Wind turbine market outlook – 2030
The wind turbine market has seen significant growth, with a value of $53.4 billion in 2020, and it is expected to reach $98.4 billion by 2030, growing at a CAGR of 6.3% during the period from 2020 to 2030. Wind turbines play a crucial role in wind power plants, where they convert wind energy into electricity using the aerodynamic force of their rotor blades, similar to airplane wings or helicopter rotor blades.
When the wind flows across the rotor blades, the difference in air pressure on either side creates lift and drag. The force of lift exceeds drag, causing the rotor to spin. The rotor is connected to a generator, either directly in the case of direct drive turbines or through a shaft and gears (gearbox) to increase rotation. This conversion of aerodynamic force into generator rotation generates electricity.
The global push for renewable energy, driven by initiatives like the Paris Agreement to combat climate change, has led to remarkable growth in wind energy adoption, making wind turbines a major player in the renewable energy sector. Between 2000 and 2015, worldwide cumulative wind capacity surged from 17,000 megawatts to over 430,000 megawatts. The rising demand for sustainable energy has consequently increased the demand for wind power, thus fueling the growth of the wind turbine market.
The wind turbine market is segmented based on various factors, including axis type (horizontal and vertical), installation (on-shore and off-shore), components (rotator blade, gearbox, generator, nacelle, and others), application (industrial, commercial, residential, and utility), and region (North America, Europe, Asia-Pacific, and LAMEA).
The market analysis includes comprehensive information about major industry players. Key companies operating in this sector and profiled in the report are Enercon GmbH, Gamesa, General Electric, Goldwind, Guodian United Power Technology Company Ltd., Ming Yang, Siemens, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., and Vestas Wind Systems A/S. These companies are playing a vital role in advancing wind turbine technology and expanding renewable energy adoption worldwide.
