Technology

Wind Turbines Market to Reach $116.6 Billion by 2027, Unveils Latest BCC Research Study

Published

3 years ago

February 23, 2024

Discover the intricate world of Wind Turbines as we unravel the complexities surrounding their cutting-edge Technologies, Applications, and the ever-evolving Global Markets. Explore the forefront of sustainable energy in this insightful exploration of wind turbine advancements.

BOSTON, Feb. 23, 2024 /PRNewswire/ — “According to the latest BCC Research study, the demand for Wind Turbines: Technologies, Applications and Global Markets is estimated to increase from $85.3 billion in 2022 to reach $116.6 billion by 2027, at a compound annual growth rate (CAGR) of 6.5% from 2022 through 2027.”

This comprehensive report navigates through the intricate landscape of wind turbines, analyzing diverse factors such as turbine types, installation methods, grid connectivity, end-use applications, capacity ratings, and regional market developments. Notably, the study delves into major markets like the U.S., China, Germany, and others, offering a lucid exploration of lucrative opportunities. Presented in a user-friendly format, the report utilizes tables and figures to illustrate historical, current, and future market scenarios. It meticulously covers leading companies, including product types and financial insights, and extends its reach to encompass a list of other global and regional market players. Investors will find valuable insights in the patent analysis dedicated to the wind turbines market. Moreover, the report addresses the profound impacts of COVID-19 and the Russia–Ukraine war on global and regional markets. With 2021 as the base year, estimated values for 2022, and forecasts spanning 2022 to 2027, all market figures are expressed in millions of dollars, while market shares and CAGRs are provided in percentages.

Wind energy, harnessed through wind turbines, plays a pivotal role in electricity generation by utilizing the wind’s power to turn turbine blades attached to a rotor, subsequently spinning a generator and producing electricity. The Global Wind Energy Council (GWEC) envisions wind energy systems contributing 20% to the global electricity demand by 2030. Wind turbines come in various sizes, from small turbines generating 100 kW suitable for home use to large turbines reaching heights of 240 meters and producing 4.8 to 9.5 MW of power. Researchers at the National Renewable Energy Laboratory (NREL) are exploring sustainable practices by developing wind turbine blades using a thermoplastic resin system, enabling recyclability and reducing energy consumption in manufacturing. Despite environmental impacts associated with materials and fossil fuel use, wind energy is recognized for its potential to significantly reduce carbon emissions. With a projected 20% contribution to global electricity production by 2030, the wind energy sector is bolstered by increasing investments, favorable regulations, and growing consumer awareness, emphasizing the future role of offshore wind turbines, including the promising technology of floating wind turbines.

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Key Drivers of Wind Turbines: Technologies, Applications and Global Markets

Growing Demand for Renewable Power Sources Propels the Market for Wind Turbines: The increasing global population and economic expansion have amplified the demand for electricity, fostering a necessity for more sustainable power options. Wind energy, as one of the most abundant and clean renewable sources, offers a solution to reduce greenhouse gas emissions and diminish reliance on fossil fuels. Wind turbines efficiently harness the kinetic energy of the wind, converting it into electricity applicable across residential, commercial, industrial, and grid-connected sectors. Additionally, wind energy contributes to energy security, rural development, and environmental benefits.

Supportive Government Regulations & Policies for Wind Energy are Fueling the Market Growth: Governments worldwide are recognizing the potential of wind energy and responding with a range of policies and regulations to support its development and deployment. These initiatives encompass feed-in tariffs, auctions, tax incentives, renewable portfolio standards, carbon pricing, and grid access policies. The objective is to establish a conducive market environment for wind energy by offering financial incentives, mitigating risks, ensuring fair competition, and facilitating integration.

Increasing Demand for Electricity Fuels Market Growth: With the global demand for electricity projected to surge by 80% by 2030, driven by urbanization, industrialization, electrification, and digitalization, wind energy emerges as a pivotal solution. Beyond providing a reliable, affordable, and sustainable electricity source, wind energy is well-suited to meet peak demand, aligning with periods of high electricity consumption like winter and summer. Additionally, wind energy can collaborate with other renewables, such as solar and hydro, creating a diversified and resilient energy mix.

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Report Synopsis

Report Metrics

Details

Base Year Considered

2021

Forecast Period considered

2022-2027

Base Year Market Size

$81.4 billion

Market Size Forecast

$116.0 billion

Growth Rate

CAGR of 6.4% for the forecast period of 2022-2027

Segment Covered

turbine types, installations type, grid connectivity, end use, capacity rating, end user, and region

Regions Covered

North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW)

Countries Covered

United States, Canada, Mexico, France, Turkey, Denmark, U.K., Netherlands, Sweden Germany, China, Japan, Australia, India, and Vietnam

Key Market Drivers

• Growing Demand for Renewable Power Sources Propels the Market for Wind Turbines.

