The global wind turbine market is growing rapidly. This expansion of the market is attributed to several key factors, including the widespread deployment of wind power projects, decreasing wind turbine costs, government policies aimed at achieving emission reduction targets and enhancing energy security, and a surge in investments in the wind energy market.

However, the time-consuming permitting process, environmental concerns, and grid infrastructure constraints are some of the major restraints on global wind turbine market growth.

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Drivers

Supportive Policies

Policy support by governments around the world continues to be the main driver of global wind turbine installations. A wide range of policy mechanisms are propelling capacity growth, encompassing auctions, feed-in tariffs, contracts for difference, and renewable energy portfolio standards.

For instance, in August 2022, the U.S. federal government unveiled the Inflation Reduction Act (IRA), a comprehensive initiative that substantially augments support for renewable energy sources over the next decade. This support is achieved through a combination of tax credits and various other measures.

Regional Analysis

The Asia-Pacific region is currently dominating the global wind turbine market, primarily due to China. Following the establishment of a local wind supply chain between 2008 and 2010, China has not only risen to prominence as the world's leading wind turbine manufacturing hub but has also become the largest production center for critical components and raw materials in the wind energy industry.

China also remains at the forefront in terms of wind capacity growth, having added an impressive 37 GW in 2022, which includes 7 GW from offshore farms. The unveiling of the 14th Five-Year Plan for Renewable Energy in 2022 sets forth ambitious objectives for the deployment of renewable energy. These targets are expected to propel even more significant advancements in the years ahead.

Segment Analysis

The Onshore wind turbines segment continues to lead the wind capacity addition growth. However, the offshore segment is increasing its share. By the end of 2022, globally, 93% of the total installed wind power capacity was in the onshore segment, and the remaining 7% was in the offshore segment.

What Do We Cover in the Report?

Wind Turbine Market Drivers & Restraints

The study covers all the major underlying market dynamics that help the market develop and grow, as well as the factors that constrain global market growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and will function as a guide for you to analyze the degree of impact.

This report helps to:-

• Gain a deeper understanding of the global wind turbines market
• Equip yourself with rigorous analysis and forward-looking insight into the Wind Turbines market across various regions
• Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
• Assess market data and forecasts to understand how the demand across various segments evolve over the next five years
• Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
• Be better informed of your competition by gaining access to detailed information and analysis of key industry players
• Keep on top of M&A developments, JV's and other agreements to assess the evolving competitive landscape and enhance your competitive position

Who need this report?

• Wind Turbine OEMs
• Component Suppliers
• Operators, Utilities, Other End Users
• Investor Community
• Financing Companies
• Government Bodies & Industry Organizations
• Others

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