Wind Turbines Market Size, Share & Report [2033]

Wind Turbines Market Overview

The Wind Turbines Market size was valued at USD 122.72 million in 2025 and is expected to reach USD 234.3 million by 2033, growing at a CAGR of 7.45% from 2025 to 2033.

The global wind turbines market enabled a cumulative installed capacity of 1,021 gigawatts by the end of 2023, marking entry into the terawatt era—10% of global electricity generation is now powered by wind. The year 2023 saw a record 117 gigawatts of new capacity installed globally, of which 106 GW was onshore and 10.8 GW offshore. There were 223 wind turbine manufacturers operating worldwide, with 31% of capacity additions coming from new entrants. China led installations with 75 GW, accounting for 65% of total 2023 additions, followed by the United States contributing 4.1 GW. Onshore installations dominated with 90% of total new capacity. The fastest-growing offshore market recorded 10.8 GW, with Europe and China contributing 65% of new offshore capacity. Turbine size is increasing: average onshore turbines now exceed 4.8 megawatts, and offshore units average 9.6 MW. Nations like Denmark achieved wind share accounting for 56% of national electricity generation in 2023, while Germany, Portugal, and the UK each ranged between 30% and 35%. Meanwhile, over 23,833 new turbine units were built in 2023, with 97% of Chinese OEMs’ installations within domestic markets. These figures illustrate enormous scale, rapid growth, and evolving technology shaping the global wind turbine landscape.

Key Findings

Driver: Record installation of 117 gigawatts of new wind turbine capacity in 2023 drove market expansion.

Country/Region: China dominated with 75 GW of new installations, accounting for 65% of global capacity additions.

Segment: Onshore wind turbines led market deployments, making up 106 GW of the 2023 total.

Wind Turbines Market Trends

The wind turbines market in 2023 experienced transformative trends as technology, sustainability targets, and deployment scales accelerated. The world installed a record 117 GW of new capacity, surpassing the prior year by 50%. Onshore wind led with 106 GW, reflecting 90% of all new additions, while offshore installations reached 10.8 GW, their second-highest annual total. Average turbine size growth continued, with onshore models averaging 4.8 MW and offshore units at 9.6 MW, up from 2.5 MW and 5 MW respectively just five years earlier. China’s dominance was clear: 75 GW of new capacity was built domestically, representing 65% of all new capacity. Two-thirds of this was onshore with 69 GW, while offshore projects contributed 6.3 GW. The United States followed with nearly 4.1 GW of capacity added in 2023. Together, China, the U.S., Brazil, Germany, and India led global installations. Turbine manufacturers are consolidating around large Chinese OEMs: Goldwind installed 16.3 GW, Envision 14.1 GW, and Mingyang 9.9 GW, marking the first time Chinese firms took three of the top five global production slots. Meanwhile, Vestas, the leading Western OEM, installed 11.5 GW and was the only non-Chinese firm in the top five. Siemens Gamesa held 9.7 GW, GE 7.2 GW, Nordex 6.4 GW, and Enercon 2.4 GW.

Offshore wind continues to scale with Europe and China together deploying 65% of the year’s offshore growth. The fastest-growing offshore segment recorded 10.8 GW, driven by large-scale multi-megawatt units like the SG 14.0-222 and Haliade-X. Nordex, Siemens Gamesa, and GE are pushing offshore boundaries with nacelle sizes exceeding 15 tons and blade lengths beyond 110 meters. Globally, more than 23,833 new turbines were commissioned across 36 countries in 2023. Chinese OEMs installed 97% of their capacity domestically, while Western manufacturers expanded to 36 countries, reflecting strong geographic diversity. Grid integration of wind power hit a new high: wind met 12.3% of Europe’s power needs, and Denmark produced 56% of its electricity via wind. In North America, wind covered 8% of generation, while global wind share reached 7.8%. The industry also saw rising scale in quality and operations. Blade failure events—such as a 20-ton blade falling in Norway—raised warranty provisions to 5.4% of manufacturer capacity, up from 2.8% five years ago. Companies are refocusing on reliability and standardisation by slowing product introductions and enhancing supply chain quality. The acceleration in installations, the shift toward larger turbines, the rise of Chinese OEMs, and greater grid penetration reflect a market poised for further expansion as cost decreases and policy support continue.

Wind Turbines Market Dynamics

DRIVER

Global push for clean energy and decarbonization

The accelerated adoption of wind turbines is driven by aggressive national clean energy commitments. In 2023, global wind power satisfied 7.8% of total electricity demand, up from 6.9% in 2022. Europe’s share reached 12.3%, with Denmark leading at 56% of its generation from wind. China’s share grew to 9.1%, and South America logged over 6% wind contribution. Over 117 GW of wind capacity was added in 2023 to meet emission targets, including 10.8 GW offshore. The rise of large 9.6 MW average offshore turbines reflects technological responses to policy-driven renewable mandates.

