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Global demand for wind turbines is forecast to increase 3.6% per year through 2024 to $67.2 billion. Despite an expected 26% decline in wind turbine demand in 2020, largely due to projected delays caused by the COVID-19 pandemic, most countries have ramped wind turbine construction to meet renewable energy targets set by federal governments or established as part of a larger signatory body such as the Paris Agreement. Many of these renewable energy targets are set for 2025 and will likely lead to a ramping up of new wind energy installations in 2023 and 2024.
Wind turbine demand, while growing rapidly on a global level, can be quite volatile in specific countries on year-over-year basis, responding in many cases to public sector incentives for installation and use. This type of volatility makes forecasting demand difficult. However, a number of factors allow general trends to be discerned and predicted, including:
- the prevalence of wind in a country
- the amount of land mass and coastline in the country
- the robustness of a nation’s electric grid
- the stability of the governmental/regulatory regime and its amenability to adopting wind energy
Through 2024, the vast majority of additional wind energy demand will come from the Asia/Pacific region, driven by strong expected growth in China. In order to meet its renewable energy commitment to the Paris Agreement, China needs to construct substantial amounts of wind turbines by 2025.
Western Europe will be responsible for the next largest share of additional wind turbine demand. Many nations in the region are committed to reducing or eliminating fossil fuel energy generation over the next decade, resulting in continued demand for wind turbines. However, because many West European nations already have well established wind energy industries, growth in the region will be slow.
The fastest gains will be in countries with less advanced infrastructure, particularly Eastern Europe, though this is primarily because of the underdeveloped wind industry in these areas. Wind turbine demand is particularly volatile in these areas, as many nations are not required to meet renewable energy targets and thus have little incentive to invest in wind turbine systems. Limited government support for wind turbines (and renewable energy sources in general) also prevents more rapid gains.
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Table of Contents
1. Executive Summary
2. Overview
Scope
Installed Wind Energy Generation Capacity by Region
New Wind Energy Generation Capacity by Region
Wind Turbine Demand by Region
Impact of COVID-19 on Wind Turbine Demand in 2020
Market Share
3. North America
Wind Energy Generation Capacity by Country
Wind Turbine Demand by Country
United States
4. Central & South America
Wind Energy Generation Capacity by Country
Wind Turbine Demand by Country
5. Western Europe
Wind Energy Generation Capacity by Country
Wind Turbine Demand by Country
United Kingdom
Spain
Germany
Sweden
France
Other Western Europe
6. Eastern Europe
Wind Energy Generation Capacity by Country
Wind Turbine Demand by Country
7. Asia/Pacific
Wind Energy Generation Capacity by Country
Wind Turbine Demand by Country
China
India
Australia
Other Asia/Pacific
8. Africa/Mideast
9. Appendix
Methodology
Sources, Associations, & Agencies
Related Studies & Reports
Country Lists by Region
Macroeconomic Assumptions
Economic Environment
Demographic Trends
List of Tables
2. Overview
Table 2-1 | Wind Turbine Demand by Region, 2009 - 2024 (million dollars)
3. North America
Table 3-1 | North America: Wind Energy Generation Capacity by Country, 2009 - 2024 (megawatts)
Table 3-2 | North America: Wind Turbine Demand by Country, 2009 - 2024 (million dollars)
4. Central & South America
Table 4-1 | Central & South America: Wind Energy Generation Capacity by Country, 2009 - 2024 (megawatts)
Table 4-2 | Central & South America: Wind Turbine Demand, 2009 - 2024 (million dollars)
5. Western Europe
Table 5-1 | Western Europe: Wind Energy Generation Capacity by Country, 2009 - 2024 (megawatts)
Table 5-2 | Western Europe: Wind Turbine Demand by Country, 2009 - 2024 (million dollars)
Table 5-3 | Other Western Europe: Wind Energy Generation Capacity by Country, 2009 - 2024 (megawatts)
Table 5-4 | Other Western Europe: Wind Turbine Demand by Country, 2009 - 2024 (million dollars)
6. Eastern Europe
Table 6-1 | Eastern Europe: Wind Energy Generation Capacity by Country, 2009 - 2024 (megawatts)
Table 6-2 | Eastern Europe: Wind Turbine Demand, 2009 - 2024 (million dollars)
7. Asia/Pacific
Table 7-1 | Asia/Pacific: Wind Energy Generation Capacity, 2009 - 2024 (megawatts)
Table 7-2 | Asia/Pacific: Wind Turbine Demand, 2009 - 2024 (million dollars)
8. Africa/Mideast
Table 8-1 | Africa/Mideast: Wind Energy Generation Capacity & Wind Turbine Demand, 2009 - 2024 (megawatts & million dollars)
9. Appendix
Table 9-1 | Countries in North America
Table 9-2 | Countries in Central & South America
Table 9-3 | Countries in Western Europe
Table 9-4 | Countries in Eastern Europe
Table 9-5 | Countries in the Asia/Pacific Region
Table 9-6 | Countries in the Africa/Mideast Region
Table 9-7 | January 2020 Global Gross Domestic Product by Region & Country, 2009 - 2024 (billion 2018 dollars)
Table 9-8 | Global Population by Region & Country, 2009 - 2024 (million persons)
List of Figures
1. Executive Summary
Figure 1-1 | Global Wind Turbine Market
2. Overview
Figure 2-1 | Wind Turbine Product Examples
Figure 2-2 | Global Wind Energy Generation Capacity by Region, 2000 - 2019 (gigawatts)
Figure 2-3 | Global New Wind Energy Generation Capacity by Region, 2000 - 2019 (gigawatts)
Figure 2-4 | Global Wind Turbine Market Share by Company, 2019 (billion dollars)
3. North America
Figure 3-1 | North America: Wind Turbine Demand Share by Country, 2019 (million dollars)
Figure 3-2 | North America: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 3-3 | United States: Wind Turbine Demand, 2000 - 2024 (million dollars)
4. Central & South America
Figure 4-1 | Central & South America: Wind Turbine Demand Share by Country, 2019 (million dollars)
Figure 4-2 | Central & South America: Wind Turbine Demand, 2000 - 2024 (million dollars)
5. Western Europe
Figure 5-1 | Western Europe: Wind Turbine Demand Share by Country, 2019 (million dollars)
Figure 5-2 | Western Europe: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 5-3 | United Kingdom: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 5-4 | Spain: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 5-5 | Germany: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 5-6 | Sweden: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 5-7 | France: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 5-8 | Other Western Europe: Wind Turbine Demand, 2000 - 2024 (million dollars)
6. Eastern Europe
Figure 6-1 | Eastern Europe: Wind Turbine Demand Share by Country, 2019 (million dollars)
Figure 6-2 | Eastern Europe: Wind Turbine Demand, 2000 - 2024 (million dollars)
7. Asia/Pacific
Figure 7-1 | Asia/Pacific: Wind Turbine Demand Share by Country, 2019 (million dollars)
Figure 7-2 | Asia/Pacific: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 7-3 | China: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 7-4 | India: Wind Turbine Demand, 2000 - 2024 (million dollars)
Figure 7-5 | Australia: Wind Turbine Demand, 2000 - 2024 (million US dollars)
Figure 7-6 | Other Asia/Pacific: Wind Turbine Demand, 2000 - 2024 (million dollars)
8. Africa/Mideast
Figure 8-1 | Africa/Mideast: Wind Turbine Demand, 2000 - 2024 (million dollars)
9. Appendix
Figure 9-1 | Real GDP: January 2020 Forecast vs. May 2020 Revised Forecast (% annual change)
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