Wind Turbine Generator Market size was over USD 22.16 billion in 2023 and is likely to exceed USD 43.36 billion by the end of 2036, growing at over 5.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of wind turbine generator is evaluated at USD 23.1 billion.
Wind turbines are widely installed across the globe as a sustainable and clean source of energy. The use of a wind turbine generator is rapidly growing in renewable energy generation due to its high efficiency and reliability. The rise in awareness concerning environmental protection acts has increased the demand for wind turbine generators. Wind turbine generator production is also increasing globally, with Europe registering high growth for the market. Higher demand for clean energy across the world is leading to power demand, thus driving the growth of the wind turbine generator market. Also, factors such as the increasing awareness of the potential of utilizing wind energy, the emergence of hydropower as a source of renewable energy, and drastic weather changes across various countries will drive the market’s growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.3% |
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Base Year Market Size (2023) |
USD 22.16 billion |
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Forecast Year Market Size (2036) |
USD 43.36 billion |
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Regional Scope |
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The market is segmented on the basis of applications into offshore and onshore, out of which the wind turbine generator market vendors focus on clutching business opportunities from the onshore segment since it requires less capital investment than the offshore segment. It will be the primary factor driving the growth of the onshore segment.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Application |
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Geographically, the wind turbine generator market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific industry is poised to hold largest revenue share by 2036, owing to increased focus towards wind power in the region towards wind power is one of the significant factors driving the market's growth. Countries such as China and India will be the primary revenue donors to the APAC market in the coming years.
Author Credits: Dhruv Bhatia
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