The Wind turbine generator market was valued at US$ 3,483.84 million in 2022 and is projected to reach US$ 8,772.57 million by 2030; it is expected to grow at a CAGR of 12.2% during 2022-2030.
Government Initiatives to Promote Wind Energy is Driving the Wind Turbine Generator Market Growth
The German government is also planning to introduce a bill to accelerate wind energy expansion. In April 2022, the German government announced its plan to deploy new wind turbines of around 10 GW per year from 2025. Through these initiatives, renewable energy sources are expected to cover 80% of the country's electricity demand by 2030. In addition, the European Union is working on framing the incentives for offshore wind projects. This will increase the adoption and construction of offshore wind turbines in the region, raising the demand for wind turbine components, ultimately drive the wind turbine generator market share of Europe. For instance, in December 2021, the UK government opened bidding for the fourth round of funding in the Contracts for Difference (CfD) scheme, aiming to secure 12 GW of electricity capacity. Under this, the government will provide US$ 376.9 million to develop green energy projects. Also, under the Autumn budget 2021, the UK government announced an investment of US$ 272 million for offshore wind projects. Thus, as various countries are taking initiatives for the adoption of wind energy, the demand for wind turbine components for the construction of wind projects is projected to increase. This will further push the component manufacturers to produce more efficient components to cater to the growing market demand, thus creating a lucrative opportunity for the wind turbine generator market growth.
The US in one of the leading countries in wind turbine generator market owing to increasing investment in wind energy projects, rising awareness among consumers for the adoption of renewable energy, and a rise in upcoming projects of wind energy. According to the Energy Information Administration (EIA) projection, the power demand will increase to 4,019 billion kWh in 2023 from 3,930 billion kWh in 2021. Moreover, in 2022, Iowa state of the US generated its 62.4% of electricity demand from the land-based wind power sources. Moreover, in July 2022, US President Joe Biden announced their plans to advance offshore wind power in the Gulf of Mexico and Atlantic waters near the Southeast US as an initiative to prove the climate crisis. Also, Mexico's wind energy capacity has rapidly increased in the past few years. Such government initiatives are offering lucrative wind turbine generator market opportunities.
In addition, the government of US have also set their respective goals to deploy 30 GW of offshore wind capacity by the end of 2030 and 110 GW of capacity by 2050 in the offshore deployments. Such initiatives are set to generate the electricity equivalent to the power required for running more than 10 million homes across the US with clean energy. Thus, such upcoming projects, growing initiatives to achieve ambitious targets, and increasing power demand is raising the demand for wind turbine generators in the US. In addition, the presence of various component manufacturers in the US, such as General Electric, Vestas, and Siemens Gamesa Renewable Energy are developing more innovative generators, which will further fuel the wind turbine generator market growth across the US.
Siemens Gamesa Renewable Energy S.A., ENVISION Group, Mingyang Smart Energy, Nordex SE, Xinjiang Goldwind Science & Technology Co., Ltd., Vestas Wind Systems AS, General Electric, Zhejiang Windey Co., Ltd., Suzlon Energy Limited, Enercon GmbH are among the key wind turbine generator market players profiled during this study. In addition, several other important wind turbine generator market players have been studied and analyzed during the study to get a holistic view of the wind turbine generator market and its ecosystem.
