Comprehensive Snapshot of Wind Power Equipment Market Research Report, Including Regional and Country Analysis in Brief.
Industry: Energy & Utilities
Delivery Timelines: Please Contact Sales
Published Date: May-2025
Format: PPT*, PDF, EXCEL
Number of Pages: 190
ID: PMRREP35323
The global wind power equipment market size is anticipated to rise from US$ 49.9 Bn in 2025 to US$ 78.6 Bn by 2032. It is projected to witness a CAGR of 6.7% from 2025 to 2032. According to the Persistence Market Research report, the industry is rapidly evolving, driven by the increasing demand for renewable energy sources. Wind power technologies, including turbines, blades, and generators, are integral to harnessing wind energy for electricity generation. This market is expanding due to advancements in efficiency, supportive government policies, and environmental concerns. In 2023, global wind power capacity surged by 117 GW, bringing the total capacity to over 1,136 GW, marking a 50% increase from the previous year.
Key Industry Highlights
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Global Market Attribute |
Key Insights |
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Wind Power Equipment Market Size (2025E) |
US$ 49.9 Bn |
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Market Value Forecast (2032F) |
US$ 78.6 Bn |
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Projected Growth (CAGR 2025 to 2032) |
6.7% |
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Historical Market Growth (CAGR 2019 to 2024) |
6.1% |
As governments and private players globally place greater emphasis on renewable energy to achieve sustainability targets, onshore wind energy has emerged as a focal point for large-scale projects. The rapid expansion of onshore wind farms is fueled by a surge in investments to boost renewable energy generation. In the U.S., the wind industry installed 6.5 GW of new land-based wind capacity in 2023, representing a US$10.8 billion investment. The average capacity of newly installed turbines in 2023 was 3.4 MW, up 5% from 2022.
This growth has led to a high-volume demand for crucial wind power equipment, such as larger, more robust towers and advanced rotor blades. These components are essential to support the increasingly powerful turbines needed for higher energy output. To meet this rising demand, manufacturers are scaling up production and investing in innovations, driving further advancements in wind power technology.
Supply chain disruptions have become a significant challenge, particularly affecting the timely delivery of critical components such as gearboxes and generators. These delays are causing project timelines to extend, resulting in slower installations and higher overall costs for wind energy projects.
In 2023, the cost of steel used for wind turbine blades surged by approximately 50%, leading to increased manufacturing expenses and project delays.
The global shortage of raw materials, coupled with logistics issues and geopolitical factors, has exacerbated these disruptions. As a result, manufacturers are facing difficulties in meeting the growing demand for turbines and related equipment. This has led to increased project costs, ultimately hindering the rapid scaling needed to meet renewable energy goals.
In New York, the Empire Wind 2 project was canceled due to rising inflation, supply chain issues, and changing economic conditions, making the project financially unviable under the original terms. Similarly, Ørsted canceled two major offshore wind power projects in New Jersey, citing supply chain issues and rising interest rates as primary factors.
The expansion of offshore wind farms offers significant opportunities for manufacturers of specialized turbine and foundation equipment. As governments invest heavily in offshore wind projects to meet renewable energy targets, there is a growing demand for advanced turbines capable of operating in challenging offshore environments. The U.S. offshore wind project pipeline has grown to 80,523 MW, up 53% from the previous year, fueled by state-level support and federal funding. In 2023, the industry installed 10.8 GW of new offshore wind capacity, marking a 24% increase from the previous year and bringing the global total to 75.2 GW.
Additionally, specialized foundation equipment, such as floating platforms and subsea structures, is increasingly required to support these turbines in deeper waters. This trend is fueling growth for companies involved in the production of these specialized components, creating a strong market for innovation and technological advancement in offshore wind power infrastructure.
Turbines are the leading segment in the wind power equipment market due to continuous advancements in size, efficiency, and technological innovation. Both offshore and onshore turbines are evolving to meet the growing demand for renewable energy, with offshore turbines, in particular, becoming larger and more powerful. These turbines are designed to withstand the unique challenges of offshore environments, such as saltwater corrosion, high winds, and rough seas.
Siemens Gamesa has developed its Siemens Gamesa SG 14-222 DD, a large offshore turbine designed to withstand harsh marine environments. This turbine features enhanced anti-corrosion coatings and robust materials that ensure durability in saltwater conditions. Equinor's Hywind Tampen project in Norway is the world’s largest floating wind farm, utilizing floating platforms to deploy turbines in waters too deep for traditional fixed-bottom turbines.
Offshore wind farms are also benefiting from innovations like floating turbine platforms, which allow energy generation in deeper waters where traditional fixed-bottom turbines cannot be deployed. The push for larger, more efficient turbines, coupled with the increasing global demand for renewable energy, solidifies turbines as the dominant equipment category in the wind power market.
