United States Wind Turbine Market Assessment, By Axis Type [Horizontal, Vertical], By Installation [Onshore, Offshore], By Application [Commercials, Residential, Industrial, Utilities], By Region, Opportunities and Forecast, 2017-2031F

United States wind turbine market is projected to witness a CAGR of 4.60% during the forecast period 2024-2031, growing from USD 24.59 billion in 2023 to USD 35.24 billion in 2031. 

United States Wind Turbine Market Size, Share & Industry Forecast 2031

United States wind turbine market is projected to witness a CAGR of 4.60% during the forecast period 2024-2031, growing from USD 24.59 billion in 2023 to USD 35.24 billion in 2031. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.
The wind turbine market encompasses the production, sale, and installation of wind turbines, which are used for generating electricity from wind. The market includes various components such as turbines and associated services related to deployment and maintenance. The rise in environmental and climate goals to achieve net zero emissions is pushing the market to shift towards renewable energy sources to fulfill the cleaner energy demand. The push towards the renewable energy sector boosts the demand for wind turbines. The growth of the wind turbine market is driven by government policies and those of higher authorities aimed at reducing the cost of wind energy projects. The United States government is targeting an increase in the production of wind energy through offshore technologies. Advancements in wind turbines, such as smart blade technology and wind-diverting turbines, make wind farms more efficient and create opportunities for the market. Furthermore, the modernization of the grid and integration of battery storage solutions with wind turbines enables the turbines to store and generate electricity during peak wind times.
For instance, in April 2024, Dominion Energy launched the Charybdis, the first Jones Act-compliant offshore wind turbine installation vessel in the United States. The vessel is vital to the growth of the offshore wind industry along the United States East Coast and the development of a domestic supply chain by providing a homegrown solution for offshore wind turbine installation.
<h2>Upcoming Technological Advancements to Fuel Market Growth</h2>
The United States wind turbine market is experiencing rapid technological advancements as more cost-effective and better technologies are being developed and implemented. The wind turbines are made significantly larger and taller so that technology can harness and collect more wind energy, especially at high altitudes where high-speed winds are more prevalent. Moreover, the blades design has more correlated with the use of carbon fiber material. Carbon fiber is a lightweight and strong material which improves blades aerodynamics and energy capture efficiency while decreasing the drag simultaneously.
Furthermore, artificial intelligence (AI) incorporation and real-time monitoring enhance wind turbine production capabilities. The smart algorithms allow for the application of predictive analytics and data insights to overall turbine operations, which improves efficiency and anticipates maintenance requirements. Additionally, the integration of digital twins and virtual modeling enables the engineers to recreate and anticipate the turbine performance once it becomes functional. The performance measure further helps to develop and design predictive maintenance strategies.
As a result, the ongoing advancements position the United States wind turbine market at the forefront of renewable energy technology, driving greater efficiency, sustainability, and reliability in harnessing wind power for the future.
For instance, in July 2024, the Nordex Group announced the N169/5.X turbine variant, a turbine model from the Delta4000 platform specifically tailored for the United States market. With a rotor diameter of 169 meters and a power rating of up to 5.5 megawatts. The N169/5.X is ideal for wind regions in the United States with low to medium wind speeds and minimal turbulence and the production of the N169/5.X is scheduled to start in 2026.
<h2>Cost Effective Nature of Wind Energy is Pushing the Market Towards Growth</h2>
The growth of the United States wind turbine market has been largely due to the falling price of wind power, which is more competitive economically than fossil fuel. Over the last decade, mainly due to improvements achieved in turbine configurations, turbine manufacturing technology and battery storage, the operational cost of wind energy has become significantly cheaper per megawatt hour. As larger turbines with higher capacity factors can harness greater energy within a single installation, operators are able to sell the generated power at a cheaper price. Moreover, better materials, efficient blade structures, and taller towers allow turbines to be more productive and generate more power in regions with low wind speeds, which has expanded the geographical applicability of wind energy projects.
Furthermore, the production and increasing demand of wind turbines create lower per unit price of wind generators through economies of scale. The decreasing costs and the economic viability of wind energy compared to fossil fuels, are propelling the growth of the United States wind turbine market, positioning it as a key player in the transition to sustainable energy sources.
