Wind Turbine Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 33361bRevenue
$12.1bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
39,390
Businesses
439
Wages
$X.Xbn
Wind Turbine Manufacturing in the US industry analysis
Wind turbine manufacturing has been experiencing significant growth in the years leading to 2024, despite general macroeconomic uncertainty experienced during the period. Most states today are required to generate a portion of their electricity from renewable sources, including wind via turbines. The federal renewable electricity production tax credit (PTC) subsidizes energy producers based on the amount of renewable energy they generate, driving growing wind power capacity. Turbine purchases are often timed to benefit from federal tax incentives, which has resulted in considerable volatility during the current period.
Trends and Insights
- Government incentives are here to stay. The Inflation Reduction Act ensures long-term support for wind turbine manufacturers with production and business energy investment tax credits.
- Wind turbines are assembled from a variety of electronic and structural components manufactured by different companies. The competitive landscape, including the speed of technological development and the level of import penetration, varies between the main turbine components.
- The Great Lakes region has the highest concentration of establishments. Many of suppliers of components in wind turbines are predominantly concentrated here due to the region's historic dominance of the auto sector.
- The Wind Turbine Manufacturing industry has a high level of market share concentration. This concentration reflects the high level of capital and specialized knowledge required to manufacture wind turbines.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 8.4 % over the past five years, to reach an estimated $12.1bn in 2024.
Trends and Insights
Extension in production tax credit (PTC) drives investments
- The status of the tax credit and uncertainty surrounding its future have affected the timing of wind turbine purchases.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Offshore wind: An untapped market
- Offshore wind farms can capitalize on coastal winds but have been delayed during the current period because of high costs, blocking shipping routes and fearful effects on marine life. These wind farms are also challenging to maintain because they are susceptible to weather damage (think heavy storms and hurricanes).
Biggest companies in the Wind Turbine Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
General Electric Company | 8,208.0 | 249.2 | 3.0 | |
Vestas Wind Systems A | 5,460.1 | 128.5 | 2.4 | |
Siemens Gamesa Renewable Energy | 1,451.7 | -18.2 | -1.3 |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Nacelles, Rotors and hubs and Towers. Nacelles is the largest segment of the Wind Turbine Manufacturing in the US.
Trends and Insights
Nacelles are the heart of wind turbines
- These are typically made from fiberglass and contain nearly 8,000 components that process the wind swept by the turbine's rotors into electric power.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Solar Panel Manufacturing in the US
Complementors
- Electrical Equipment Manufacturing in the US
- Aircraft, Engine & Parts Manufacturing in the US
- Wind Power in the US
International industries
- Wind Turbine Manufacturing in Canada
- Engine & Turbine Manufacturing in the UK
Table of Contents
About this industry
Industry definition
The Wind Turbine Manufacturing industry manufactures wind turbine blades, towers, generators and related parts. Industry operators also provide maintenance and support services for installed wind turbines.
What's included in this industry?
Manufacture wind turbine nacellesManufacture wind turbine bladesManufacture wind turbine towersWind turbine repair and maintenanceManufacture wind turbine componentsCompanies
General Electric CompanyVestas Wind Systems ASiemens Gamesa Renewable EnergyPurchase this report to view all 3 major companies in this industry.
Related Terms
KILOWATT HOURPTCNAMEPLATE CAPACITYIndustry Code
NAICS 333611 - Wind Turbine Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Government incentives are here to stay. The Inflation Reduction Act ensures long-term support for wind turbine manufacturers with production and business energy investment ta...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Wind turbines are assembled from a variety of electronic and structural components manufactured by different companies. The competitive landscape, including the speed of tech...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The Great Lakes region has the highest concentration of establishments. Many of suppliers of components in wind turbines are predominantly concentrated here due to the region...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The Wind Turbine Manufacturing industry has a high level of market share concentration. This concentration reflects the high level of capital and specialized knowledge requir...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
General Electric Company and Siemens Gamesa Renewable Energy, two of the largest industry operators, have both made large acquisitions. These companies, along with Vestas Win...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of General Electric Company's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Vestas Wind Systems A's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Siemens Gamesa Renewable Energy's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for General Electric Company, and factors influencing its performance in the industry
- Description and key data for Vestas Wind Systems A, and factors influencing its performance in the industry
- Description and key data for Siemens Gamesa Renewable Energy, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Regulations applying directly to the Wind Turbine Manufacturing industry are mainly those that govern overall manufacturing. This includes pollution controls and employee saf...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profitability is volatile in wind turbine manufacturing. Average industry profit is declining, driven by increasing wage and materials costs.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Wind Turbine Manufacturing in the US industry in United States in 2024?
The market size of the Wind Turbine Manufacturing in the US industry in United States is $12.1bn in 2024.
How many businesses are there in the Wind Turbine Manufacturing in the US industry in 2024?
There are 439 businesses in the Wind Turbine Manufacturing in the US industry in United States, which has grown at a CAGR of 17.1 % between 2019 and 2024.
Has the Wind Turbine Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Wind Turbine Manufacturing in the US industry in United States has been growing at a CAGR of 8.4 % between 2019 and 2024.
What is the forecast growth of the Wind Turbine Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Wind Turbine Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Wind Turbine Manufacturing in the US market in United States?
The biggest companies operating in the Wind Turbine Manufacturing market in United States are General Electric Company, Vestas Wind Systems A and Siemens Gamesa Renewable Energy
What does the Wind Turbine Manufacturing in the US in United States include?
Manufacture wind turbine nacelles and Manufacture wind turbine blades are part of the Wind Turbine Manufacturing in the US industry.
Which companies have the highest market share in the Wind Turbine Manufacturing in the US in United States?
The company holding the most market share in United States is General Electric Company.
How competitive is the Wind Turbine Manufacturing in the US industry in United States?
The level of competition is high and increasing in the Wind Turbine Manufacturing in the US industry in United States.
