The global wind power generators market growth is valued at US$ 24.73 billion in 2023 and is projected to reach a valuation of US$ 34.49 billion by 2029, growing at a CAGR of 5.7% from 2024 to 2029.
Market Drivers:
The demand for renewable energy, particularly wind power, is rising as a result of the global transition towards greener and more sustainable energy sources to combat climate change and reduce greenhouse gas emissions. It is also believed that wind energy is an essential part of the shift to clean energy, and businesses, consumers, and governments are all beginning to promote its use.
Additionally, governments everywhere have put in place incentives and laws that support the advancement and use of wind power generation. Feed-in tariffs, tax credits, grants, and renewable energy requirements are a few examples of these that increase the financial appeal of wind energy projects to developers and investors. It is anticipated that these reasons will drive the market for wind power generators to increase.
It is more affordable than traditional energy generation. The most economical energy source currently accessible is land-based utility-scale wind energy, with a cost per kilowatt-hour of 1-2 cents after production tax credits. Additionally, its power is supplied for a lengthy time, up to 20 years, at a fixed price. This eliminates the need for fuel and lessens the price volatility that fuel brings to conventional energy sources.
Market Restraints:
However, it can be logistically and financially difficult to link wind power plants to the electrical grid, especially in remote places with an abundance of wind resources. It might be necessary to upgrade or extend transmission lines, which would raise the cost of the project overall. It is anticipated that this aspect will limit market expansion.
Market Opportunities:
Advances in grid management systems and smart grid technology make it easier to integrate intermittent renewable energy sources, such as 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 a number of end-use industries, which will provide profitable prospects for the wind power generator market projection.
Market Challenges:
The sporadic nature of wind energy is impeding the market expansion for direct-drive wind turbines. Power generation is challenged by the fluctuation of wind energy, which is impacted by weather, time of day, and geographic location. It causes uncontrollably large output variations, unforeseen outages, and challenges in recovering from production disruptions. As a result, auxiliary systems—which include effective energy storage, demand response, grid changes, and power regulation—are crucial to the optimal use of wind energy. Over the course of the projected period, these factors will limit the market's expansion.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
5.7% |
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Segments Covered |
By Installation, Application, End-Use Industry, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Atlas Copco AB, Ingersoll Rand Inc., Siemens, GE, Vestas, Goldwind, Enercon, Samsung Electronics United Power, Inc., Ming Yang, Senvion Group, Mitsubishi Heavy Industries, Repower, Alstom, Sinovel Wind Group Co Ltd., Orano, and Others. |
Market Segment Analysis:
The onshore segment of the wind power generators market is expected to develop at a higher CAGR. Compared to offshore installations, it usually has cheaper upfront expenses for installations. Furthermore, offshore wind turbine installation and transportation are frequently more expensive. Onshore installations are a viable option for generating renewable energy due to favorable wind conditions, which increases the projects' financial viability. As a result, this aspect is anticipated to strengthen the onshore wind power generator market. Moreover, a great deal of land has substantial onshore wind resources that can be used to generate power.
The horizontal axis wind power segment is the largest in the world and is expected to increase at a rapid pace. Advancements in manufacturing, materials, and design have made HAWTs more cost-competitive than other renewable energy sources, attracting increased interest in the global shift from fossil fuels to clean energy. In addition, Governments encourage wind power generator development, especially HAWTs, through incentives, subsidies, and legislation, generating jobs in manufacturing, construction, and related businesses in the wind energy sector.
Furthermore, technical developments enhance HAWTs' efficiency and performance. Integrating into electrical grids stabilizes systems, meeting energy demand. Public support for wind power increases due to environmental awareness.
The utility and power segment is the biggest category of the wind power generators market. These wind farms are made up of several wind turbines arranged in a particular location. A significant amount of the electricity produced by these wind farms can be put into the grid and given to customers.
