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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.

Keith Smith
Keith Smith

Keith, a seasoned professional in the solar industry, has dedicated over 30 years to the research and development of solar technologies. Born in the early 1970s, Keith's fascination with solar energy began early in life. He completed his bachelor's degree in physics and pursued a master's in renewable energy engineering, laying the foundation for his career in the field.

Keith's expertise shines through his role as the manager of, where he curates and disseminates valuable insights and updates on solar technology trends. His work in bridging the gap between solar research and practical application has been instrumental in advancing the renewable energy sector. With a passion for sustainability and a commitment to a greener future, Keith Smith continues to make a significant impact on the solar industry, one article at a time.

Articles: 49

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