• Supportive Government Regulations & Policies for Wind Energy are Fueling the Market Growth.

• Increasing Demand for Electricity Fuels Market Growth.

Wind Turbines Technologies, Applications and Global Markets Segmentation:

Turbine Types Segmentation

Within this report, the global wind turbine market undergoes segmentation based on turbine type, distinguishing between horizontal-axis turbines and vertical-axis turbines. The former rotates on an axis parallel to the ground, requiring a yaw mechanism for wind direction alignment. Major components include blades, hub, gearbox, generator, tower, nacelle, and yaw control. Notably complex and costlier due to a top-placed gearbox and generator, horizontal-axis turbines offer intricate design. In contrast, vertical-axis turbines feature an axis perpendicular to the air stream, with a simpler and more cost-effective design placing the gearbox and generator at the base. While vertical-axis turbines have a lower power coefficient and require a starting mechanism, both turbine types present distinct advantages and disadvantages in design, construction, and operational features for effective wind energy harnessing.

Installation Types Segmentation

This segment meticulously divides the global wind turbine market into onshore and offshore segments, where the underlying technology for electricity generation remains fundamentally similar. The distinction lies in their positioning, size, scale, and the transmission of electricity, accompanied by variations in installation costs and supply chain restrictions. The strategic selection of wind farm installation sites hinges upon the mean or average wind speed of the area, with the rated wind speed set at 1.4 times the annual speed for turbine design. Areas with an annual wind speed of 5 m/s or more are deemed suitable for wind turbine installation, considering factors such as land topography, geology, grid structure and distance, and turbine size.

Grid Connectivity Segmentation

This segment introduces a segmentation of the wind turbine market based on connectivity, distinguishing between on-grid and off-grid segments. The on-grid segment is anticipated to dominate the global market during the forecast period, driven by the ongoing deployment of wind turbines connected to the grid. However, the off-grid segment is poised for rapid growth, propelled by increasing investments in off-grid wind projects. Off-grid connectivity emerges as a crucial alternative in locations where connecting to the grid is impractical due to factors like distance or cost. Serving as a reliable backup in areas with inconsistent power utility supply, off-grid wind power offers the significant advantage of independence from the electric grid. It proves to be a valuable solution in locations where utility service is unfeasible or cost prohibitive.

End Users Segmentation

Within this report, the wind turbine market undergoes segmentation based on end use, categorizing into independent power producers, investor-owned utilities, public power utilities, and rural electric cooperatives. Notably, the public power utilities and investor-owned utilities segments collectively command approximately three-quarters of the market share. Independent Power Producers (IPPs), distinct from public utilities, play a significant role by owning facilities for electric power generation, selling their output to utilities and end-users. IPPs, acting as entities responsible for the development and operation of power plants, along with independent marketers engaged in buying and selling power predominantly produced by others, contribute dynamically to the landscape of wind energy utilization.

Capacity Rating Segmentation

This Segment on the wind turbine market employs a segmentation based on rating, classifying turbines into below 2 MW, 2 MW to 4 MW, and above 4 MW categories. The surge in wind energy installations since 2000 can be attributed to substantial investments in research and development along with supportive government policies. Technological advancements and scalability have led to cost reductions and increased capacity factors. Notably, between 2010 and 2020, the global weighted average levelized cost of electricity (LCOE) for onshore wind plummeted by 56%, reaching $0.039/kWh. The report highlights the evolution of turbine capacity, emphasizing the shift from 1985’s typical 0.05 MW turbines to 2022’s onshore installations boasting 3 to 4 MW ratings and offshore turbines ranging from 8 to 12 MW. The increasing height of turbine towers, larger rotor diameters, and the deployment of higher-rated turbines globally contribute to the enhanced efficiency of wind projects, reflecting the industry’s continuous evolution.

End-Use Sector Segmentation

Within the confines of this report, the wind turbine market is methodically segmented by end-user categories, encompassing residential, industrial, commercial, and utility segments. Foreseeing a sustained dominance, the utility segment is poised to maintain its leading position globally, attributed to the escalating number of wind projects specifically catering to utilities. Notably, Independent Power Producers (IPPs) play a pivotal role by producing wind energy and entering into long-term agreements to sell it to utilities. The power generated undergoes transmission through the utilities’ grid, subsequently supplying industrial and commercial users. This strategic interplay between IPPs and utilities underscores the dynamic ecosystem within the wind energy landscape.

