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[Research Report] The wind turbine generator market was valued at US$ 3,483.84 million in 2022 and is projected to reach US$ 8,772.57 million by 2030; it is expected to grow at a CAGR of 12.2% during 2022–2030.
Analyst Perspective:
The North America wind turbine generator market is sub-segmented into the US, Canada, and Mexico. Owing to stringent government regulations, an increase in investment in wind power projects, favorable policies, and reduced cost of wind energy, the wind industry across the region is expected to register remarkable growth. With the growing consumer awareness of climate change and the role of renewable energy, the demand for wind turbines is expected to increase in North America. In 2022, the US (Texas) alone installed land-based wind turbines worth of 4,028 MW of power. Also, in 2022, the other US states, such as Nebraska and Oklahoma, added a wind power capacity of 600 MW each. All such government initiatives are driving the growth of wind turbine generator market share in the US.
The Canadian government is investing in renewable energy and working with indigenous partners to get major projects built. For instance, in May 2022, the Minister of Natural Resources announced an investment of ~US$ 50 million for the Burchill Wind Limited partnership between Wolumseket and Natural Forces Development to deploy renewable energy and grid modernization technologies. In March 2022, Canada announced its plans to invest US$ 7.2 billion in wind and solar projects to meet carbon emissions reduction targets by 2030. In November 2021, Siemens Gamesa Renewable Energy announced that they had signed an agreement with Renewable Energy Systems (RES) in Canada to supply wind turbines for the 100 MW Hilda wind project in Alberta. This deal will help the country in meeting its 30% goal of renewable energy generation by 2030. Under this agreement, Siemens Gamesa will supply 20 SG 5.0-145 turbines, providing clean and affordable power for ~50,000 homes. Also, according to the Canadian Renewable Energy Association (CanREA), in 2022, Canada installed a total of 1.8 GW of wind and solar power capacity. Thus, such investment prospects in erecting wind energy projects and the rise in the adoption of clean energy are fueling the wind turbine generator market share of North America. Various wind turbine generator market players such as TPI Composites Inc., Marmen Inc., Valmont Industries Inc., and The Timken Co. are developing innovative and more efficient components to cater to this rising demand.
The government of Mexico has invested a significant amount in the construction of wind turbines in the country. According to the Asociación Mexicana de Energía Eólica (AMDEE), an investment of ~US$ 1.3 billion was planned to develop the Mexican wind energy sector in 2020. Thus, this investment made the country enter the top 3 most attractive wind energy producers in Latin America. This allocated fund will be invested in 11 wind energy projects in Coahuila, Yucatan, and Tamaulipas.
Thus, all the above factors are fueling the growth of the North America wind turbine generator market.
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Wind Turbine Generator Market: Strategic Insights
Market Size Value in US$ 3,483.84 million in 2022 Market Size Value by US$ 8,772.57 million by 2030 Growth rate CAGR of 12.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Wind Turbine Generator Market: Strategic Insights
| Market Size Value in | US$ 3,483.84 million in 2022 |
| Market Size Value by | US$ 8,772.57 million by 2030 |
| Growth rate | CAGR of 12.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Overview:
Generators convert the mechanical energy generated from the rotor blades into electrical energy through magnetic fields. In the majority of cases, generators use alternating current to operate at a constant speed that allows them to generate utility-grade 60Hz AC power. Different types of generators, including induction generators (with fixed RPM and variable RPM), doubly fed induction generators (variable RPM), and permanent magnet direct drive generators, are used in wind turbines. They have different features and operational capabilities that are used based on the requirements of wind turbine installation and power generation.
The growing government initiative for adopting wind energy for electricity generation is creating lucrative opportunities for the wind turbine generator market. The rising demand for floating wind technology for offshore wind turbines is projected to favor the growth of the wind turbine generator market during the forecast period. The technology will help in the development of offshore wind turbines where the water is very deep.
Market Driver:
Increasing Product Launches is Driving the Wind Turbine Generator Market Growth
According to the Global Wind Energy Council (GWEC), as of 2022, a total of 906 GW of wind capacity has been installed globally, of which 93% is onshore and 7% offshore. It is expected that the wind energy markets will grow fourfold in the coming 20 years, further raising the demand for advanced wind turbine components. The growing demand for wind energy will require advanced turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch systems. This has compelled the market players to boost their investment in developing new and innovative products. Various wind turbine generator manufacturers are working on deploying advanced products to cater to the growing customer needs. For instance, in September 2023, Adani New Industries Ltd announced that it would produce a 5.2 MW series of wind turbine generators for the international wind turbine generator market.
