As per MRFR analysis, the Vertical Axis Wind Turbine Market Size was estimated at 4.12 (USD Billion) in 2022.The Vertical Axis Wind Turbine Market Industry is expected to grow from 4.49(USD Billion) in 2023 to 9.6 (USD Billion) by 2032. The Vertical Axis Wind Turbine Market CAGR (growth rate) is expected to be around 8.82% during the forecast period (2024 - 2032).
The growing demand for renewable energy sources is a key market driver for the Vertical Axis Wind Turbine Market. Vertical axis wind turbines (VAWTs) are gaining popularity due to their advantages over traditional horizontal axis wind turbines (HAWTs), including their ability to operate in low-wind conditions and their compact design. The market is also being driven by increasing investments in wind energy projects, particularly in developing countries.
Opportunities for growth in the VAWT market include the development of more efficient and cost-effective turbine designs, as well as the expansion of the market for small-scale VAWTs for residential and commercial applications.
Recent trends in the VAWT market include the increasing adoption of direct-drive turbines, which eliminate the need for a gearbox, and the development of new materials and manufacturing techniques that are making VAWTs more durable and cost-effective. Additionally, there is a growing interest in the use of VAWTs for offshore applications, where they can take advantage of stronger and more consistent wind speeds.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
With the rapid surge in global environmental consciousness and the escalating depletion of fossil fuels, there has been a significant demand for renewable sources of energy. Owing to its manifold advantages, the Vertical Axis Wind Turbine is becoming more popular than traditional Horizontal axis turbines. Vertical axis turbine are known to work at low wind speeds, are less noisy, and can be installed in urban neighborhoods. Considering its manifold advantages, the demand for these wind turbines is anticipated to increase exponentially, thereby escalating the growth of the Vertical Axis Wind Turbine Market Industry.
Technological advancements In addition to this, technological advancements are another key factor fuelling the growth of the VAWT market. VAWTs have traditionally been less efficient compared to HAWTs. However, recent technological advances have enhanced the efficiency of the VAWTs significantly. For example, better blades were designed, new control systems were developed, and innovative materials were introduced. As a result, today’s VAWTs are as efficient as HAWTs.This makes the VAWTs more prevalent within the renewable energy sector.
Government support is also one of the major factors driving the growth of the Vertical Axis Wind Turbine Market Industry. Many governments realize the detrimental long-term impact of continued reliance on traditional sources of energy. They are, therefore, providing encouragement and incentives for the development of renewable energies, including VAWTs in the form of tax reliefs, subsidies, and feed-in tariffs. This is enabling viable development at a lower cost and so it is proving to be a major growth driver of the VAWT market.
The Vertical Axis Wind Turbine Market is segmented by type into straight-bladed vertical axis wind turbine and curved-bladed vertical axis wind turbine. The straight-bladed vertical axis wind turbine segment is expected to hold a larger market share in 2023 and is projected to continue to dominate the market throughout the forecast period. This is due to the fact that straight-bladed vertical axis wind turbines are simpler to design and manufacture and are, therefore, more cost-effective than curved-bladed vertical axis wind turbines.
Additionally, straight-bladed vertical axis wind turbines are more efficient at capturing wind energy at low wind speeds, making them ideal for use in urban areas.The curved-bladed vertical axis wind turbine segment is expected to grow at a faster rate than the straight-bladed vertical axis wind turbine segment over the forecast period. This is due to the fact that curved-bladed vertical axis wind turbines are more efficient at capturing wind energy at high wind speeds, making them ideal for use in offshore and high-wind applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Vertical Axis Wind Turbine Market is segmented by Rotor Configuration into H-Type and V-Type. The H-Type segment is expected to account for a larger share of the market in 2023, owing to its advantages, such as higher efficiency and lower noise levels. The V-Type segment is projected to grow at a faster CAGR over the forecast period due to its compact design and suitability for urban areas. In 2023, the H-Type segment is expected to be valued at around USD 2.8 billion, while the V-Type segment is projected to reach a valuation of USD 1.69 billion by 2032.
The Vertical Axis Wind Turbine Market is segmented by end user into residential, commercial and industrial, and utilities. The residential segment is expected to account for the largest share of the market in 2024 due to the increasing demand for renewable energy sources in residential applications. The commercial and industrial segment is also expected to grow significantly, driven by the increasing adoption of vertical axis wind turbines in commercial and industrial buildings. The utility segment is expected to grow at a slower pace due to the high cost of vertical axis wind turbines.However, the increasing demand for renewable energy sources is expected to drive the growth of the utilities segment in the long term.
The Turbine Power segment is a crucial aspect of the Vertical Axis Wind Turbine Market, influencing market growth and industry dynamics. In 2023, the segment accounted for a significant share of the overall market revenue. The 'Less than 1 MW' sub-segment dominates the Turbine Power segment, primarily driven by the increasing demand for small-scale wind turbines for residential and commercial applications.