For instance, in February 2024, Massachusetts' first offshore wind project, Vineyard Wind 1, successfully began delivering power to the New England electric grid during its initial phase. Located approximately 15 miles off the coast of Martha's Vineyard, the project is expected to generate enough electricity to power over 400,000 homes and businesses.
<h2>Government Initiative is Propelling Market Growth</h2>
Government and higher authority are encouraging the adoption of wind energy for which policies have been enacted such as Inflation Reduction Act. Incentives are provided such as Production Tax Credit (PTC) and Investment Tax Credit (ITC) as per the policy. The main aim of policy is to bolster wind energy investments in the United States in the forecast years. In Production Tax Credit policies, the owners and developers of onshore and offshore wind energy facilities become eligible for a federal income tax benefit for every kilowatt-hour of electricity supply into the power grid. The incentive will be available for 10 years starting when a facility begins operations, making these initiatives a practical choice for companies involved in the wind energy sector.
With the Investment Tax Credit policy, the government provides additional capital investment in renewable energy projects. The large land-based wind energy developer can opt for the Investment Tax Credit instead of the Production Tax Credit. The initiative is computed based on the costs incurred in developing wind farms, which instantly provide additional capital for the wind energy project developers.
These initiatives provide financial benefits to developers and operators of wind energy facilities and play a crucial role in addressing climate change and securing a sustainable energy future. As the wind energy landscape evolves, these supportive measures will be vital in accelerating the transition to cleaner energy sources and ensuring that wind power remains a cornerstone of the nation&rsquo;s renewable energy strategy.
For instance, in August 2024, the growth in wind power capacity is largely driven by the tax credits offered in the Inflation Reduction Act as it makes wind energy economical and lowers the cost of offshore wind blades by 27% and steel towers by 18%. The capacity of onshore wind turbines is predicted to increase by nearly 60%, from about 11,500 MW to 18,000 MW by 2026. This increase is expected to produce enough energy to meet the demand of an additional two million households.
<h2>Onshore Wind Turbine is Dominating the United States Market Share</h2>
The United States wind turbine market is dominated by the onshore segment due to several factors such as diversified and increased numbers of infrastructure for onshore wind farms installation. Onshore wind turbines have a pre-established supply chain and the installation cost of onshore wind turbine in comparison with the offshore wind turbine is lower, which makes onshore wind turbine an economical and easier option.
Moreover, states such as Texas, Iowa, and Oklahoma have an abundance of onshore wind farms. In the country, wind resources and expansive rural land make larger-scale wind projects viable and economically favorable. Additionally, offshore wind is the fastest growing segment, and supportive government policies such as the Inflation Reduction Act (IRA) and technological advancements in offshore wind turbines are making them suitable for generating higher capacity under offshore conditions. Coastal states such as New York and Massachusetts are increasingly investing in offshore projects.
For instance, in January 2024, GE Vernova Inc. signed a deal with Pattern Energy to supply 674 3.6-154 wind turbines for the SunZia Wind project in New Mexico, providing over 2.4 gigawatts of power. The project will increase GE Vernova Inc.'s installed base with Pattern Energy in North America to approximately 4.3 GW. The order received is the largest single onshore wind turbine order ever placed with GE Vernova Inc. The 3.6-154 turbine is GE's next-generation workhorse product, specifically designed for the United States.
<h2>Southwest Region is Dominating the Wind Turbine Market Share</h2>
The United States wind turbine market is led by southwestern region mainly by Texas. Texas is a leader in wind energy production. In 2022, Texas possesses an installed wind capacity of around 40,556 megawatts (MW), which is more than 25% of the overall wind generation in the United States. Geographically, Texas benefits from diverse wind resource areas, allowing for extensive development of wind farms across regions such as the Texas Panhandle and the Gulf Coast.
&nbsp;The large capacity could be seen in the production of wind energy, where it is expected that around 119,836 GWh of wind energy will be produced during 2023, with Iowa being in the second place in the long run, producing 41,869 GWh.
Texas has been in the leadership position for wind energy for more than 17 years and was the first state to exceed 10,000 MW of capacity. The industry has created more than 24,000 jobs and generated substantial tax revenue for local communities, further solidifying its economic impact. The state features over 239 operating wind projects and more than 15,300 wind turbines, which showcase the strong base for the wind turbine market.
