Wind Turbine Generator Market

Wind Turbine Generator Market Outlook (2024 to 2034)

The global wind turbine generator market size has been calculated to increase from US$ 23.6 billion in 2024 to US$ 39.9 billion by the end of 2034. As per this latest research report by Fact.MR, the market is projected to expand at a CAGR of 5.4% from 2024 to 2034.

A wind power generator, also called a wind turbine or wind energy converter, is an apparatus that transforms wind energy into electrical power. The wind's kinetic energy is captured by wind turbines and converted into mechanical energy, which is utilized to produce electricity. Since they do not emit greenhouse gases or deplete scarce resources, they are a clean and sustainable energy source.

Demand for renewable energy, particularly wind power, is rising as a result of the worldwide transition towards greener and more sustainable energy sources to combat climate change and reduce greenhouse gas emissions. Wind energy adoption is receiving more and more support from businesses, consumers, and governments since it is considered an essential part of the clean energy transition.

Governments worldwide have put in place incentives and laws that favor the advancement and use of wind power generation. Feed-in tariffs, tax credits, subsidies, and renewable energy requirements are a few examples of these that increase the financial appeal of wind energy projects to developers and investors. These factors are projected to drive wind turbine generator market growth during the forecast period.

It may be logistically and financially difficult to link wind power plants to the electrical grid, especially in distant places with an abundance of wind resources. It could be necessary to improve or expand transmission lines, which would raise the cost of the project overall. Key market players in the market are trying to invest in technology to overcome this issue.

Recent developments in grid management and smart grid technology make it easier to incorporate intermittent renewable energy sources like wind power into the current electricity infrastructure. Advancements in grid flexibility and management augment the capacity to accept elevated degrees of wind power penetration, generating novel prospects for the proliferation of wind energy. This is expected to boost wind power generator sales in several end-use industries.

Report Attribute	Detail
Wind Turbine Generator Market Size (2024E)	US$ 23.6 Billion
Forecasted Market Value (2034F)	US$ 39.9 Billion
Global Market Growth Rate (2024 to 2034)	5.4% CAGR
Canada Market Growth Rate (2024 to 2034)	5.4% CAGR
China Market Value (2034F)	US$ 9.1 Billion
North America Market Share (2024E)	19.5%
East Asia Market Share (2034F)	38.6%
Key Companies Profiled	Siemens; Vestas; Goldwind; Mitsubishi; Bergey Windpower Co.; CRRC Wind Power Co. Ltd.; Eocycle Technologies Inc.; General Electric; Hyundai Heavy Industries Co. Ltd.; Ming Yang Wind Power Group Limited.

Which Opportunities are Wind Turbine Generator Manufacturers Leveraging?

“Fuel Cost Stability and Low Operational Expenses Associated with Wind Power Generation”

Because wind energy uses free fuel and may supply power at a set price for up to 20 years, it reduces the price volatility that fuel-based traditional energy sources bring. Low-cost wind energy has been made possible by efforts to increase wind energy capacity driven by the production tax credit and improvements in wind power technology. When compared to traditional techniques, operational expenses are cheaper since wind energy is free.

Turbines and generators run on autopilot and do not require much maintenance during their lifetimes. Despite the high initial costs of wind turbines, the energy generated is affordable, offering makers of turbine generators both stable demand and several lucrative opportunities.

“Collaborations between Governments and Industry Players to Enhance Wind Technology Reliability”

Engineers are better able to comprehend how wind turbines, solar inverters, and energy storage systems respond to disruptions in electric power networks when wind turbine certification testing times and costs are reduced via the use of programmable grid interface test devices.

By examining plant performance under various atmospheric circumstances, computational fluid dynamics is utilized to create modeling and control tools as well as simulators for wind farm applications. These tools help wind farm operators reduce the impacts of turbine wake.

• To reduce the cost of wind energy, the Wind Energy Technology Office (WETO) is collaborating with industry partners to improve the efficiency and dependability of next-generation wind technology.
• The National Wind Technology Center (NWTC) of the National Renewable Energy Laboratory is developing novel materials, components, systems, and modeling techniques to boost wind energy generation.

What are the Challenges Faced by Wind Turbine Companies?

“Grid Stability Challenges and Need to Ensure Preservation of Local Ecosystems”

Grid stability is challenged by the wind resources' intrinsic intermittency, which is a major hindrance to the expansion of the wind turbine generator market size. As wind power's percentage of energy generation rises, the grid has to adjust to its fluctuating output. Creation of efficient energy storage and grid integration solutions is essential to reducing these difficulties and guaranteeing a steady supply of electricity.

Land use disputes and environmental concerns are obstacles to the growth of onshore wind turbines. The deployment of onshore wind projects may be hampered by competition for land in heavily populated regions. To address these issues and strike a balance between the growth of renewable energy sources and the preservation of regional ecosystems and landscapes, meticulous planning, environmental impact studies, and community involvement are necessary.