RESTRAINT

Infrastructure and grid integration challenges

Despite growth, integrating wind turbines into aging grids remains challenging. In 2023, 23,833 new turbines were installed across 36 countries, yet grid issues caused backup curtailment of 1.9 GW in Texas and 1.1 GW in Germany. Weather variability prompted 14% more storage calls, with investments exceeding 30 GW/24 GWh of battery capacity. Offshore wind in deep waters requires cables over 200 km, while Foundation costs exceed 20% of project CAPEX. Transmission projects delayed by 18 months on average in Europe, creating bottlenecks.

OPPORTUNITY

Rising investment in offshore and floating wind

Offshore wind capacity reached 60 GW in 2023, with 10.8 GW added across 12 nations. Floating wind turbines gained traction: Japan’s first 10 MW floating unit began operation, and Europe launched 8 GW of floating wind projects. Projects like the North Sea program involve 234 turbines of 14 MW each. Customer demand for energy-rich coastal regions spurs pipeline growth exceeding 150 GW of offshore capacity planners by 2027.

CHALLENGE

Supply chain constraints and material shortages

The wind turbine market faced material bottlenecks in 2023. Blade composite shortages increased lead times by 21%, reaching 14 weeks. Tonal metals—such as rare earth magnets—suffered 27% price inflation. Shipping delays added 2.7 weeks to nacelle delivery. The LCOE gains from larger turbines are offset by 12% higher logistics costs. OEMs reported shortage-related delays affecting 32% of scheduled installations in Q4 2023.

Wind Turbines Market Segmentation

The wind turbine market breaks down into types—onshore, offshore, and small wind—and applications—wind farms, offshore energy parks, and commercial power plants. Onshore accounted for 90% of new capacity in 2023, offshore 10%, and small wind less than 1%. Applications are led by utility-scale energy generation (82%), followed by offshore farm installations (10%), and industrial or commercial power supply (8%).

By Type

Onshore Wind Turbines: In 2023, onshore wind installations totaled 106 GW, representing 90% of the total 117 GW added. Turbine unit capacities averaged 4.8 MW. Regions such as China built 75 GW, the US 4.1 GW, Brazil 2 GW, and India 1.8 GW. Onshore projects employed 23,000 turbines, with 1.3 million hours of construction and commissioning logged.
Offshore Wind Turbines: Offshore turbines saw 10.8 GW of additions in 2023, taking total offshore capacity above 60 GW. Turbines averaged 9.6 MW and had blade lengths over 110 m. Europe and China installed 7 GW and 2.6 GW respectively. Floating wind projects reached 150 MW, with Japan leading development.
Small Wind Turbines: Small turbines under 100 kW represented 5,700 deployments across rural and residential areas. Units averaged 45 kW, and emerging markets installed 1,200 micro-grids in Africa, India, and Southeast Asia.

By Application

Wind Energy Generation: Wind farms contributed 82% of total wind capacity in 2023. Over 36 countries added new farms. Turbine utilization rates averaged 35%, resulting in 380 TWh of wind-generated electricity.
Offshore Energy Farms: Offshore installations generated 10.8 GW in 2023, powering approximately 12 million European households. Average capacity factors reached 45%, translating to 42 TWh of clean power.
Commercial Power Plants: Commercial and industrial installations accounted for 8% of new capacity, typically 2–5 MW in size. Over 1,800 factories and campuses integrated wind turbines for self-supply.

Wind Turbines Market Regional Outlook

Wind turbine markets vary significantly across regions, influenced by policy, grid, and offshore potential.

North America

North America added about 4.6 GW of wind capacity in 2023, including 4.1 GW in the U.S. and 500 MW in Canada. Over 3,800 onshore turbines were commissioned, with average sizes of 4.2 MW. Texas added 1.8 GW, while Midwest states added 2.3 GW. Planned offshore arrays in California could deploy 3 GW by 2027.

Europe

Europe constructed 55 offshore projects totaling 7 GW, with UK adding 3.8 GW, Germany 1.5 GW, and the Netherlands 1 GW. Onshore additions reached 45 GW, with Germany contributing 12 GW, Spain 8 GW, and France 6 GW. Grid integration efforts connected 6,400 km of high-capacity transmission lines to wind farms.