By Region Segmentation

Wind energy emerges as a pivotal force in advancing global clean energy initiatives, with both onshore and offshore wind projects poised for substantial growth. The success of wind turbine installations hinges on strategic site selection, considering factors such as wind speed, meteorological patterns, and terrain. Leading economies, including the U.S., European Union, the United Kingdom, China, and India, underscore their commitment to transitioning away from coal dependency toward green energy deployment. This shift is facilitated by government support, aligning efforts to implement green technologies worldwide. The momentum away from fossil fuel consumption aligns with ambitious climate goals, facilitated by declining renewable energy costs, stringent emission regulations, enhanced energy security, and improved universal energy access. Despite a dip in wind capacity installations in 2020 due to the COVID-19 pandemic, major economies like the U.K., Germany, France, Sweden, and the Netherlands are anticipated to drive the wind turbines market, reflecting a global push towards renewable energy adoption. Government subsidies and wind energy targets continue to drive investments, particularly in the onshore wind energy industry, with Europe standing out as a major hub for onshore wind development. Global wind power capacity reached 837 GW by the end of 2021, with China, the U.S., Germany, India, and Spain accounting for 72% of installations. The industry’s recovery is evident, with new installations and investments expected to surge, demonstrating the resilience and future potential of the wind energy sector.

This report on Wind Turbines Technologies, Applications and Global Markets provides comprehensive insights and analysis, addressing the following key questions:

What is the projected market size and growth rate of the wind turbine market?
The wind turbines market is projected to grow from $81.4 billion in 2021 to $116.0 billion in 2027 at a compound annual growth rate (CAGR) of 6.4% during the forecast period.What are the key factors driving the growth of the wind turbine market? Growing demand for renewable power sources.Supportive government regulations & policies for wind energy.Increasing demand for electricity.Increasing investment in wind energy projects.What segments are covered in the wind turbine market?
The wind turbine market is segmented based on turbine type, Installation, grid connectivity, end-use, capacity rating, end-user, and region.By turbine type, which segment will dominate the market by the end of 2027?
Horizontal-axis turbine segment will dominate the market by the end of 2027.Which region has the highest market share in the wind turbine market?
Asia-Pacific holds the highest share of the global market.

Some of the Key Market Players Are:

Vestas Wind Systems A/S Goldwind Siemens Gamesa Envision Energy USA Limited General Electric Mingyang Smart Energy Group Co., Ltd. Nordex SE Seawind Ocean Technology Holding B.V. Sany Renewable Energy Co., Ltd. ENERCON GmbH.

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Global Markets for Transformers: This comprehensive report delves into the analysis of various transformer attributes, including types, capacity ratings, phases, insulation types, mounting locations, and end-use industries, providing a detailed examination of market development globally and regionally. Major countries such as the U.S., China, Germany, India, and others are spotlighted for their lucrative transformer opportunities. The report adopts a user-friendly format, incorporating tables and figures to illustrate historical, current, and future market scenarios. Coverage extends to leading companies, offering insights into product types, business footprint, revenue, and more, while also including a list of other global and regional market players. A notable feature is the inclusion of a patent analysis, identifying significant investment areas for investors in the transformer market. The report accounts for the impacts of COVID-19 and the Russia–Ukraine war on both global and regional markets. Using 2021 as the base year, estimated values for 2022 are provided, with market forecasts extending from 2022 to 2027. All market values are presented in millions of dollars, with market shares and Compound Annual Growth Rates (CAGRs) expressed in percentages.

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Technology

The World Is Taking Notice: TIME Recognition Fuels VinFast’s Global Journey

Published

4 minutes ago

September 11, 2026

On a rainy Tuesday morning in Paris, a driver waiting at a red light on Boulevard Haussmann might not immediately place the badge on the SUV beside them. Thousands of miles away, a driver in California might have a similar moment seeing the same badge on an American road. It is not German, nor one of the familiar Asian names that have become common across established automotive markets. It belongs to VinFast , a Vietnamese automotive brand that is steadily making its presence felt across Europe and North America, and whose global journey reflects a much larger story unfolding inside its parent group, Vingroup.

PARIS , Sept. 11, 2026 /PRNewswire/ — That journey reached a new milestone this year. Vingroup has been ranked 340th in TIME’s World’s Best Companies 2026, produced jointly with the research firm Statista, placing it among the world’s top 350 businesses and marking a rise of nearly 500 places from the previous year. It is the only Vietnamese company to appear on the list for two consecutive years.

