Wind Turbine Generator Market size was valued at USD 23.33 billion in 2024 and is set to exceed USD 45.65 billion by 2037, expanding at over 5.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of wind turbine generator is evaluated at USD 24.38 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 |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.3% |
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Base Year Market Size (2024) |
USD 23.33 billion |
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Forecast Year Market Size (2037) |
USD 45.65 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 predicted to account for largest revenue share by 2037, 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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