To improve the website's functionality, we use cookies, including third-party cookies. Read our Privacy Policy for more information

I Agree

Wind Turbine Generator Market

Wind Turbine Generator Market Analysis By Generator Type (Direct Current Generators, Alternating Current Asynchronous Generators, Switched Reluctance Generators), By Drive (Direct Drive, Geared Drive), By Speed (Fixed, Variable), By Deployment, By Capacity & Regional Forecast 2022-2032

Analysis of Wind Turbine Generator market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Wind Turbine Generator Market Outlook (2022-2032)

Global sales of wind turbine generators have reached US$ 21 billion in 2022, and are set to top US$ 35.4 billion by 2032, increasing at a CAGR of around 5.4% over the next ten years.

Demand for wind turbine generators across the world stood at around US$ 19.7 billion in valuation in 2021, accounting for 6% share of the global wind turbine market in terms of value.

Report Attributes

Details

Wind Turbine Generator Market Size (2021A)

US$ 19.7 Billion

Estimated Market Value (2022E)

US$ 21 Billion

Forecasted Market Value (2032F)

US$ 35.4 Billion

Global Market Growth Rate (2022-2032)

5.4% CAGR

North America Market Share (2021)

~9.7%

North America Growth Rate (2022-2032)

3.3% CAGR

U.S. Growth Rate (2022-2032)

3.3% CAGR

Market Share of Top 5 Companies

~40%

Key Companies Profiled

  • Bergey Windpower Co.
  • CRRC Wind Power Co., Ltd
  • Doosan Heavy Industries & Construction
  • Enercon GmbH
  • Eocycle Technologies Inc
  • General Electric
  • Hitachi, Ltd
  • HYOSUNG HEAVY INDUSTRIES
  • Hyundai Heavy Industries Co., Ltd
  • MAPNA Group
  • Ming Yang Wind Power Group Limited
  • Mitsubishi
  • Nordex SE
  • RRB Energy Limited
  • SANY Group
  • Shanghai Electric
  • Siemens Gamesa Renewable Energy, S.A.
  • Suzlon Energy Ltd.
  • Vestas Wind Systems A/S

The adverse impact of non-renewable sources of energy has forced countries across the world to lay down favorable regulations for renewable energy. Demand for geared drive wind turbine generators is expected to grow 1.4X, while that for direct drive wind turbine generators is 2.3X by 2032.

Across the world, wind energy is widely used for energy generation due to its continuous supply, unlike solar energy. This has led to an increase in wind turbine generator production, and this trend is expected to continue in the future.

Don't Need a Global Report?

Save 40% on Country & Region specific reports

Wind Turbine Generator Demand Analysis (2017-2021) Vs. Market Forecast Outlook (2022-2032)

According to the latest analysis by Fact.MR, a market research and competitive intelligence provider, utilization of wind turbine generators witnessed a growth rate of 15.1% over the past half-decade. This was due to increasing demand from the end-use industry owing to favorable government regulations. Onshore deployment of wind turbine generators accounted for a dominant market share of 72% value in 2021.

Accelerating demand for wind turbine generators is projected to provide a thrust to market development over the decade, especially in East Asia and Europe. Surging utilization of 5-10MW capacity wind turbine generators in these regions is projected to create an absolute $ opportunity of US$ 8.7 billion over the forecast period.

Furthermore, the surging use of variable speed wind turbine generator products is likely to supplement the growth of the market throughout 2022-2032. Moreover, wind turbine generator installation is predicted to increase in China, as it has the highest manufacturing capacity of wind turbine generators with a share of 58% in 2021.

Overall, global wind turbine generator sales are slated to increase at a CAGR of 5.4% through 2032.

Wind turbine generator market forecast by Fact.MR

Wind Turbine Generator Market

More Insights, Lesser Cost (-50% off)

Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR

Why is Wind Turbine Generator Demand Sure to Rise Going Ahead?