For instance, in August 2023, RWE, a leading renewable energy company, announced the construction of its 200 MW Montgomery Ranch Wind Farm in Foard County, Texas. The Montgomery Ranch project will increase RWE's installed wind capacity in Texas to 4.3 GW, which is enough to power more than 1.2 million homes. Texas leads the nation in installed wind capacity, with projects including the 240 MW Blackjack Creek and 200 MW El Algodon Alto wind farms.
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Future Market Scenario (2024 &ndash; 2031F)
<ul>
<li>The United States government is increasingly investing in renewable energy, with initiatives such as the Inflation Reduction Act providing tax credits and subsidies to encourage wind energy projects. This support is crucial for reducing costs and enhancing the financial viability of wind installations.</li>
<li>Innovations in wind turbine technology, such as smart blade designs and improved efficiency in turbine operations, are making wind energy more competitive. These advancements enable turbines to generate more electricity at lower costs, further driving market growth.</li>
<li>The United States is focusing on expanding its offshore wind capacity, which has significant potential due to higher and more consistent wind speeds.</li>
<li>Government and higher authorities are focusing on achieving net-zero emissions, which is propelling the demand for renewable energy sources, including wind power. This aligns with broader climate goals and enhances the attractiveness of wind energy as a clean alternative.</li>
</ul>
Report Scope
&ldquo;United States Wind Turbine Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the United States wind turbine market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 4.60% between 2024 and 2031
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Revenue Forecast in 2031
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USD 35.24 billion
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Segments Covered
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Axis Type, Installation, Application
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Regions Covered
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Northeast, Southwest, West, Southeast, Midwest
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Key Companies Profile
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GE Vernova Inc., Siemens Energy, Vestas American Wind Technology, Nordex SE, NextEra Energy, Inc., Avangrid, Inc., Envision Energy USA Limited, Clearway Energy, Inc., Goldwind USA, Inc., RWE Clean Energy, LLC,
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;the&nbsp;United States wind turbine market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Axis Type
<ul>
<li>Horizontal</li>
<li>Vertical</li>
</ul>
</li>
<li>By Installation
<ul>
<li>Onshore</li>
<li>Offshore</li>
</ul>
</li>
<li>By Application
<ul>
<li>Commercials</li>
<li>Residential</li>
<li>Industrial</li>
<li>Utilities</li>
</ul>
</li>
<li>By Region
<ul>
<li>Northeast</li>
<li>Southwest</li>
<li>West</li>
<li>Southeast</li>
<li>Midwest</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Continuous innovation characterizes the landscape of the United States wind turbine market, as companies strive to adapt and meet the growing demand for clean energy solutions. The market outlook remains positive, driven by increasing investments in renewable energy and a strong push from government policies aimed at reducing carbon emissions. Wind turbine manufacturers are focused on enhancing turbine technologies, which will likely define the industry's future. Collaborations and developing technologies are projected to increase competition in this fast-paced market.
For instance, in June 2023, &Oslash;rsted A/S and Vestas Wind Systems A/S, global leaders in renewable energy, announced a pioneering commercial sustainability partnership. As part of this collaboration, &Oslash;rsted will procure low-carbon steel wind turbine towers and blades made from recycled materials from Vestas for all joint offshore wind projects. This partnership aims to enhance energy security and affordability while addressing the climate crisis, given that wind energy has a carbon footprint that is 99% lower than that of coal.
Key Players Operating in the United States Wind Turbines Market are:
<ul>
<li>GE Vernova Inc.</li>
<li>Siemens Energy</li>
<li>Vestas American Wind Technology</li>
<li>Nordex SE</li>
<li>NextEra Energy, Inc.&nbsp;</li>
<li>Avangrid, Inc.</li>
<li>Envision Energy USA Limited</li>
<li>Clearway Energy, Inc.</li>
<li>Goldwind USA, Inc.</li>
<li>RWE Clean Energy, LLC</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul>
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
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United States Wind Turbine Market Assessment, Opportunities, and Forecast, 2017-2031F

United States wind turbine market is expected to experience significant growth due to government incentive policies and advancements in wind turbine technology.

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