Wind power generators assist utilities in accomplishing their renewable energy goals and lowering their carbon emissions by producing renewable energy. During times of high demand, wind power generators can supply electricity, which helps to stabilize the system and lessens the need for costly peaking power plants. In order to diversify their energy mix, minimize dependency on fossil fuels, and improve energy security, utilities incorporate wind power generators.
The Global Wind Power Generators Market Report includes the segmentation of regions:
Asia Pacific is predicted to register the fastest growth rate in the coming years. The regional wind power generators market holds more than 40% share. Further, to cut pollution and carbon emissions, the Chinese government is aggressively supporting renewable energy. The development of wind power is aided by supportive policies, including feed-in tariffs, subsidies, and renewable energy objectives. China wants to become less reliant on coal and increase energy security by diversifying its energy mix.
Concerns about the environment and air quality have led China to switch to greener energy sources like wind power. Wind power generators are becoming more and more popular as a packing option that is better for the environment. To address its energy needs, India is aggressively investigating a variety of energy sources, including wind power. India's energy needs may be effectively met by wind power due to its cheap pricing and diminishing costs. Rural communities have benefited financially from wind power installations through land lease agreements and employment opportunities.
Europe is the leading in the global wind power generators market. It has an installed capacity of 250 GW. In addition, Germany, the UK, and Spain are the top regional industries. It is home to major wind turbine manufacturers like Vestas and Siemens Gamesa. Moreover, it is the most mature wind power market globally, with decades of experience and a large installed base. Further, the region has traditionally strong policy support for renewables. This includes feed-in tariffs, renewable portfolio standards, and robust carbon pricing mechanisms. All these have supported a mature and stable market.
The North American wind power generators market is the second biggest industry and is experiencing significant growth. This expansion is driven by the need for renewable energy sources and government policies. Environmental protection and carbon emission reduction are the driving forces behind the move towards renewable energy sources, such as wind power generators. Furthermore, government initiatives and regulations like tax breaks and green power procurement targets have an impact on the uptake of wind power producers. One of the difficulties, though, is that large expenditures in technology and infrastructure are required to support the market's expansion. This requires grid upgrades and funding for storage solutions.
Latin America is witnessing steady growth in the wind power generators market. It is poised to rise because of government initiatives, the affordability of wind energy, and advancements in onshore wind turbine technology. In addition, Brazil will dominate the market due to its large installed capacity and continuing projects that strengthen its position as the region's leader. Furthermore, technological developments have maximized the amount of power produced per installed megawatt capacity, making onshore wind turbines the main supplier in the regional market.
Middle East and Africa are predicted to propel further in the wind power generators market. The onshore segment is anticipated to be driven by rising investments in the area and falling power generation costs. This is promoting the expansion of the MEA market. In addition, the country's wind energy output has been greatly aided by South Africa's Renewable Energy Independent Power Procurement Programme (REIPPP), demonstrating a commitment to clean, green energy sources for social, environmental, and economic development.
COVID-19 has had a significant effect on the wind power generator market. As per research, in April 2020, the total use of electricity decreased by an average of 7.6% per day throughout the 53 countries and regions that provide statistics on daily consumption. According to a general trend, most countries' consumption decreased in March and April before beginning to increase in late April and early May.
In addition, exports of wind power equipment and components have been impacted by trade restrictions and penalties placed on any of the participating nations, which may cause supply chain difficulties and price volatility. Furthermore, geopolitical events frequently garner a lot of media interest. Public awareness of the significance of switching to sustainable and renewable energy sources may also rise as a result of increased coverage of conflicts, which will expand the market for wind power generators throughout the projection period.
Market Key Players:
Market Key Developments:
Frequently Asked Questions
The wind power generators market is expected to grow with a CAGR of 5.7% between 2024 and 2029.
The wind power generators market size is expected to reach a revised size of US$ 34.39 billion by 2029.
Siemens, GE, Vestas, Goldwind, and Enercon are top key players in the wind power generators market.
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