The wind power equipment market in North America is experiencing strong growth, primarily driven by supportive policy frameworks such as the U.S. Inflation Reduction Act, which extends key production and investment tax credits for renewable energy projects. These incentives are encouraging large-scale investments in wind infrastructure and manufacturing.
The region is witnessing the rapid development of offshore wind farms, particularly along the U.S. East Coast.
These developments are creating high demand for specialized offshore equipment, including large-scale turbines, floating foundations, and subsea cabling, thereby accelerating market expansion and innovation.
Europe continues to lead the global wind power equipment industry, especially in offshore wind technology. Countries such as the UK, Germany, and the Netherlands are investing significantly in next-generation innovations such as floating turbines, which enable wind farms to be located in deeper waters, unlocking new high-wind zones.
Port Talbot is becoming a significant center for floating offshore wind energy, with Associated British Ports investing £500 million to upgrade facilities for assembling and deploying floating wind turbines in the Celtic Sea. Additionally, Europe is at the forefront of integrating offshore wind with green hydrogen production, a key step toward decarbonizing heavy industries. In 2023, Europe installed a record-breaking 4.2 GW of new offshore wind capacity, marking a 40% increase from the previous year.
The Hollandse Kust Zuid offshore wind farm in the Netherlands is the world’s first subsidy-free offshore wind project, with a total capacity of 1.5 GW. Commissioned by Vattenfall, it consists of 140 Siemens Gamesa turbines and is expected to generate enough clean electricity to power over 1.5 million Dutch households annually.
The European Union’s stringent climate goals, including carbon neutrality by 2050 and aggressive interim targets are prompting governments to fast-track wind infrastructure projects. This ongoing momentum is fueling consistent demand for advanced wind equipment.
Asia Pacific is rapidly emerging as a leader in the global wind power equipment industry, driven by robust industrialization and government-backed renewable energy targets, and with China and India driving significant growth in both installed capacity and manufacturing capabilities.
China, with its ambitious goal of achieving carbon neutrality by 2060, dominates both wind turbine manufacturing and project development, leading global wind capacity expansion. In 2023, China installed 441 GW of wind capacity, marking a 21% increase from the previous year. The country stands for 71% of the world's new offshore wind capacity in 2023, adding 6.3 GW. China's wind turbine exports surged over 60% year-on-year, totaling more than 3.6 GW to 18 countries, including Uzbekistan, Egypt, South Africa, Laos, and Chile.
Similarly, India, with its increasing focus on renewable energy, including offshore wind projects, further strengthens the region’s position. India's wind energy capacity reached 45 GW by January 2024, with 2.8 GW added in 2023 a 56% increase from 2022. The National Electricity Plan projects that India's installed wind capacity will likely reach approximately 73 GW by 2026-2027 and 122 GW by 2031-2032.
Taiwan's emerging offshore wind market further complements the region's expanding renewable energy domain. Taiwan's installed wind power capacity increased from 1.6 GW in 2022 to 2.7 GW in 2023, with generation rising from 3.6 TWh to 6.2 TWh.
Asia Pacific’s dominance in both manufacturing and project deployment will continue to shape the future of global wind power development.
The global wind power equipment market is characterized by a mix of established players and emerging innovators, all vying for market share in both onshore and offshore wind projects. Leading manufacturers focus on advancing turbine efficiency, developing specialized components, and expanding production capabilities to meet growing demand.
Key competition drivers include technological innovation, cost reduction, and the ability to meet stringent environmental standards. Strategic partnerships, mergers, and acquisitions are common as companies aim to enhance their product portfolios and tap into new regional markets. Companies are also investing in research and development to stay ahead in the evolving sector.
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Report Attribute |
Details |
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Historical Data/Actuals |
2019 - 2024 |
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Forecast Period |
2025 - 2032 |
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Market Analysis Units |
Value: US$ Bn/Mn, Volume: As applicable |
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Geographical Coverage |
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Segmental Coverage |
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Competitive Analysis |
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Report Highlights |
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Customization and Pricing |
Available upon request |
By Location
By Equipment
By Region
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The global wind power equipment market is projected to value at 49.9 Bn in 2025.
The wind power equipment market is driven by rising investments in onshore wind farms for high-volume demand for towers and rotor blades globally.
The wind power equipment market is poised to witness a CAGR of 6.7% between 2025 and 2032.
Expansion of offshore wind farms for specialized turbine and foundation equipment manufacturers is the key market opportunity.
Major players in the wind power equipment market include Vestas Wind Systems AS, Siemens Gamesa Renewable Energy, Enercon GmbH, Envision Energy, General Electric Company, and others.
