GITNUX REPORT 2024

Global Wind Turbine Industry Statistics: Record Growth and Investment Forecast

Global Wind Industry Soars: 743 GW Capacity in 2020, $50.1B Market, 1.2M Jobs, 35% by 2050.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The wind energy industry supported 1.2 million jobs globally in 2020

Statistic 2

The levelized cost of energy for onshore wind decreased by 9% in 2020

Statistic 3

The global wind turbine operations and maintenance market was valued at $14.3 billion in 2020

Statistic 4

The US wind industry invested $25 billion in new projects in 2020

Statistic 5

Wind energy avoided 198 million tonnes of CO2 emissions in the EU in 2020

Statistic 6

Wind energy reduced EU power sector CO2 emissions by 42% between 2005 and 2020

Statistic 7

Wind energy avoided 270 million tonnes of CO2 emissions in the US in 2020

Statistic 8

Wind energy reduced water consumption in the US power sector by 103 billion gallons in 2020

Statistic 9

Offshore wind farms avoided 29 million tonnes of CO2 emissions in Europe in 2020

Statistic 10

Wind energy could supply up to 35% of global electricity demand by 2050

Statistic 11

Floating offshore wind capacity is projected to reach 16.5 GW by 2030

Statistic 12

The wind energy industry is expected to create 3.3 million jobs by 2025

Statistic 13

Offshore wind is expected to attract $1 trillion of investment by 2040

Statistic 14

Repowering of wind farms is expected to account for 15% of annual installations by 2029

Statistic 15

The average capacity of offshore wind turbines is expected to reach 15 MW by 2030

Statistic 16

The wind energy industry is expected to invest $1.4 trillion in new projects by 2040

Statistic 17

Offshore wind is projected to provide 30% of the UK's electricity by 2030

Statistic 18

Wind energy is projected to supply 20% of global electricity by 2030

Statistic 19

Wind energy is expected to create 600,000 jobs in Europe by 2030

Statistic 20

Wind energy is projected to provide 34% of EU electricity demand by 2030

Statistic 21

Global wind power capacity reached 743 GW in 2020

Statistic 22

The global wind turbine market was valued at $50.1 billion in 2020

Statistic 23

The global wind turbine gearbox market is expected to reach $8.1 billion by 2025

Statistic 24

The global wind turbine blade market is expected to reach $32.5 billion by 2025

Statistic 25

The global wind turbine rotor blade market was valued at $7.4 billion in 2020

Statistic 26

The global wind turbine composite materials market is projected to reach $12.7 billion by 2025

Statistic 27

The global wind turbine foundation market is expected to reach $9.3 billion by 2026

Statistic 28

The global wind turbine casting market was valued at $4.5 billion in 2020

Statistic 29

The global wind turbine tower market was valued at $26.9 billion in 2020

Statistic 30

The global wind turbine monitoring systems market was valued at $2.3 billion in 2020

Statistic 31

The global wind turbine generator market was valued at $21.4 billion in 2020

Statistic 32

The global wind turbine pitch systems market is expected to reach $1.9 billion by 2025

Statistic 33

The global wind turbine materials market was valued at $10.8 billion in 2020

Statistic 34

The global wind turbine control systems market was valued at $5.2 billion in 2020

Statistic 35

The global wind turbine bearing market is expected to reach $11.2 billion by 2025

Statistic 36

The global wind turbine gear oil market was valued at $180 million in 2020

Statistic 37

The global wind turbine rotor hub market is expected to reach $7.3 billion by 2025

Statistic 38

The global wind turbine braking system market was valued at $1.2 billion in 2020

Statistic 39

Offshore wind installations grew by 6.1 GW in 2020

Statistic 40

The global offshore wind market is expected to grow at a CAGR of 31.5% from 2020 to 2026

Statistic 41

The capacity factor of offshore wind farms reached 50% in some locations in 2020

Statistic 42

Offshore wind farms with a total capacity of 6.1 GW were commissioned globally in 2020

Statistic 43

The global offshore wind pipeline reached 189 GW in 2020

Statistic 44

Offshore wind farms with a total capacity of 35 GW were under construction globally in 2020

