Wind Turbine Generator Market Size

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.