Wind Power Equipment Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.12 % |
| Fastest Growing Market | South America |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wind Power Equipment Market Analysis
The global wind power equipment market is estimated to be at USD 55.06 billion by the end of this year and is projected to reach USD 85.18 billion in the next five years, registering a CAGR of over 9.12% during the forecast period.
Over the medium period, the declining cost of wind energy and increasing investments in the wind power sector are the key drivers for the wind power equipment market.
On the other hand, substitution from solar energy and gas-fired power plants is expected to continue to restrain the market. The solar energy industry has significantly reduced costs than the wind energy sector.
Nevertheless, the wind power industry has a demand for cost-effective solutions, and a highly efficient product has the potential to change the dynamics of the industry. There have been instances where old equipment of the wind turbines are replaced, not because of the damage, but due to the availability of more efficient equipment in the market. Hence, technological developments are opportunities for the global wind power equipment market.
At the regional level, Asia-Pacific is likely to dominate the wind power equipment market, with the majority of the demand coming from the countries such as China, India, and Australia.
Wind Power Equipment Market Trends
Increasing Demand from Onshore Wind Power Industry
- The onshore wind power industry has dominated the wind power equipment market and is expected to continue its dominance over the forecast period.
- Over the past few decades, onshore wind power has emerged as one of the most valued renewable energy sources worldwide. According to Global Wind Report 2023, as of 2022, the total onshore installed wind power capacity reached 842 GW, adding 8.8% to the previous year's span. China, the United States, Germany, and India dominated the onshore wind power market in 2022.
- Despite a challenging economic environment and complex supply chain difficulties, 2022 Europe had a record year annual growth of 18.2% in onshore wind capacity, mainly owing to record installations in Sweden, Finland, and Poland and rebounding installations in Germany.
- Moreover, the cost of onshore wind power generation has reduced significantly, driven by the reduction in capital investments, owing to better turbine designs and economy of scale, increased capacity factors due to technological advancements in equipment and wind power plant design, and increased production life of wind turbines.
- Therefore, factors such as a decline in onshore wind CAPEX and supportive government policies and targets are expected to increase the number of wind power plants worldwide in the coming years. This, in turn, is expected to directly impact the onshore wind power equipment market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is the regional hotspot for the wind power equipment market, owing to governmental support, numerous incentives, and national targets. In 2022, the region's total installed wind power capacity reached 425.7 GW, representing an increase of 10.6% over the previous year's level.
- As of 2022, China held the world's largest installed wind power capacity. According to Global Wind Energy Council Market Intelligence, China will be the engine of near-term growth, accounting for 62% of new installations in 2023.
- The government of China is actively promoting the development of renewable infrastructure to curb pollution and reduce the share of thermal power in the country's power generation profile. This is likely to drive the growth of wind power projects in the country, which, in turn, is expected to drive the wind power equipment market during the forecast period.
- As of 2022, India's installed wind power capacity stood at 41.9 GW. The number of new installations has slowed down in the country as the industry has been adapting to the new method of determining tariffs, i.e., wind power auction.
- Moreover, in February 2022, Tata Power and German electricity generating company RWE agreed on a partnership to explore the potential for joint development of offshore wind projects in India. India currently has no working offshore wind energy plant.
- South Korea's state-owned National Oil Corporation (KNOC) plans to develop a 200 MW floating offshore wind project 58 km off the coast of Ulsan City. Floating turbines are considered the next step in conquering wind resources in deep coastal waters where fixed turbines cannot be built.
- Therefore, factors such as upcoming wind power projects and supportive government policies and regulations in different regions are expected to increase the demand for wind power equipment over the forecast period.
Wind Power Equipment Industry Overview
The global wind power equipment market is fragmented. Some of the key players in this market (in no particular order) include General Electric Company, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, Nordex SE, and Enercon GmbH.
Wind Power Equipment Market Leaders
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General Electric Company
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Siemens Gamesa Renewable Energy SA
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Vestas Wind Systems A/S
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Nordex SE
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Enercon GmbH
*Disclaimer: Major Players sorted in no particular order
Wind Power Equipment Market News
- May 2023: Suzlon, a developer of renewable energy solutions, has received a 69 MW wind energy order from the Indian division of a renowned Nordic Energy Company. Suzlon will deploy 23 wind turbine generators (WTGs) with 3 MW rated capacity and a Hybrid Lattice Tubular (HLT) tower.