Statistic 45

Offshore wind farms in Europe produced 88 TWh of electricity in 2020

Statistic 46

The global wind turbine installation vessel market was valued at $3.8 billion in 2020

Statistic 47

China accounted for 68% of new offshore wind capacity in 2020

Statistic 48

The US wind industry installed 16,913 MW of new wind power capacity in 2020

Statistic 49

Germany had the largest cumulative offshore wind capacity in Europe with 7.7 GW in 2020

Statistic 50

Wind energy provided 15% of EU electricity in 2020

Statistic 51

Wind power generated 24.2% of electricity in the UK in 2020

Statistic 52

China installed 71.7 GW of new wind power capacity in 2020

Statistic 53

Wind energy provided 8.4% of US electricity generation in 2020

Statistic 54

Denmark generated 48% of its electricity from wind power in 2020

Statistic 55

Wind power capacity in Africa and the Middle East grew by 10.7% in 2020

Statistic 56

The US had 122,468 MW of operating wind power capacity at the end of 2020

Statistic 57

Wind power accounted for 42% of new power capacity additions in Europe in 2020

Statistic 58

The average capacity of newly installed onshore wind turbines reached 2.8 MW in 2020

Statistic 59

The average rotor diameter of onshore wind turbines increased to 125 meters in 2020

Statistic 60

The average hub height of onshore wind turbines in Germany reached 135 meters in 2020

Statistic 61

The average size of offshore wind turbines installed in 2020 was 8.2 MW

Statistic 62

The capacity factor of new onshore wind projects reached 35% in 2020

Statistic 63

The global wind turbine automation market is expected to reach $4.5 billion by 2026

Statistic 64

The global wind turbine inspection drones market was valued at $142 million in 2020

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Summary

  • Global wind power capacity reached 743 GW in 2020
  • Offshore wind installations grew by 6.1 GW in 2020
  • China accounted for 68% of new offshore wind capacity in 2020
  • The average capacity of newly installed onshore wind turbines reached 2.8 MW in 2020
  • Wind energy could supply up to 35% of global electricity demand by 2050
  • The global wind turbine market was valued at $50.1 billion in 2020
  • The wind energy industry supported 1.2 million jobs globally in 2020
  • The US wind industry installed 16,913 MW of new wind power capacity in 2020
  • The global offshore wind market is expected to grow at a CAGR of 31.5% from 2020 to 2026
  • The average rotor diameter of onshore wind turbines increased to 125 meters in 2020
  • Wind energy avoided 198 million tonnes of CO2 emissions in the EU in 2020
  • The levelized cost of energy for onshore wind decreased by 9% in 2020
  • Germany had the largest cumulative offshore wind capacity in Europe with 7.7 GW in 2020
  • The global wind turbine gearbox market is expected to reach $8.1 billion by 2025
  • The capacity factor of offshore wind farms reached 50% in some locations in 2020

Hold onto your hats, folks! The wind turbine industry is blowing us away with some staggering stats. In 2020 alone, global wind power capacity surged to a mighty 743 GW, with offshore installations leaping by 6.1 GW. And guess whos striding ahead in this green energy race? None other than China, accounting for a whopping 68% of new offshore wind capacity. With wind energy poised to supply up to 35% of global electricity by 2050 and the industry already supporting 1.2 million jobs worldwide, its clear were in for a breezy ride of innovation and growth. Lets dive into the whirlwind of facts and figures shaping the future of wind power!

Economic Impact

  • The wind energy industry supported 1.2 million jobs globally in 2020
  • The levelized cost of energy for onshore wind decreased by 9% in 2020
  • The global wind turbine operations and maintenance market was valued at $14.3 billion in 2020
  • The US wind industry invested $25 billion in new projects in 2020

Interpretation

The wind turbine industry has been a whirlwind of activity in 2020, supporting an impressive 1.2 million jobs worldwide. As the levelized cost of energy for onshore wind decreased by 9%, it's clear that harnessing the power of the wind is becoming not only environmentally friendly but also cost-effective. With the global wind turbine operations and maintenance market valued at a staggering $14.3 billion, it's safe to say that the industry is picking up speed. And with the US wind industry investing a breezy $25 billion in new projects last year, it seems like the wind is at our backs when it comes to sustainable energy solutions.