Reasons to Buy:
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Table Of Contents
1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Wind Turbine Generator Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.3.1 List of Wind Turbine Generator Suppliers
5. Wind Turbine Generator Market - Key Industry Dynamics
- 5.1 Wind Turbine Generator Market - Key Industry Dynamics
- 5.2 Market Drivers
- 5.2.1 Increasing Product Launches
- 5.2.2 Rising Wind Farms
- 5.3 Market Restraints
- 5.3.1 Dependence on Chinese Wind Turbine Component Manufacturers
- 5.4 Market Opportunities
- 5.4.1 Government Initiatives to Promote Wind Energy
- 5.5 Future Trends
- 5.5.1 Rising Demand for Floating Wind Technology
- 5.6 Impact of Drivers and Restraints:
6. Wind Turbine Generator Market - Global Market Analysis
- 6.1 Wind Turbine Generator Market Revenue (US$ Million), 2022 - 2030
- 6.2 Wind Turbine Generator Market Forecast and Analysis
7. Wind Turbine Generator Market Analysis -Type
- 7.1.1 Wind Turbine Generator Market, By Type (2022 and 2030)
- 7.2 Direct Current
- 7.2.1 Overview
- 7.2.2 Direct Current Market, Revenue and Forecast to 2030 (US$ Million)
- 7.3 AC Synchronous
- 7.3.1 Overview
- 7.3.2 AC Synchronous Market, Revenue and Forecast to 2030 (US$ Million)
8. Wind Turbine Generator Market Analysis - Deployment Type
- 8.1.1 Wind Turbine Generator Market, By Deployment Type (2022 and 2030)
- 8.2 Onshore
- 8.2.1 Overview
- 8.2.2 Onshore Market, Revenue and Forecast to 2030 (US$ Million)
- 8.3 Offshore
- 8.3.1 Overview
- 8.3.2 Offshore Market, Revenue and Forecast to 2030 (US$ Million)
9. Wind Turbine Generator Market - Geographical Analysis
- 9.1 Overview
- 9.2 North America
- 9.2.1 North America Wind Turbine Generator Market Overview
- 9.2.2 North America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.2.3 North America Wind Turbine Generator Market Breakdown by Type
- 9.2.3.1 North America Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Type
- 9.2.4 North America Wind Turbine Generator Market Breakdown by Deployment Type
- 9.2.4.1 North America Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Deployment Type
- 9.2.5 North America Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Country
- 9.2.5.1 US Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.2.5.1.1 US Wind Turbine Generator Market Breakdown by Type
- 9.2.5.1.2 US Wind Turbine Generator Market Breakdown by Deployment Type
- 9.2.5.2 Canada Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.2.5.2.1 Canada Wind Turbine Generator Market Breakdown by Type
- 9.2.5.2.2 Canada Wind Turbine Generator Market Breakdown by Deployment Type
- 9.2.5.3 Mexico Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.2.5.3.1 Mexico Wind Turbine Generator Market Breakdown by Type
- 9.2.5.3.2 Mexico Wind Turbine Generator Market Breakdown by Deployment Type
- 9.3 Europe
- 9.3.1 Europe Wind Turbine Generator Market Overview
- 9.3.2 Europe Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.3.3 Europe Wind Turbine Generator Market Breakdown by Type
- 9.3.3.1 Europe Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Type
- 9.3.4 Europe Wind Turbine Generator Market Breakdown by Deployment Type
- 9.3.4.1 Europe Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Deployment Type
- 9.3.5 Europe Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Country
- 9.3.5.1 Germany Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.3.5.1.1 Germany Wind Turbine Generator Market Breakdown by Type
- 9.3.5.1.2 Germany Wind Turbine Generator Market Breakdown by Deployment Type
- 9.3.5.2 France Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.3.5.2.1 France Wind Turbine Generator Market Breakdown by Type
- 9.3.5.2.2 France Wind Turbine Generator Market Breakdown by Deployment Type
- 9.3.5.3 Italy Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.3.5.3.1 Italy Wind Turbine Generator Market Breakdown by Type
- 9.3.5.3.2 Italy Wind Turbine Generator Market Breakdown by Deployment Type
- 9.3.5.4 UK Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.3.5.4.1 UK Wind Turbine Generator Market Breakdown by Type
- 9.3.5.4.2 UK Wind Turbine Generator Market Breakdown by Deployment Type
- 9.3.5.5 Russia Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.3.5.5.1 Russia Wind Turbine Generator Market Breakdown by Type
- 9.3.5.5.2 Russia Wind Turbine Generator Market Breakdown by Deployment Type
- 9.3.5.6 Rest of Europe Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.3.5.6.1 Rest of Europe Wind Turbine Generator Market Breakdown by Type
- 9.3.5.6.2 Rest of Europe Wind Turbine Generator Market Breakdown by Deployment Type
- 9.4 Asia Pacific
- 9.4.1 Asia Pacific Wind Turbine Generator Market Overview
- 9.4.2 Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.4.3 Asia Pacific Wind Turbine Generator Market Breakdown by Type
- 9.4.3.1 Asia Pacific Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Type
- 9.4.4 Asia Pacific Wind Turbine Generator Market Breakdown by Deployment Type
- 9.4.4.1 Asia Pacific Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Deployment Type
- 9.4.5 Asia Pacific Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Country