However, the '1 - 5 MW' sub-segment is projected to witness substantial growth in the coming years due to the rising adoption of mid-scale turbines for industrial and utility-scale projects.The '5 MW and Above' sub-segment, though currently holding a smaller market share, is expected to gain traction as larger-scale wind turbines become more cost-effective and efficient. Overall, the Turbine Power segment plays a vital role in shaping the Vertical Axis Wind Turbine Market and is poised for continued growth in the years to come.
The regional segmentation of the Vertical Axis Wind Turbine Market offers valuable insights into the market's geographic distribution and growth potential. North America, Europe, APAC, South America, and MEA are the key regions analyzed in this segmentation. North America held a significant market share in 2023, driven by increasing investments in renewable energy and favorable government policies.
Europe is projected to exhibit steady growth over the forecast period, supported by the region's focus on reducing carbon emissions and promoting sustainable energy sources.APAC is anticipated to witness the highest growth rate due to rising energy demand, supportive government initiatives, and increasing industrialization. South America and MEA are expected to contribute to the overall market growth, albeit at a moderate pace, as these regions continue to explore and develop their renewable energy potential.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The major players in the Vertical Axis Wind Turbine Market Business are closely focused and investing in innovative and efficient technology development. Many major players in the Vertical Axis Wind Turbine Market are investing heavily in Research and Development to enhance product performance and cost. The development in the Vertical Axis Wind Turbine Market is bolstered by the increasing usage of the vertical axis wind turbine in several applications. The applications include urban areas, off-shore, and remote regions. The competition among the major players of the VAWT market is differentiated by both established as well as emerging startups.
One of the major competitors functioning in the Vertical Axis Wind Turbine Market is Vestas. Vestas is one of the major players in the wind energy solutions provider, and this company manufactures all range VAWT. Vestas manufactures both of the smaller versions for residential purposes as well as larger versions for a utility at utility scales. The main market strategy of this company is closely working with customers’ needs and innovating new ideas. This is the major competitor, and it is continuously channeling its resources into research and development to enhance the overall efficiency of the blades of the VAWT.
Another major competitor in the Vertical Axis Wind Turbine Market is Eocycle Technologies. Eocycle Technologies is specialized in manufacturing the VAWT and is well-established in the market. The VAWT designed and manufactured by this company has a very low noise operation and has high efficiency as well. Such types of VAWT are suitable in high-density urban areas and for residential purposes. To reach customer satisfaction, this company closely works with the customers to enhance overall performance.
The Vertical Axis Wind Turbine Market is poised for substantial growth in the coming years. Driven by increasing demand for renewable energy sources and government initiatives to reduce carbon emissions, the market is projected to exhibit a CAGR of 8.82% during the forecast period of 2024-2032.
In 2024, the market is valued at USD 4.49 billion and is anticipated to reach USD 9.6 billion by 2032. Key trends shaping the market include technological advancements, such as the development of more efficient and cost-effective turbines and the expansion of offshore wind farms. Additionally, growing investments in research and development are expected to further drive market growth.
| Report Attribute/Metric | Details |
| Market Size 2022 | 4.12 (USD Billion) |
| Market Size 2023 | 4.49 (USD Billion) |
| Market Size 2032 | 9.6 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 8.82% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Mingyang Smart Energy, Enercon, GaiaWind, Envision Energy, WTG, Norvento, Vestas Wind Systems, Lagerwey, Suzlon Energy, Sumitomo Heavy Industries, Goldwind, Doosan Heavy Industries Construction, Siemens Gamesa Renewable Energy, Senvion |
| Segments Covered | Type, Rotor Configuration, End User, Turbine Power, Regional |
| Key Market Opportunities | Rising demand for renewable energy sources Government incentives and subsidies Increasing awareness of environmental sustainability Technological advancements and innovation Growing urbanization and industrialization |
| Key Market Dynamics | Rising energy demand Increasing government support Technological advancements Growing awareness of renewable energy Falling component costs |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Vertical Axis Wind Turbine Market is expected to reach an overall valuation of 4.49 billion USD in 2023.
The Vertical Axis Wind Turbine Market is projected to reach an overall valuation of 9.6 billion USD by 2032.
The Vertical Axis Wind Turbine Market is expected to grow at a CAGR of 8.82% from 2024 to 2032.
The Asia-Pacific region is anticipated to be a key driver of growth for the Vertical Axis Wind Turbine Market.
Vertical axis wind turbines are primarily used for generating electricity in residential, commercial, and industrial applications.
Some of the key players in the Vertical Axis Wind Turbine Market include Vestas, Siemens Gamesa, and Goldwind.
The Vertical Axis Wind Turbine Market currently faces challenges related to high manufacturing costs and limited availability of skilled labor.
The Vertical Axis Wind Turbine Market is expected to witness increasing adoption of direct-drive technology and advancements in blade design.
Government policies and incentives are playing a significant role in shaping the regulatory landscape for the Vertical Axis Wind Turbine Market.
Vertical axis wind turbines offer opportunities for distributed generation, urban applications, and integration with existing infrastructure.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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