Market Size of North America Large Wind Turbine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.88 Billion |
| Market Size (2029) | USD 2.60 Billion |
| CAGR (2024 - 2029) | 6.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Large Wind Turbine Market Analysis
The North America Large Wind Turbine Market size is estimated at USD 1.88 billion in 2024, and is expected to reach USD 2.60 billion by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).
- Over the medium term, reducing costs and increasing investment in wind energy is likely to drive the market's growth.
- On the other hand, adoption of alternative clean energy sources like solar and other alternatives will likely restrain the growth of the large wind turbine market.
- Nevertheless, the Global Wind Energy Council committed to achieving 380 GW of offshore wind by 2030 and 2,000 GW by 2050 worldwide, likely providing significant opportunities for the market player.
- The United States dominates the market and is also likely to witness the highest CAGR during the forecast period, owing to the increasing wind energy investments and growing electricity demand.
North America Large Wind Turbine Industry Segmentation
Wind turbines convert wind energy into electricity by rotating propeller-like blades around a rotor. The rotor turns the drive shaft, which turns an electric generator.
The North American large wind turbine market is segmented by location of deployment and geography. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the North American large wind turbine market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Large Wind Turbine Market Size Summary
The North American large wind turbine market is poised for significant growth over the forecast period, driven by increasing investments in wind energy and the rising demand for clean energy solutions. The market is characterized by a semi-fragmented landscape with key players such as General Electric Company, Vestas Wind Systems AS, and Siemens Gamesa Renewable Energy SA. The United States leads the market, benefiting from substantial government support and favorable policies aimed at boosting domestic energy production. The expansion of offshore wind projects, supported by initiatives like the Biden Administration's Floating Offshore Wind Shot, is expected to play a crucial role in the market's development. Despite the potential challenges posed by the adoption of alternative clean energy sources, the commitment to substantial offshore wind capacity growth presents significant opportunities for market participants.
In Canada, the government's ambitious targets to increase wind power capacity are expected to create investment opportunities for wind project developers. The offshore wind turbine segment, requiring sturdier materials and larger structures, is anticipated to drive market growth. Notable developments, such as the investment in the Port of Humboldt Bay to support offshore wind development, underscore the region's commitment to expanding its wind energy infrastructure. The collaboration between TPI Composites Inc. and GE Renewable Energy to enhance rotor blade manufacturing capabilities further highlights the strategic efforts to strengthen the supply chain and meet the growing demands of the North American wind turbine market.
North America Large Wind Turbine Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD, till 2028
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.1.1 Reducing Costs of Wind Energy
-
1.5.1.2 Increasing Investment in Wind Energy
-
-
1.5.2 Restraints
-
1.5.2.1 Adoption of Alternative Clean Energy Sources like Solar and Others
-
-
-
1.6 Supply Chain Analysis
-
1.7 Porter's Five Force Analysis
-
1.7.1 Bargaining Power of Suppliers
-
1.7.2 Bargaining Power of Consumers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitutes Products and Services
-
1.7.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Location of Deployment
-
2.1.1 Onshore
-
2.1.2 Offshore
-
-
2.2 Geography
-
2.2.1 United States
-
2.2.2 Canada
-
2.2.3 Rest of North America
-
-
North America Large Wind Turbine Market Size FAQs
How big is the North America Large Wind Turbine Market?
The North America Large Wind Turbine Market size is expected to reach USD 1.88 billion in 2024 and grow at a CAGR of 6.70% to reach USD 2.60 billion by 2029.
What is the current North America Large Wind Turbine Market size?
In 2024, the North America Large Wind Turbine Market size is expected to reach USD 1.88 billion.