“Wind Energy Economic Alternative to Conventional Energy”

The most affordable energy source accessible today is land-based utility-scale wind energy, which costs 1–2 cents per kilowatt-hour after production tax credit. Wind energy mitigates the price volatility that fuel contributes to traditional sources of energy, because its electricity is supplied at a fixed price over a lengthy period (up to 20 years), and its fuel is free.

Wind energy capacity additions have been fueled by production tax credit, as well as advancements in the performance of wind power technology, resulting in low-cost wind energy. Because wind is free, operating costs are lower when compared to conventional methods.

Throughout their lifecycle, turbines and generators don't require significant maintenance and operate in auto-pilot mode. The energy produced is economic, even though wind turbines have high upfront costs, providing consistency in demand as well as high opportunities to generate revenue for turbine generator manufacturers.

“Industries to Grow with Wind Power Deployment at Competitive Price”

The Wind Energy Technologies Office (WETO) is working with industry partners to increase the performance and reliability of next-generation wind technologies for lowering the cost of wind energy. Wind industry technology must continue to evolve, increase its capacity factors, and reduce costs to ensure sustained growth.

Investment in renewables would be paid for several times over by the savings, which include US$ 30 to 40 billion in long-term electricity cost reduction and US$ 193 billion annual savings in fuel imports as renewable penetration increases.

The National Renewable Energy Laboratory's National Wind Technology Center (NWTC) has pioneered wind turbine materials, components, systems, and modeling methods, which has led to industry acceleration.

Reduction of wind turbine certification testing times and costs, utilizing controllable grid interface test systems, provides engineers with a better understanding of how wind turbines, photovoltaic inverters, and energy storage systems react to disturbances in electric power systems.

Computational fluid dynamics are used to develop simulators for wind farm applications and modeling & control tools, which aid wind farm owners lessen turbine wake effects by looking into plant performance under several atmospheric conditions.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Country Wise Analysis

Why is China Set to Be a Huge Market for Wind Turbine Generator Suppliers?

“Rising Investments in China and Favorable Geographic Conditions”

A significant number of investments are being made in the development of wind turbine generators in China. Owing to favorable geographic conditions for wind turbine installation, the country is highly profitable in terms of operations. These wind turbine generators are equipped with advanced technology that allows them to be easily installed and provide increased efficiency in operation.

The Chinese wind turbine generator market is predicted to expand at a CAGR of 6.8% as a result of these factors. Rising number of manufacturers that are acquiring control over the market and providing wind turbine generators at lower prices is leading to higher domestic installation as well as exports.

The market in China is expected to reach a valuation of US$ 20 billion by the end of the forecast period.

What Favors the Wind Turbine Generator Market in Germany?

“Government Regulations in Germany to Benefit Sales of Wind Turbine Generators

Germany is slowly moving away from conventional energy and transforming towards renewables through favorable regulations. In the European continent, Germany leads with the most wind turbine installations, while other markets such as the U.K. and Russia are working to increase energy generation from renewable sources, especially wind energy.

Further, favorable government policies and government aid to private research institutes, and growing business spending on R&D will help catalyze demand for wind turbine generators in Germany.

The Germany wind turbine generator market is expected to reach a valuation of US$ 954.1 million in 2022. This has proved to be an opportunity for wind turbine generator manufacturers to enter this market with advanced products.

Category wise Insights

Which Type of Deployment is Set to Bring in Huge Profits?

“Onshore Deployment of Wind Turbine Generators to Be Focus of Manufacturers”

Onshore and offshore wind turbines are installed comprehensively around the world, and their installation is increasing significantly day by day. Additionally, the onshore wind turbine generator market is increasing rapidly owing to easy installation, lower maintenance, and a growing number of onshore wind energy projects across the globe.

Onshore wind turbine generators account for a valuation of around US$ 15.2 billion in 2022, and their demand is expected to grow 1.8X by the end of 2032.

Which Type of Wind Turbine Generator Will See High Installation Rates?

“Direct Drive Wind Turbine Generator to Witness Accelerated Demand Growth”

In the wind turbine generator market, direct drive wind turbine generators are gaining huge attention. As market requirements are dynamically changing for renewable energy products, the efficiency of wind generators with the ability to change the speed of the generator at the required scale has become a vital component for wind energy generation.