Environmental Impact

  • Wind energy avoided 198 million tonnes of CO2 emissions in the EU in 2020
  • Wind energy reduced EU power sector CO2 emissions by 42% between 2005 and 2020
  • Wind energy avoided 270 million tonnes of CO2 emissions in the US in 2020
  • Wind energy reduced water consumption in the US power sector by 103 billion gallons in 2020
  • Offshore wind farms avoided 29 million tonnes of CO2 emissions in Europe in 2020

Interpretation

The wind turbine industry continues to blow away emissions targets, proving itself to be the renewable energy champion we all need. With its ability to cut CO2 emissions in the EU by a whopping 198 million tonnes in 2020 and a remarkable 270 million tonnes in the US, wind power is definitely not just hot air. Add to that the impressive reduction of water consumption by 103 billion gallons in the US power sector, and it's clear that this industry is not just a breeze – it's a powerful force for good. Offshore wind farms deserve a special mention for avoiding 29 million tonnes of CO2 emissions in Europe in 2020, showing that when it comes to fighting climate change, the winds of change are definitely blowing in the right direction.

Future Projections

  • Wind energy could supply up to 35% of global electricity demand by 2050
  • Floating offshore wind capacity is projected to reach 16.5 GW by 2030
  • The wind energy industry is expected to create 3.3 million jobs by 2025
  • Offshore wind is expected to attract $1 trillion of investment by 2040
  • Repowering of wind farms is expected to account for 15% of annual installations by 2029
  • The average capacity of offshore wind turbines is expected to reach 15 MW by 2030
  • The wind energy industry is expected to invest $1.4 trillion in new projects by 2040
  • Offshore wind is projected to provide 30% of the UK's electricity by 2030
  • Wind energy is projected to supply 20% of global electricity by 2030
  • Wind energy is expected to create 600,000 jobs in Europe by 2030
  • Wind energy is projected to provide 34% of EU electricity demand by 2030

Interpretation

In a whirlwind of statistics, the wind turbine industry is primed to shake up the energy landscape like never before. With the potential to meet a significant portion of global electricity demand, create millions of jobs, attract trillions in investment, and power entire nations, it's safe to say that wind energy is breezing towards a sustainable future. So, hold onto your hats and let the wind turbines spin because the forecast is clear: this industry is set to blow away the competition.

Market Growth

  • Global wind power capacity reached 743 GW in 2020
  • The global wind turbine market was valued at $50.1 billion in 2020
  • The global wind turbine gearbox market is expected to reach $8.1 billion by 2025
  • The global wind turbine blade market is expected to reach $32.5 billion by 2025
  • The global wind turbine rotor blade market was valued at $7.4 billion in 2020
  • The global wind turbine composite materials market is projected to reach $12.7 billion by 2025
  • The global wind turbine foundation market is expected to reach $9.3 billion by 2026
  • The global wind turbine casting market was valued at $4.5 billion in 2020
  • The global wind turbine tower market was valued at $26.9 billion in 2020
  • The global wind turbine monitoring systems market was valued at $2.3 billion in 2020
  • The global wind turbine generator market was valued at $21.4 billion in 2020
  • The global wind turbine pitch systems market is expected to reach $1.9 billion by 2025
  • The global wind turbine materials market was valued at $10.8 billion in 2020
  • The global wind turbine control systems market was valued at $5.2 billion in 2020
  • The global wind turbine bearing market is expected to reach $11.2 billion by 2025
  • The global wind turbine gear oil market was valued at $180 million in 2020
  • The global wind turbine rotor hub market is expected to reach $7.3 billion by 2025
  • The global wind turbine braking system market was valued at $1.2 billion in 2020

Interpretation

In the turbulent world of wind energy, the numbers don't lie: the industry is spinning faster than a wind turbine blade in a storm. With global wind power capacity hitting a whopping 743 GW in 2020 and market values soaring into the billions, it's clear that renewable energy is no longer just a gust of hot air. As the sector gears up for even greater heights, with projections reaching dizzying heights in the coming years, one thing is certain – the wind is at our backs as we harness the power of nature to drive us towards a greener future.

