North America Wind Power Equipment Market Size (2024 - 2029)

The North American wind power equipment market is poised for growth, driven by increased investments in wind farms and a decline in wind energy costs. Despite challenges from the adoption of alternative clean power sources like solar and hydropower, the market has rebounded to pre-pandemic levels. Canada's commitment to significant greenhouse gas emission reductions by 2030, with a focus on wind energy, presents opportunities for market expansion. The United States is anticipated to lead the region in market size due to its substantial investments and installed wind energy capacity.

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Market Size of North America Wind Power Equipment Industry

North America Wind Power Equipment Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 3.00 %
Market Concentration Medium

Major Players

North America Wind Power Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Wind Power Equipment Market Analysis

The North American wind power equipment market is expected to register a CAGR of more than 3% during the forecast period.

In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.

  • Over the medium term, factors such as rising investments in wind farms and reducing the cost of wind energy are likely to drive the North American wind power equipment market.
  • On the other hand, increasing adoption of alternate clean power sources such as solar and hydropower is expected to restrain the market.
  • Nevertheless, Canada has committed to reducing greenhouse gas emissions by 30 percent by 2030 and recognizes the importance of a clean electricity grid in supporting that objective. A part of the target is expected to be completed using wind energy, which may act as an opportunity for market players.
  • The United States is expected to be the largest market for the region's wind power equipment market due to increasing investment in the sector and the highest installed capacity of wind energy in the region.

North America Wind Power Equipment Industry Segmentation

Wind power equipment is a device that converts kinetic energy into electric energy.

The North American wind power equipment market is segmented into location, equipment type, and geography (the United States, Canada, and the rest of North America). By location, the market is segmented into onshore and offshore. By equipment type, the market is segmented into rotor/blade, tower, generator, gearbox, and other equipment types. The report also covers the market size and forecasts for the wind power equipment market across major countries. For each segment, market sizing and forecasts have been done based on revenue (USD billion).

Location
Onshore
Offshore
Equipment Type
Rotor/Blade
Tower
Gearbox
Generator
Other Equipment Types
Geography
United States
Canada
Rest of North America
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North America Wind Power Equipment Market Size Summary

The North American wind power equipment market is poised for growth, driven by increasing investments in wind farms and the declining cost of wind energy. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The United States is expected to lead the region's market due to its substantial installed capacity and ongoing investments in wind energy. Onshore wind farms dominate the landscape in North America, benefiting from cost efficiencies and favorable wind conditions, particularly in areas like the Great Plains. The market's expansion is further supported by technological advancements and competitive pricing, which are anticipated to continue their downward trend.

Canada's commitment to reducing greenhouse gas emissions and enhancing its clean electricity grid presents opportunities for wind energy market players. Despite the challenges posed by the growing adoption of alternative clean energy sources such as solar and hydropower, the wind power sector remains a critical component of North America's energy strategy. The offshore wind sector is also gaining traction, with significant projects underway in the United States, including the development of utility-scale offshore wind farms. Key industry players, such as Nordex SE, General Electric Company, and Siemens Gamesa Renewable Energy S.A., are actively involved in shaping the market's future through strategic partnerships and investments.

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North America Wind Power Equipment Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 1.3 Wind Energy Installed Capacity and Forecast in GW, till 2028

    4. 1.4 North America Renewable Energy Mix, 2022

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

      2. 1.7.2 Restraints

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitute Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Equipment Type

      1. 2.2.1 Rotor/Blade

      2. 2.2.2 Tower

      3. 2.2.3 Gearbox

      4. 2.2.4 Generator

      5. 2.2.5 Other Equipment Types

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Rest of North America

North America Wind Power Equipment Market Size FAQs

The North America Wind Power Equipment Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Vestas Wind Systems AS- , Nordex SE , Xinjiang Goldwind Science & Technology Co., Ltd.,, General Electric Company and Siemens Gamesa Renewable Energy S.A. are the major companies operating in the North America Wind Power Equipment Market.

North America Wind Power Equipment Report Snapshots

North America Wind Power Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)