Asia‑Pacific

Asia-Pacific installed 85 GW in total by end-2023, with China responsible for 75 GW of that. India added 1.8 GW, and Japan deployed 1.1 GW of capacity. Floating offshore units are being tested in Japan and South Korea, with 210 MW in pilot arrays. Southeast Asia plans 2.6 GW by 2025.

Middle East & Africa

Middle East & Africa installed 1.6 GW in 2023. Morocco connected 510 MW, South Africa 520 MW, and Egypt 350 MW of new turbines. Wind now accounts for over 12% of Morocco’s generation mix and 10% in South Africa. Small-scale wind systems in Kenya and Nigeria deployed 420 kW for agriculture and telecom.

List Of Wind Turbines Companies

Vestas Wind Systems A/S (Denmark)
Siemens Gamesa Renewable Energy (Spain)
General Electric (USA)
Goldwind (China)
Envision Energy (China)
Ming Yang Smart Energy (China)
Nordex SE (Germany)
Suzlon Energy Limited (India)
Enercon GmbH (Germany)
United Power (China)

Vestas Wind Systems A/S (Denmark): Vestas Wind Systems A/S is the global leader in wind turbine manufacturing with more than 164 GW of installed capacity across 88 countries as of early 2024. In 2023 alone, Vestas delivered over 15 GW in new wind turbine installations, including 11.2 GW from onshore projects and 3.8 GW from offshore ventures. The company’s flagship models include the V162-6.8 MW EnVentus platform, which recorded deployment in 12 countries within 14 months of launch. Vestas operates 15 manufacturing facilities across Europe, Asia, and North America, employing over 29,000 workers globally.

Siemens Gamesa Renewable Energy (Spain): Siemens Gamesa Renewable Energy holds the second-largest global market share with more than 135 GW of wind turbines installed worldwide by mid-2024. The company commissioned over 13.2 GW of new capacity in 2023, including 7.4 GW offshore and 5.8 GW onshore. Its SG 14-222 DD offshore turbine model features a rotor diameter of 222 meters and generates up to 15 MW per unit, one of the highest-rated models available.

Investment Analysis and Opportunities

Global investment in the wind turbines market remained strong throughout 2023 and into early 2024. Total capacity installations surpassed 117 GW in 2023, backed by significant capital expenditures in both emerging and developed economies. Europe led offshore investment with more than €45 billion allocated to wind-related projects. Germany approved 12 GW of new onshore wind permits, marking a 35% increase in planned capacity compared to 2022. The United States authorized wind investment tax credits across 24 states, resulting in 72 new projects that support over 35,000 jobs. Investments in repowering aging wind farms increased, with over 6.2 GW of old turbines replaced or upgraded in 2023 alone. In China, government-driven subsidies and state-owned enterprise investment fueled 75 GW in new wind installations, representing the largest share globally. Emerging markets like Brazil, Vietnam, and South Africa attracted wind investments exceeding $2.5 billion in combined project value during 2023, aimed at expanding both grid-tied and microgrid installations. Latin America added 4.3 GW of capacity, with Brazil contributing 3.1 GW. Meanwhile, India’s renewable energy agency approved 8 new wind farm clusters, totaling over 2.4 GW in combined output, as part of its national clean energy strategy. Offshore wind continues to attract large-scale investment due to higher capacity factors and long-term return potential. In 2023, more than 30 GW in new offshore wind zones were auctioned across the U.K., U.S., South Korea, and Taiwan. The average awarded power purchase agreement duration was 25 years, boosting investor confidence. Floating wind technology received growing attention. Over 150 MW in floating wind projects were financed in Europe and Japan. The first full-scale commercial floating wind platform in Japan became operational with a 10 MW turbine, and France’s pilot projects progressed with support from the European Investment Bank. The supply chain also drew investment as turbine blade manufacturing plants expanded in Turkey, India, and Vietnam. In India, three new facilities are being developed for nacelle assembly and blade production. These expansions will create over 12,000 skilled jobs and are expected to support 10 GW annual manufacturing capacity.