Geared drive generators require extra stages of gears to operate, and are seeing less demand in the wind turbine generator market.

There is rising demand for direct drive wind turbine generators that come with lower maintenance and cost of related services. This results in lower costs for businesses with the same provision and efficiency.

Direct drive wind turbine generators are likely to hold a market valuation of US$ 7.5 billion in 2022, and their demand is expected to grow 2.3X over the forecast period.

Competitive Landscape

Fact.MR has profiled the following key wind turbine generator companies in its report - Acciona, Bergey Windpower Co., CRRC Wind Power Co., Ltd, Doosan Heavy Industries & Construction, Enercon GmbH, Eocycle Technologies Inc, General Electric, Hitachi Ltd, HYOSUNG HEAVY INDUSTRIES, Hyundai Heavy Industries Co., Ltd, MAPNA Group, Ming Yang Wind Power Group Limited, Mitsubishi, Nordex SE, RRB Energy Limited, SANY Group, Shanghai Electric, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Ltd., and Vestas Wind Systems A/S.

These key wind turbine generator manufacturers are constantly innovating product designs to meet modern-day challenges related to component placement in harsh environments. 

Companies are developing constructive partnerships and collaborations with end-use industries and governments. Owing to the high demand for wind turbines, market players can expand their product offerings. Market participants are channelizing their resources and capital focusing on R&D while trying to expand their regional bases.

  • In July 2020, Mitsubishi Heavy Industries (MHI) and Copenhagen Infrastructure Partners (CIP) announced a joint venture regarding the development of offshore wind projects in Hokkaido, Japan.
  • In Aug 2021, Ming Yang Wind Power Group Limited launched MySE 16.0-242, designed for high-wind IEC IB hybrid drive.

Key Segments Covered in Wind Turbine Generator Industry Research

  • By Generator Type :

    • Direct Current Generators
    • Alternating Current Asynchronous Generators
      • Fixed Speed Induction Generators (FSIG) / Squirrel Cage Induction Generators (SQIG)
      • Doubly Feed Induction Generators
    • Alternating Current Synchronous Generators
      • Permanent Magnets Synchronous Generators (PMSG)
      • Electrically Excited Synchronous Generators (EESG)
    • Switched Reluctance Generators
  • By Capacity :

    • Up to 1 MW Wind Turbine Generators
    • 1-5 MW Wind Turbine Generators
    • 5-10 MW Wind Turbine Generators
    • Above 10 MW Wind Turbine Generators
  • By Drive :

    • Direct Drive Wind Turbine Generators
    • Geared Drive Wind Turbine Generators
  • By Speed :

    • Fixed Wind Turbine Generators
    • Variable Wind Turbine Generators
  • By Deployment :

    • Onshore Wind Turbine Generators
    • Offshore Wind Turbine Generators
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia and Oceania 
    • Middle East & Africa

- Premium Report Details -

Wind Turbine Generator Market

- Let's Connect -

Talk To an Expert Today Connect

- Get Started -

Get insights that lead to new growth opportunities

Buy Now

Get A Special pricing for start-ups and universities

Enquiry Before Buying

- Humble, Yet Honored -

Our prestigious clients

- Research Methodology -

An Adaptive Approach to Modern-day Research Needs

Get Methodology

- FAQs -

The global wind turbine generator market is likely to reach a valuation of US$ 35.4 billion by the end of 2032.

Onshore deployment of wind turbine generators is likely to reach a valuation of around US$ 15.2 billion in 2022.

East Asia holds a leading market share of around 57.6% in 2022 and is presumed to increase in the same growth curve through 2032.

Geared drive wind turbine generators account for the highest market share of 64.1% in 2022.

Demand for variable speed wind turbine generators is expected to increase at a CAGR of 6.3% over the forecast period.

5-10 MW wind turbine generators are likely to offer great growth prospects with a predicted market valuation of US$ 17 billion for 2032.

Exclusive Report

Need An Exclusive Report For Your Unique Requirement?

Google translate