Wind Turbine Manufacturing in the US - Industry Market Research Report

Wind Turbine Manufacturing in the US - Industry Market Research Report

Wind Turbine Manufacturing in the US

Wind turbine manufacturing has been experiencing significant growth in the years leading to 2023, despite uncertainty surrounding energy policies 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, leading to a rise in new wind power capacity since 2017. Turbine purchases are often timed to benefit from federal tax incentives, which has resulted in considerable volatility during the current period. The Trump Administration's lack of emphasis on renewable energy eroded industry investment, but industry revenue has still been growing at a CAGR of 10.2% over the past five years, reaching an estimated $13.5 billion in 2023. This notably includes a spike of 74.6% in 2020 alone, as the anticipated phaseout of the PTC at the end of 2020 sparked investments. PTCs were eventually extended in 2022 by Congress, so the industry is expected to show tempered growth of 1.6% in 2023, though profit will likely decline in the next few years.

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.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.