A Ranking Built on More Than Growth

TIME and Statista do not rank companies on size alone. Their methodology weighs three dimensions: revenue growth, employee satisfaction and sustainability transparency. Vingroup earned an overall score of 81 out of 100, rising from 817th to 340th worldwide.

The revenue figures behind that score are substantial. In the first half of 2026, Vingroup posted consolidated net revenue of VND 222.9 trillion, up 72 percent year on year, with profit after tax reaching VND 20.904 trillion, more than four and a half times the figure recorded over the same period in 2025. That growth was driven largely by the Group’s industrial manufacturing and real estate businesses, earning Vingroup an “Outstanding” rating on the revenue metric.

Employee satisfaction told a similar story of momentum. Vingroup climbed to 398th globally, up 496 places, in a workforce that now spans roughly 400,000 people across 12 countries.

On sustainability, the Group’s contribution came through a different kind of infrastructure – green transition projects, urban development, and long-term investment in the systems that sustain a livable city rather than a single quarter’s balance sheet. Vinhomes, the Group’s real estate arm, has extended this thinking through its ESG++ model, adding Regeneration and Resilience to the conventional three pillars of Environmental, Social and Governance work, applied across urban developments spanning thousands of hectares.

Two new business lines added to that picture in 2025: infrastructure, through VinSpeed’s high-speed rail projects connecting Ho Chi Minh City to Can Gio and Hanoi to Quang Ninh, and green energy, through VinEnergo’s projects across multiple provinces. Together, they represent an attempt to build not just individual businesses, but the connective tissue – rail, power and mobility – that a modern, low-carbon economy runs on.

Making the EV Transition More Accessible

Within that broader ecosystem, VinFast represents one of the clearest expressions of Vingroup’s global aspirations. The company’s expansion across Asia, North America and Europe is bringing the Group’s vision for a greener future to an increasingly international audience, while putting a Vietnamese automotive brand directly into competition in some of the world’s most established markets.

For customers considering a new automotive brand, however, global vision is only the starting point. The more important question is whether a new entrant can earn the trust required to become part of everyday life.

Research from the McKinsey Center for Future Mobility offers a useful, if counterintuitive, perspective. Surveying thousands of European car buyers, McKinsey found that Europeans open to considering an Asian market entrant show an overall 53 percent likelihood of switching to a new brand when they move to an electric vehicle – a figure that rises as high as 63 percent in the United Kingdom. Brand loyalty, in other words, is proving more fluid in the EV era than it was in the age of the internal combustion engine.

That shift creates an opening for new EV brands. But winning customers requires more than a competitive vehicle. It requires making electric mobility accessible while building the sales, service and ownership infrastructure that gives customers confidence throughout the ownership journey.

With an increasingly diverse and accessible product portfolio, VinFast remains committed to its mission of making electric vehicles more accessible to everyone and enabling customers to transition to green mobility with greater ease and confidence.

In Europe, the company is expanding its presence with products designed around local priorities of efficiency, design and accessibility, including the VF 6 and VF 8, while electric buses such as the EB 8 and the fully European-certified EB 12 further extend its contribution to the region’s transition toward greener transportation.

Across North America, the same vision is being supported by the expansion of VinFast’s sales and service network and the development of its Certified Pre-Owned (CPO) program. Together, these initiatives are designed to build a more comprehensive ecosystem around the customer, extending beyond the vehicle itself to the services and support that shape the ownership experience.

Vingroup was the first Vietnamese company to qualify for TIME’s World’s Best Companies list in 2025, while VinFast has earned recognition among TIME100 Most Influential Companies and Asia-Pacific’s Best Companies of 2025. These milestones reflect growing international recognition of Vingroup’s and VinFast’s aspirations, capabilities and expanding global reach.

The latest TIME recognition for Vingroup therefore arrives at a moment when that global reach is becoming increasingly visible. For VinFast, the challenge and opportunity now extend across multiple continents , from European cities where a new badge is gradually becoming familiar, to North American roads where the company is building its presence and customer ecosystem.

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Technology

XLCS Partners advises CID Capital on its investment in Kaiser Garage Doors & Gates

Published

4 minutes ago

September 11, 2026

NASHVILLE, Tenn., Sept. 11, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce it served as advisor to CID Capital on its investment in Kaiser Garage Doors & Gates, LLC (Kaiser).

Headquartered in Tucson, Arizona, Kaiser is a leading installer and servicer of residential and commercial overhead doors and gates serving the Phoenix, Tucson, and White Mountains markets. With over 30 years of proven operations, the company has established a strong regional footprint, a reputation for quality and reliability, and long-standing customer relationships.