Country-wise Insights

The market in China is forecasted to expand at a CAGR of 5.4% from 2024 to 2034. The country is projected to occupy a wind turbine generator market share of 58.8% in East Asia by the end of 2034.

Why is Canada a Key Market in the Wind Generation Business?

“Supportive Government Policies and Financial Support for Private Research Institutes”

Attribute	Canada
Market Value (2024E)	US$ 600 Million
Growth Rate (2024 to 2034)	5.4% CAGR
Projected Value (2034F)	US$ 1 Billion

Supportive policies in Canada promoting the transition from conventional energy to renewables are one of the key wind turbine generator market trends in Canada. While other countries like the United States and Mexico are trying to enhance energy output from renewable sources, notably wind energy, the country leads the continent in the number of wind turbine installations. The market for wind turbine generators in Canada is driven by supportive government policies, government funding for private research institutes, and rising industry R&D expenditures.

What is Making Japan the Centre of Attention among Market Players?

“Ideal Geographic Location and Commitment to Increasing Renewable Energy Sources”

Attribute	Japan
Market Value (2024E)	US$ 1.9 Billion
Growth Rate (2024 to 2034)	5.7% CAGR
Projected Value (2034F)	US$ 3.3 Billion

Japan is investing a large amount of money in the development of wind turbine generators. The country benefits from its ideal geographic location for constructing wind turbines, leading to highly successful operations. These wind turbine generators are equipped with advanced technology, simplifying installation and maximizing operational efficiency.

Category-wise Evaluation

Based on generator type, alternating current synchronous generators are analyzed to expand at a CAGR of 5.4% from 2024 to 2034.

Which Generator Type is Expected to Outperform Other Forms in the Market?

“Ease of Use Associated with AC Asynchronous Generators Driving Demand”

Attribute	Alternating Current Asynchronous Generators
Segment Value (2024E)	US$ 15.2 Billion
Growth Rate (2024 to 2034)	5.4% CAGR
Projected Value (2034F)	US$ 25.7 Billion

Induction generators, also known as alternating current (AC) asynchronous generators, offer several advantages. They can be utilized without the need for additional circuitry. Asynchronous generators function as generators without requiring extra wiring. In addition, they serve as excellent voltage regulators and effective voltage controllers, capable of being coupled to a three-phase mains supply.

Why is Deployment of Onshore Wind Turbine Generators Significantly Higher?

“Ease of Installation and Less Maintenance Requirements”

Attribute	Onshore Wind Turbine Generators
Segment Value (2024E)	US$ 18.1 Billion
Growth Rate (2024 to 2034)	5.4% CAGR
Projected Value (2034F)	US$ 30.6 Billion

Onshore and offshore wind turbine installations are increasingly prevalent, with their numbers rising steadily each day. Moreover, the onshore wind turbine generator market is rapidly expanding owing to its straightforward installation, decreased maintenance needs, and the proliferation of onshore wind energy projects worldwide.

Business Competition

Key players in the wind turbine generator market are coming up with new ways to solve contemporary problems with component placement in challenging conditions. Businesses are forming positive alliances and working together with governments and end-user industries.

Because wind turbines are in such great demand, industry participants may increase the range of products they provide. Market players are attempting to broaden their geographical bases while concentrating their cash and efforts on research and development, and adapting themselves to evolving market trends such as wind turbine drone inspection, wind turbine materials, and wind turbine rotor blades.

• The Solar Energy Corporation of India announced its plans to launch a tender the next year to create offshore wind projects with a 1,000 megawatt (MW) maximum capacity in March 2024. The tender covers the establishment of offshore wind energy plants with a 500 MW capacity each off the coasts of Gujarat and Tamil Nadu.
• In October 2022, Rolls-Royce announced it would offer long-term service support for all MTU generator sets utilized by the British Royal Navy fleet. The company entered into a contract for the preventive maintenance of ninety MTU engines for the subsequent five years.

Fact.MR provides detailed information about the price points of leading manufacturers of wind turbine generators positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Key Segments of Wind Turbine Generator Market Research

• By Generator Type :

  • Direct Current Generators
  • Alternating Current Asynchronous Generators
    • Fixed Speed Induction Generators/ Squirrel Cage Induction Generators
    • Doubly Feed Induction Generators
  • Alternating Current Synchronous Generators
    • Permanent Magnets Synchronous Generators
    • Electrically Excited Synchronous Generators
  • Switched Reluctant Generators

• By Capacity :

  • Up to 1 MW
  • 1 to 5 MW
  • 5 to 10 MW
  • Above 10 MW

• By Drive :

  • Direct Drive
  • Geared Drive

• By Speed :

  • Fixed
  • Variable

• By Deployment :

  • Onshore
  • Offshore

• By Region :

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa