Study #: 3871 | Published: 08/2020 | Pages: 78 | Individual User License: US$ 3,900

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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