- 9.4.5.1 Australia Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.4.5.1.1 Australia Wind Turbine Generator Market Breakdown by Type
- 9.4.5.1.2 Australia Wind Turbine Generator Market Breakdown by Deployment Type
- 9.4.5.2 China Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.4.5.2.1 China Wind Turbine Generator Market Breakdown by Type
- 9.4.5.2.2 China Wind Turbine Generator Market Breakdown by Deployment Type
- 9.4.5.3 India Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.4.5.3.1 India Wind Turbine Generator Market Breakdown by Type
- 9.4.5.3.2 India Wind Turbine Generator Market Breakdown by Deployment Type
- 9.4.5.4 Japan Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.4.5.4.1 Japan Wind Turbine Generator Market Breakdown by Type
- 9.4.5.4.2 Japan Wind Turbine Generator Market Breakdown by Deployment Type
- 9.4.5.5 South Korea Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.4.5.5.1 South Korea Wind Turbine Generator Market Breakdown by Type
- 9.4.5.5.2 South Korea Wind Turbine Generator Market Breakdown by Deployment Type
- 9.4.5.6 Rest of Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.4.5.6.1 Rest of Asia Pacific Wind Turbine Generator Market Breakdown by Type
- 9.4.5.6.2 Rest of Asia Pacific Wind Turbine Generator Market Breakdown by Deployment Type
- 9.5 Middle East and Africa
- 9.5.1 Middle East and Africa Wind Turbine Generator Market Overview
- 9.5.2 Middle East and Africa Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.5.3 Middle East and Africa Wind Turbine Generator Market Breakdown by Type
- 9.5.3.1 Middle East and Africa Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Type
- 9.5.4 Middle East and Africa Wind Turbine Generator Market Breakdown by Deployment Type
- 9.5.4.1 Middle East and Africa Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Deployment Type
- 9.5.5 Middle East and Africa Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Country
- 9.5.5.1 South Africa Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.5.5.1.1 South Africa Wind Turbine Generator Market Breakdown by Type
- 9.5.5.1.2 South Africa Wind Turbine Generator Market Breakdown by Deployment Type
- 9.5.5.2 Saudi Arabia Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.5.5.2.1 Saudi Arabia Wind Turbine Generator Market Breakdown by Type
- 9.5.5.2.2 Saudi Arabia Wind Turbine Generator Market Breakdown by Deployment Type
- 9.5.5.3 Egypt Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.5.5.3.1 Egypt Wind Turbine Generator Market Breakdown by Type
- 9.5.5.3.2 Egypt Wind Turbine Generator Market Breakdown by Deployment Type
- 9.5.5.4 Rest of MEA Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.5.5.4.1 Rest of MEA Wind Turbine Generator Market Breakdown by Type
- 9.5.5.4.2 Rest of MEA Wind Turbine Generator Market Breakdown by Deployment Type
- 9.6 South America
- 9.6.1 South America Wind Turbine Generator Market Overview
- 9.6.2 South America Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.6.3 South America Wind Turbine Generator Market Breakdown by Type
- 9.6.3.1 South America Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Type
- 9.6.4 South America Wind Turbine Generator Market Breakdown by Deployment Type
- 9.6.4.1 South America Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Deployment Type
- 9.6.5 South America Wind Turbine Generator Market Revenue and Forecasts and Analysis - By Country
- 9.6.5.1 Brazil Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.6.5.1.1 Brazil Wind Turbine Generator Market Breakdown by Type
- 9.6.5.1.2 Brazil Wind Turbine Generator Market Breakdown by Deployment Type
- 9.6.5.2 Argentina Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.6.5.2.1 Argentina Wind Turbine Generator Market Breakdown by Type
- 9.6.5.2.2 Argentina Wind Turbine Generator Market Breakdown by Deployment Type
- 9.6.5.3 Rest of SAM Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
- 9.6.5.3.1 Rest of SAM Wind Turbine Generator Market Breakdown by Type
- 9.6.5.3.2 Rest of SAM Wind Turbine Generator Market Breakdown by Deployment Type
10. Wind Turbine Generator Market - Impact of COVID-19 Pandemic
- 10.1 Pre & Post Covid-19 Impact
11. Competitive Landscape
- 11.1 Heat Map Analysis by Key Players
- 11.2 Company Positioning & Concentration
12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 New Product Development
- 12.4 Merger and Acquisition
13. Company Profiles
- 13.1 Envision Energy USA Ltd
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Mingyang Smart Energy Group Co
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Nordex SE
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 Siemens Gamesa Renewable Energy SA
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 Xinjiang Goldwind Science & Technology Co Ltd
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Vestas Wind Systems AS
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 General Electric Co
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 Zhejiang Windey Co Ltd
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 Suzlon Energy Ltd
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 ENERCON GmbH
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
14. Appendix
- 14.1 About The Insight Partners