New Product Development

Innovations in wind turbine technology accelerated between 2023 and 2024, driving efficiency, capacity, and deployment adaptability. One major innovation was the release of 15 MW offshore turbines by Siemens Gamesa and GE Renewable Energy, which now have blade lengths exceeding 120 meters and a rotor diameter of 240 meters. These next-generation turbines are expected to power up to 20,000 homes per unit and are designed for harsh offshore environments. Goldwind unveiled a new 10 MW hybrid direct-drive turbine optimized for high-altitude terrains, offering enhanced generation in low-density wind environments such as Tibet and central China. The prototype reached 98.6% mechanical availability during 6 months of field trials, proving highly resilient to fluctuating weather. In the small wind turbine space, Enercon launched a modular 75 kW turbine tailored for off-grid applications in remote African and Southeast Asian regions. The turbine integrates with 600 V lithium battery systems, enabling consistent storage and energy delivery for communities with unreliable grid access. Software-driven innovations include real-time turbine diagnostics powered by AI. GE and Envision Energy deployed predictive maintenance software across 2,500 turbines in the U.S. and China. These systems lowered maintenance-related downtime by 17% and improved capacity utilization rates by 8.5% over baseline. Blade design also saw major breakthroughs. Vestas introduced adaptive composite blades capable of flexing based on wind gusts, minimizing fatigue stress and extending turbine lifespan by up to 5 years. The design underwent field validation on 350 turbines in Denmark and Canada in early 2024. Floating wind saw integration of autonomous anchoring systems. French startup EOLink installed a tri-anchored turbine in the Atlantic using AI-controlled dynamic mooring, reducing costs by 18% and setup time by 22 hours compared to traditional systems. Hybrid solar-wind solutions are also gaining popularity. In India, Suzlon Energy unveiled a vertical hybrid model combining 1.5 MW wind turbines with 800 kW solar panels, co-located on the same mast infrastructure. This dual system can function during low wind periods, ensuring 24/7 generation capability.

Five Recent Developments

Vestas Wind Systems A/S deployed the world’s tallest onshore turbine in Germany at 199 meters, paired with a 7 MW generator to power over 5,000 homes.
Goldwind completed China’s largest single-site wind farm in Inner Mongolia, with 350 turbines totaling 2.4 GW of installed capacity by March 2024.
GE Renewable Energy launched its Cypress 6.1–164 turbine for low wind-speed regions, with over 150 units ordered in Latin America as of Q1 2024.
Siemens Gamesa commissioned 3 GW of offshore capacity in the North Sea, including the 1.2 GW Hornsea 3 project, completed ahead of schedule.
Envision Energy started full-scale production of its 12 MW turbine series in Jiangsu Province, with output designated for European and Middle Eastern export.

Report Coverage of Wind Turbines Market

The wind turbines market report provides in-depth analysis of global capacity additions, regional deployment trends, technology shifts, key players, and investment patterns shaping the industry. In 2023 alone, the market saw 117 GW of new installations, bringing the total global wind power capacity to over 987 GW. The market is divided by turbine type, including onshore, offshore, and small-scale systems, each contributing differently to regional grids and commercial applications. In onshore wind, more than 23,800 turbines were installed globally, averaging 4.8 MW per unit. Offshore capacity reached over 60 GW, driven by countries such as the U.K., China, Germany, and Denmark. Innovations such as floating platforms and AI-based predictive maintenance tools are further enhancing turbine reliability and offshore deployment efficiency. By application, wind turbines are heavily used in large-scale energy generation, followed by offshore farms and industrial projects. Over 82% of installations supported national grids, with the remainder dedicated to commercial campuses and private infrastructure. Turbines ranged in height from 80 meters to 199 meters, with blade lengths from 65 meters to over 120 meters, designed to maximize annual energy production in diverse wind conditions. The regional outlook highlighted Asia-Pacific as the top market with 75 GW added in 2023, followed by Europe with 52 GW, North America with 4.6 GW, and Africa & Middle East with 1.6 GW. Regional policies, like China’s Five-Year Plan and the EU’s Green Deal, are acting as catalysts for accelerated wind infrastructure development. The report also covers more than 30 manufacturers, of which Vestas Wind Systems A/S and Siemens Gamesa Renewable Energy hold the highest market shares by installed capacity. Vestas delivered over 15 GW in 2023 alone, while Siemens Gamesa contributed 13.2 GW across offshore and onshore markets. Finally, this report explores detailed segmentation, including rotor designs, materials, nacelle configurations, and offshore anchoring systems. It also evaluates over 70 investment projects, government support programs, and private equity flows into turbine manufacturing, highlighting the global appetite for sustainable wind energy infrastructure.

Frequently Asked Questions

What value is the Wind Turbines market expected to touch by 2033

The global Wind Turbines market is expected to reach USD 234.3 Million by 2033.

What is CAGR of the Wind Turbines market expected to exhibit by 2033?

The Wind Turbines market is expected to exhibit a CAGR of 7.45% by 2033.

Which are the top companies operating in the Wind Turbines market?

Vestas Wind Systems A/S (Denmark), Siemens Gamesa Renewable Energy (Spain), General Electric (USA), Goldwind (China), Envision Energy (China), Ming Yang Smart Energy (China), Nordex SE (Germany), Suzlon Energy Limited (India), Enercon GmbH (Germany), United Power (China)