Wind Power Equipment Market Size (2024 - 2029)

The wind power equipment market is experiencing growth driven by decreasing costs of wind energy and increased investments in the sector. Despite challenges from the solar energy and gas-fired power sectors, the demand for cost-effective and efficient solutions presents opportunities for market expansion. Technological advancements are pivotal, as they can alter industry dynamics by replacing older equipment with more efficient alternatives. Regionally, the Asia-Pacific area is expected to lead in market size, with significant demand from countries like China, India, and Australia.

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Market Size of Wind Power Equipment Industry

Wind Power Equipment Market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 9.12 %
Fastest Growing Market South America
Largest Market Asia Pacific
Market Concentration High

Major Players

Wind Power Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

Wind Power Equipment Market Analysis

The global wind power equipment market is estimated to be at USD 55.06 billion by the end of this year and is projected to reach USD 85.18 billion in the next five years, registering a CAGR of over 9.12% during the forecast period.

Over the medium period, the declining cost of wind energy and increasing investments in the wind power sector are the key drivers for the wind power equipment market.

On the other hand, substitution from solar energy and gas-fired power plants is expected to continue to restrain the market. The solar energy industry has significantly reduced costs than the wind energy sector.

Nevertheless, the wind power industry has a demand for cost-effective solutions, and a highly efficient product has the potential to change the dynamics of the industry. There have been instances where old equipment of the wind turbines are replaced, not because of the damage, but due to the availability of more efficient equipment in the market. Hence, technological developments are opportunities for the global wind power equipment market.

At the regional level, Asia-Pacific is likely to dominate the wind power equipment market, with the majority of the demand coming from the countries such as China, India, and Australia.

Wind Power Equipment Industry Segmentation

Wind power equipment is a device that converts the kinetic energy of wind into electrical energy. The global wind power equipment market is segmented by location, equipment type, and geography. By location, the market is segmented into onshore and offshore. By equipment type, the market is segmented into rotor/blade, tower, generator, and other equipment types. The report also covers the market size and forecasts for the global wind power equipment market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).

Location
Onshore
Offshore
Equipment Type
Rotor/Blade
Tower
Generator
Other Equipment Types
Geography
North America
United States of America
Canada
Rest of the North America
Europe
United Kingdom
France
Norway
Italy
Germany
Rest of the Europe
Asia-Pacific
China
India
Japan
Rest of the Asia-Pacific
Middle-East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of the Middle-East and Africa
South America
Brazil
Argentina
Rest of the South America
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Wind Power Equipment Market Size Summary

The wind power equipment market is poised for significant growth, driven by the declining costs of wind energy and increased investments in the sector. Despite challenges from the solar energy industry and gas-fired power plants, which offer more cost-effective alternatives, the demand for efficient and cost-effective wind power solutions presents opportunities for market expansion. Technological advancements in wind power equipment are reshaping industry dynamics, with older turbine models being replaced by more efficient ones. Regionally, Asia-Pacific is expected to lead the market, with substantial demand from countries like China, India, and Australia, supported by government incentives and national targets.

Onshore wind power continues to dominate the market, benefiting from reduced capital expenditures and technological advancements that enhance capacity factors and turbine longevity. The global shift towards renewable energy sources has positioned onshore wind power as a key player, with significant contributions from China, the United States, Germany, and India. The Asia-Pacific region, particularly China, is a major growth driver, with the Chinese government actively promoting renewable infrastructure to reduce pollution and thermal power reliance. Upcoming wind power projects and supportive policies in various regions are anticipated to further boost demand for wind power equipment, ensuring robust market growth over the forecast period.

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Wind Power Equipment Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, 2022

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

    4. 1.4 Market Size and Demand Forecast in USD billion, till 2028

    5. 1.5 Global Average Size of Wind Turbine in MW, 2010-2028

    6. 1.6 Recent Trends and Developments

    7. 1.7 Government Policies, Regulations and Targets

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

        1. 1.8.1.1 The Declining Cost of Wind Energy

        2. 1.8.1.2 Increasing Investments in the Wind Power Sector

      2. 1.8.2 Restraints

        1. 1.8.2.1 Substitution From Solar Energy and Gas-Fired Power Plants

    9. 1.9 Supply Chain Analysis

    10. 1.10 Porter's Five Forces Analysis

      1. 1.10.1 Bargaining Power of Suppliers

      2. 1.10.2 Bargaining Power of Consumers

      3. 1.10.3 Threat of New Entrants

      4. 1.10.4 Threat of Substitutes Products and Services

      5. 1.10.5 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 Generator

      4. 2.2.4 Other Equipment Types

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States of America

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of the North America

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 France

        3. 2.3.2.3 Norway

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Germany

        6. 2.3.2.6 Rest of the Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Rest of the Asia-Pacific

      4. 2.3.4 Middle-East and Africa

        1. 2.3.4.1 United Arab Emirates

        2. 2.3.4.2 Saudi Arabia

        3. 2.3.4.3 South Africa

        4. 2.3.4.4 Rest of the Middle-East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of the South America

Wind Power Equipment Market Size FAQs

The Global Wind Power Equipment Market is projected to register a CAGR of 9.12% during the forecast period (2024-2029)

General Electric Company, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems A/S, Nordex SE and Enercon GmbH are the major companies operating in the Global Wind Power Equipment Market.

Wind Power Equipment Market Report Snapshots

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