- October 2022: Suzlon Group secured new order to develop 144.9 MW wind power projects located at Gujarat and Madhya Pradesh sites for the Aditya Birla Group. As a part of the contract, the company will install around 69 units of wind turbine generators (Wind Turbines) with a Hybrid Lattice Tubular (HLT) tower with a rated capacity of 2.1 MW each. It is expected to commence operations by the end of 2023.
- January 2022: The Blue Circle and its partner CleanTech Global Renewables Inc. signed a contract to construct an offshore wind project in the Philippines with a capacity of 1.2 GW located in Bulalacao, Oriental Mindoro. The wind farm will feature 100 turbines with a unit capacity of 12 MW.
Wind Power Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Mix, 2022
4.3 Wind Power Installed Capacity and Forecast in GW, till 2028
4.4 Market Size and Demand Forecast in USD billion, till 2028
4.5 Global Average Size of Wind Turbine in MW, 2010-2028
4.6 Recent Trends and Developments
4.7 Government Policies, Regulations and Targets
4.8 Market Dynamics
4.8.1 Drivers
4.8.1.1 The Declining Cost of Wind Energy
4.8.1.2 Increasing Investments in the Wind Power Sector
4.8.2 Restraints
4.8.2.1 Substitution From Solar Energy and Gas-Fired Power Plants
4.9 Supply Chain Analysis
4.10 Porter's Five Forces Analysis
4.10.1 Bargaining Power of Suppliers
4.10.2 Bargaining Power of Consumers
4.10.3 Threat of New Entrants
4.10.4 Threat of Substitutes Products and Services
4.10.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Location
5.1.1 Onshore
5.1.2 Offshore
5.2 Equipment Type
5.2.1 Rotor/Blade
5.2.2 Tower
5.2.3 Generator
5.2.4 Other Equipment Types
5.3 Geography
5.3.1 North America
5.3.1.1 United States of America
5.3.1.2 Canada
5.3.1.3 Rest of the North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 France
5.3.2.3 Norway
5.3.2.4 Italy
5.3.2.5 Germany
5.3.2.6 Rest of the Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Rest of the Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 United Arab Emirates
5.3.4.2 Saudi Arabia
5.3.4.3 South Africa
5.3.4.4 Rest of the Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of the South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Vestas Wind Systems AS
6.3.2 Siemens Gamesa Renewable Energy
6.3.3 Enercon GmbH
6.3.4 Envision Energy
6.3.5 General Electric Company
6.3.6 Guodian United Power Technology Company Limited
6.3.7 Ming Yang Wind Power Group Limited
6.3.8 Senvion SA
6.3.9 Nordex SE
6.3.10 Xinjiang Goldwind Science & Technology Co., Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Demand for Cost-Effective Solutions, and a Highly Efficient Product
Wind Power Equipment Industry Segmentation
Wind power equipment is a device that converts the kinetic energy of wind into electrical energy. The global wind power equipment market is segmented by location, equipment type, and geography. By location, the market is segmented into onshore and offshore. By equipment type, the market is segmented into rotor/blade, tower, generator, and other equipment types. The report also covers the market size and forecasts for the global wind power equipment market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
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| Onshore | |
| Offshore |
| Equipment Type | |
| Rotor/Blade | |
| Tower | |
| Generator | |
| Other Equipment Types |
| Geography | ||||||||
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Wind Power Equipment Market Research FAQs
What is the current Global Wind Power Equipment Market size?
The Global Wind Power Equipment Market is projected to register a CAGR of 9.12% during the forecast period (2024-2029)
Who are the key players in Global Wind Power Equipment Market?
General Electric Company, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, Nordex SE and Enercon GmbH are the major companies operating in the Global Wind Power Equipment Market.
Which is the fastest growing region in Global Wind Power Equipment Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Wind Power Equipment Market?
In 2024, the Asia Pacific accounts for the largest market share in Global Wind Power Equipment Market.
What years does this Global Wind Power Equipment Market cover?
The report covers the Global Wind Power Equipment Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Global Wind Power Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Energy Equipment Industry Report
Statistics for the 2024 Wind Power Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Power Equipment analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
