Wind turbines: Technologies, applications, and global markets

By BCC Publishing Staff

The global market for wind turbines reached a value of $85.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% to reach $116.6 billion by 2027.

The Global Wind Energy Council estimates that the world will need to install up to 280 GW of new wind energy annually from 2030 onwards to maintain a pathway compliant with meeting net zero by 2050. Fortunately, through technological developments (Table 1) and economies of scale, the global wind power market has nearly quadrupled in size over the past decade. Onshore wind capacity grew from 178 GW in 2010 to 707.4 GW in 2021, while offshore wind capacity grew from 3.1 GW in 2010 to 35.3 GW in 2021. Table 2 shows how the market is segmented based on end-use sector.

A modern utility-scale wind turbine can consist of up to 8,000 individual subcomponents. The major components are

• Rotor, including the blades, hub, and pitch drive.
• Tower and electrical components, including the tower, generator, power electronics, balance station, and installation.
• Gearbox and drivetrain, including the bearings, gearbox, and high-speed shaft.
• Nacelle and controls, including the nacelle frame, brakes, anemometer, and yaw drive.

While most of the materials used to produce wind turbines can be readily recycled or reused, it is extremely difficult to recycle the turbine blades as currently constructed. New materials and recycling methods are being developed to improve the sustainability of turbine blades, such as detailed on pages 24–27 in this issue, “Manufacturing the impossible: Supporting the development of a circular economy in the composites industry.”

Areas that experience an average annual wind speed of at least 13 miles per hour are considered good wind resources. These resources are found in many places around the world, but in the United States, the East Coast, Appalachian Mountains, Great Plains, and Pacific Northwest are relatively rich in wind resources.

About the author
BCC Publishing Staff provides comprehensive analyses of global market sizing, forecasting, and industry intelligence, covering markets where advances in science and technology are improving the quality, standard, and sustainability of businesses, economies, and lives. Contact the staff at Helia.Jalili@bccresearch.com.