Such advancements in wind turbine components, supported by high investments from global manufacturers and government policies for climate control to enhance their product portfolio, are fueling the growth of the wind turbine generator market. Also, the rising demand for recyclable components to protect the environment is pushing manufacturers to develop more recyclable components. In addition, manufacturers are coming up with more efficient components, which will help produce more electricity from wind turbines by reducing turbine downtime. Thus, the growing product innovation as per the changing customer requirements is driving the growth of the wind turbine generator market.
Segmental Analysis:
Based on generator type, the wind turbine generator market is bifurcated into Direct Current and AC Synchronous. In 2022, the AC Synchronous segment acquired a larger share of the global wind turbine generator market owing to its compatibility with the grid and operational efficiency. In addition, in the case of offshore wind farms, AC generators are particularly advantageous. They are well-suited for long-distance power transmission from offshore installations to the mainland, as AC power can be efficiently transported over extended undersea cable distances. Growing offshore investment is anticipated to drive the demand for AC synchronous generators in the wind turbine generator market. For instance, in 2023, the UK's Octopus announced its plans to invest US$ 20 billion in offshore wind farms. Such initiatives are expected to drive the AC synchronous generator's demand.
Regional Analysis:
The government of Italy is investing a significant amount of capital in integrating renewable energy, further propelling the wind turbine generator market share of the country. For instance, in June 2022, ERG announced that they had placed a 101MW order for the Mineo Militello Vizzini wind park in Sicily. This project adds to the more than 5.4 GW wind turbines installed or under construction by Vestas in Italy, which accounts for a market share of more than 40%. Also, in July 2021, Eni announced that they had signed an agreement to acquire 100% of a portfolio of 13 onshore wind farms in Italy, having a total capacity of 315 MW, from Glennmont Partners ("Glennmont") and PGGM Infrastructure Fund ("PGGM"). The Italian government is also working on incentives to boost the roll-out of offshore wind facilities. Also, the government has set goals to achieve 65% of the country's electricity demand through renewables, which is another major factor likely to generate new opportunities for wind turbine generator market vendors during the forecast period.
Wind Turbine Generator Market Report Scope
Key Player Analysis:
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; and Nordex Group are among the key wind turbine generator market players operating in the wind turbine generator market.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the wind turbine generator market. A few recent developments by the key wind turbine generator market players are listed below:
Date | News | Region |
October-2023 | Mingyang Smart Energy has announced plans for a new offshore wind turbine that, at 22 M.W., will be the world's largest offshore wind turbine. According to the business, the typhoon-resistant MySE 22MW is appropriate for both fixed-bottom and floating applications. The turbine will be built between 2024 and 2025, according to the business. | APAC |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Deployment Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The Asia Pacific wind turbine market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific is one of the leading regions in the wind turbine generator market owing to favorable government policies, a rise in investment in wind energy projects, and reduced cost of wind energy. Countries such as India, China, and Japan are the dominating countries holding a large portion of the market share, which is further expected to increase during the forecast period.
Siemens Gamesa Renewable Energy S.A., Nordex SE, Xinjiang Goldwind Science & Technology Co., Ltd., Vestas Wind Systems AS, and General Electric are the key market players operating in the global wind turbine generator market.
According to the Global Wind Energy Council (GWEC), as of 2022, a total of 906 GW of wind capacity has been installed globally, of which 93% is onshore and 7% offshore. It is expected that the wind energy markets will grow fourfold in the coming 20 years, further raising the demand for advanced wind turbine components. The growing demand for wind energy will require advanced turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch systems.
The rise in demand for renewable energy and its advantages in protecting the environment are expected to promote wind energy projects globally. Governments of various countries are supporting the construction of wind energy projects in terms of policies and investments.
Asia Pacific is one of the major regions in the wind turbine towers market owing to favorable government mandates and policies, growing investment in wind energy projects, and lowered cost of wind energy. China, India, Australia, South Korea, and Japan are some of the major markets in Asia Pacific for wind turbine towers. China, India, and Japan are the dominating countries holding a large share of the market, which is further estimated to increase during the forecast period.
The List of Companies - Wind Turbine Generator Market
- XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO LTD
- Vestas Wind Systems AS
- General Electric,
- Zhejiang Windey Co., Ltd.
- Suzlon Energy Limited
- Enercon GmbH
- NORDEX SE
- ENVISION ENERGY USA LTD
- MINGYANG SMART ENERGY GROUP CO
- SIEMENS GAMESA RENEWABLE ENERGY SA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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