The company’s latest model, the E-175 EP5, features a 175-meter rotor diameter and offers up to 7 MW of power. ENERCON continues to focus on high-quality, efficient, and sustainable wind energy solutions for a variety of onshore wind conditions​​​​.

Xinjiang Goldwind Science & Technology Co., Ltd., commonly known as Goldwind, is a prominent Chinese wind turbine manufacturer and a global leader in clean energy solutions. Founded in 1998, Goldwind has installed over 50 GW of wind turbines in more than 20 countries. The company leverages advanced research and innovative technologies to produce highly efficient and reliable wind turbines. Goldwind’s comprehensive portfolio includes both onshore and offshore wind turbines, supporting the global transition to renewable energy through its significant contributions to sustainable energy development.

Vergnet is a French wind turbine manufacturer known for its innovative solutions tailored to extreme weather conditions and remote areas. Specializing in medium-scale wind turbines like the GEV MP, Vergnet’s turbines range from 200 to 275 kW and are designed for easy transport, installation, and maintenance. With over 900 installations globally, Vergnet’s technology is recognized for its reliability and high performance in cyclonic regions, providing sustainable energy solutions in over 60 countries​​​.

Envision Group, based in China, is a leading global provider of smart energy technologies and solutions. It offers a diverse range of wind turbines for both onshore and offshore applications, with a strong emphasis on integrating AI and IoT for enhanced efficiency and performance. Envision’s advanced wind turbines, which include models like the EN-148/4.5 and EN-171/6.5, are designed to maximize energy output and reduce costs. The company has a significant global presence, contributing to sustainable energy projects worldwide.

VENSYS Energy AG, based in Neunkirchen, Germany, specializes in the development and manufacturing of gearless wind turbines that utilize permanent magnet synchronous generators. Known for their high efficiency and low maintenance, VENSYS turbines are designed to perform reliably under various conditions. The company’s portfolio includes models ranging from 1.5 MW to 7.8 MW, catering to different wind classes and locations. VENSYS has installed over 24,500 turbines worldwide, ensuring high energy yields and robust performance, even in extreme climates​​​.

Zhejiang Yunda Wind Power Co., Ltd. is a leading Chinese wind turbine manufacturer specializing in the design, production, and installation of wind turbines. The company offers a range of wind turbines with capacities of up to 6 MW, designed to maximize energy output and efficiency. Yunda is recognized for its innovative technology and reliable performance, having successfully installed thousands of wind turbines across various global markets. Their products are known for their adaptability to different wind conditions and their contribution to sustainable energy projects​.

MingYang Smart Energy is a leading Chinese wind turbine manufacturer, known for its innovative and powerful offshore wind turbines. The company has recently unveiled the MySE 18.X-20MW, the world’s largest offshore wind turbine, designed to withstand severe typhoons and produce up to 80 million kWh annually, enough to power 96,000 households and reduce CO2 emissions by 66,000 tonnes. This turbine features rotor diameters ranging from 260 to 292 meters and is optimized for high-wind regions​​​.

SANY Group, a prominent Chinese heavy machinery manufacturer, has diversified into the wind turbine sector, offering a range of wind turbines tailored for various wind conditions. The company’s wind turbines are noted for their robust construction, high efficiency, and reliability. SANY’s turbines are designed to maximize energy production while ensuring durability and ease of maintenance, contributing to the global shift towards renewable energy solutions​.

Windey Energy Technology Group Co., Ltd., one of China’s earliest and most prominent wind turbine manufacturers, has been pioneering wind power technology for over 40 years. The company specializes in developing, manufacturing, and selling high-efficiency wind turbines, with notable achievements such as ranking in the top three in China and top four globally for new wind power installed capacity in 2023. Windey’s portfolio includes advanced 10MW-level doubly-fed offshore turbines and innovative projects like the world’s first 180-meter ultra-high hybrid tower​​​​​​​.

Conclusion

In conclusion, the wind turbine market is on a trajectory of robust growth and technological innovation that is reshaping the landscape of renewable energy. The market is expected to reach significant valuations, underscored by an increasing shift towards larger capacity turbines that promise higher efficiency and lower cost per megawatt of energy produced. This is particularly evident in regions with large offshore projects that harness the reliable wind resources at sea​​.

Looking ahead, the wind energy sector faces the challenge of aging infrastructure, with a substantial portion of global wind capacity nearing the need for upgrades or replacement. This scenario presents both challenges and opportunities; as older turbines are refurbished or replaced, there’s potential for new players to enter the market and for the adoption of newer, more efficient technologies​​.

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a tech blogger that frequently contributes to numerous industry-specific magazines and forums. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and in raising a general awareness of technical know-how. When he’s not ruminating about various happenings in the tech world, he can be usually found indulging in his next favorite interest - table tennis.

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