The global market for wind turbines reached a value of $85.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% to reach $116.6 billion by 2027.

The Global Wind Energy Council estimates that the world will need to install up to 280 GW of new wind energy annually from 2030 onwards to maintain a pathway compliant with meeting net zero by 2050. Fortunately, through technological developments (Table 1) and economies of scale, the global wind power market has nearly quadrupled in size over the past decade.