Based in Indianapolis, Indiana, CID Capital is a private equity firm with decades of experience partnering with high-quality, lower middle market companies. CID makes control investments in companies with a proven track record of success and works alongside management teams to provide strategic guidance, resources, and capital for the next phase of growth, combining a focus on founder- and family-owned companies with a collaborative approach to building long-term value.

Kaiser is the third platform investment made from CID’s latest fund, CID Capital Opportunity Fund IV, L.P. In conjunction with the closing, industry veteran Eric Farley stepped in as CEO to lead the business under CID’s ownership, partnering with Dean Bennett, COO, and the existing Kaiser team.

XLCS acted as buyside advisor to CID Capital in connection with its investment in Kaiser, which was completed on August 14, 2026. The engagement was supported by Jay Cremer, Vice President, and David Silva, Senior Associate.

About XLCS Partners, Inc.
XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact:
Kendra Span
kspan@xlcspartners.com
615-379-7783

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Technology

PlanetiQ Selected for NOAA’s Space-Based Environmental Monitoring IDIQ

Published

1 hour ago

September 11, 2026

Selection builds on PlanetiQ’s long-standing relationship with NOAA and adds thermospheric neutral density to its environmental data offerings

GOLDEN, Colo., Sept. 11, 2026 /PRNewswire/ — PlanetiQ, a leading provider of commercial satellite-based environmental data, today announced that it has been selected as an industry partner under NOAA’s new Space-Based Environmental Monitoring (SBEM) Indefinite Delivery, Indefinite Quantity (IDIQ) contract. Through the SBEM IDIQ, PlanetiQ will be eligible to compete for task orders to provide NOAA with two types of commercial environmental data: Global Navigation Satellite System-Radio Occultation (GNSS-RO) observations for atmospheric profiling and ionospheric monitoring, and thermospheric neutral density data for satellite orbit prediction.

“This selection builds on our long-standing partnership with NOAA and expands the ways our data can support the agency, from high-resolution atmospheric and ionospheric observations to thermospheric neutral density for satellite orbit prediction,” said Ira Scharf, CEO of PlanetiQ.

The SBEM IDIQ, established by NOAA’s National Environmental Satellite, Data, and Information Service (NESDIS) through its Commercial Data Program. The contract has a five-year base period followed by a five-year option and is effective from September 1, 2026, through August 31, 2036.

Under SBEM, PlanetiQ will provide data from its existing satellite constellation as well as additional satellites planned for launch later this year. The company’s GNSS-RO observations provide high-resolution atmospheric profiles for numerical weather prediction and measurements of the ionosphere, including Total Electron Content (TEC) and scintillation. PlanetiQ will also introduce thermospheric neutral density data as a new commercial data product for NOAA NESDIS, supporting improved satellite orbit prediction and space-weather applications.

“PlanetiQ has built its business around delivering high-quality GNSS-RO data with the precision needed to improve weather forecasting,” said Ira Scharf, CEO of PlanetiQ. “This selection builds on our long-standing partnership with NOAA and expands the ways our data can support the agency, from high-resolution atmospheric and ionospheric observations to thermospheric neutral density for satellite orbit prediction. We look forward to continuing to work with NOAA to advance weather forecasting and space weather applications.”

Per NOAA’s own press release, NOAA is expanding its procurement and use of new commercial environmental satellite data streams that will enhance weather forecasting and space weather monitoring. The SBEM IDIQ contract is a key part in the agency’s ongoing effort to boost U.S. weather forecasting capabilities.

PlanetiQ currently provides GNSS-RO data to NOAA NESDIS under the agency’s previous commercial data contract vehicle. The company’s most recent task order, announced in August, provides GNSS-RO and ionospheric data and bridges the transition to the new SBEM contract.

About PlanetiQ

PlanetiQ provides the highest-quality GNSS radio occultation (RO) data available from a commercial constellation of satellites, offering unmatched temporal and spatial resolution. The data drive accurate, high-impact weather and climate forecast models, helping improve Numerical Weather Prediction and AI forecasts, safeguard lives and property from severe weather. In 2025, PlanetiQ was awarded NOAA’s largest-ever contract for satellite weather data, valued at $24.3 million. PlanetiQ is a space-tech company that serves the most mission-critical government, defense, and industry leaders, including international weather agencies, enabling more resilient operations across sectors. Founded in 2015 and privately owned, PlanetiQ designs, builds, and operates the preeminent commercial constellation of GNSS-RO satellites, setting the standard for precision and reliability in atmospheric monitoring. For more information, contact info@planetiq.com

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