Offshore Wind

  • Offshore wind installations grew by 6.1 GW in 2020
  • The global offshore wind market is expected to grow at a CAGR of 31.5% from 2020 to 2026
  • The capacity factor of offshore wind farms reached 50% in some locations in 2020
  • Offshore wind farms with a total capacity of 6.1 GW were commissioned globally in 2020
  • The global offshore wind pipeline reached 189 GW in 2020
  • Offshore wind farms with a total capacity of 35 GW were under construction globally in 2020
  • Offshore wind farms in Europe produced 88 TWh of electricity in 2020
  • The global wind turbine installation vessel market was valued at $3.8 billion in 2020

Interpretation

In the ever-evolving world of wind energy, 2020 showcased the offshore wind industry spreading its wings (or should we say blades) in impressive fashion. With a growth rate that puts even favorite tech stocks to shame, these wind turbines are not just spinning tales of sustainability but also ringing up substantial figures. Operating at a capacity factor of 50% in select locations, offshore wind farms are proving to be more than just eye candy on the horizon, generating a whopping 88 TWh of electricity in Europe alone. As the global offshore wind pipeline continues to balloon, it's clear that this industry is riding high on the winds of change – and it seems there's no sign of it losing steam any time soon.

Regional Development

  • China accounted for 68% of new offshore wind capacity in 2020
  • The US wind industry installed 16,913 MW of new wind power capacity in 2020
  • Germany had the largest cumulative offshore wind capacity in Europe with 7.7 GW in 2020
  • Wind energy provided 15% of EU electricity in 2020
  • Wind power generated 24.2% of electricity in the UK in 2020
  • China installed 71.7 GW of new wind power capacity in 2020
  • Wind energy provided 8.4% of US electricity generation in 2020
  • Denmark generated 48% of its electricity from wind power in 2020
  • Wind power capacity in Africa and the Middle East grew by 10.7% in 2020
  • The US had 122,468 MW of operating wind power capacity at the end of 2020
  • Wind power accounted for 42% of new power capacity additions in Europe in 2020

Interpretation

In a world where numbers dance around like colorful kites in the wind, the Wind Turbine Industry's 2020 performance is truly a whirlwind of awe-inspiring proportions. From China's domination of offshore wind capacity to the US's impressive installation numbers, and Germany's crown as Europe's offshore wind heavyweight, it's clear that wind energy is blowing away the competition. With the EU and the UK harnessing significant chunks of their electricity from wind power, and Denmark leading the charge in renewable energy reliance, it's no wonder the industry is gaining momentum globally. So, as we see wind power capacity spreading its wings across Africa, the Middle East, and beyond, it's a breeze to see that the world is spinning towards a cleaner, greener energy future, one turbine at a time.

Technology Advancements

  • The average capacity of newly installed onshore wind turbines reached 2.8 MW in 2020
  • The average rotor diameter of onshore wind turbines increased to 125 meters in 2020
  • The average hub height of onshore wind turbines in Germany reached 135 meters in 2020
  • The average size of offshore wind turbines installed in 2020 was 8.2 MW
  • The capacity factor of new onshore wind projects reached 35% in 2020
  • The global wind turbine automation market is expected to reach $4.5 billion by 2026
  • The global wind turbine inspection drones market was valued at $142 million in 2020

Interpretation

In the ever-evolving world of wind energy, it seems that size does matter - and bigger is better. With onshore turbines towering at dizzying heights and offshore giants boasting impressive capacities, it's clear that the wind turbine industry is reaching new heights both literally and figuratively. As automation and drone technology continue to revolutionize the sector, it's no surprise that the market is set to soar to new financial peaks. So buckle up, because it appears that the wind of change is blowing stronger than ever in the renewable energy landscape.

References