01 Declining Cost of Wind EnergyOver the past ten years, there has been a dramatic decrease in the price of wind energy. Adopting higher and larger-sized wind turbines is the main factor contributing to the price decline. Previously, steel and aluminum-based components were the mainstays of the wind industry. If used to make big wind turbine blades, these materials are hefty and risk being broken. The wind industry has recently created more robust, lighter materials, including polymers and fiberglass composites.Additionally, whereas in the past, the wind business mainly employed steel to construct enormous towers, today's wind towers are built of steel and concrete, allowing the producers to construct large towers. The gearbox for wind turbines now uses better bearing materials. In addition, there have been substantial advancements in the designs and production techniques during the past few years. These advancements have made it possible for producers of wind turbines to construct powerful wind turbines at a relatively reduced cost.
01 Dearth of Technical ExpertiseThe electrical systems have the highest yearly failure rates of any fixed-base wind turbine component, exceeding 0.5 in some cases, with an average downtime of just under two days per failure, according to analyses of the failure rates of different components of the turbine. This is the outcome of numerous technical issues that also need trained experts. The need for experts and professionals is growing due to improved analysis methods for combined wind and wave loading present on FOWT installations, an adaptation of current manufacturing methods to enhance the performance of turbine blades, and optimization of power cabling connections for deep water offshore operations. A lack of technical expertise seriously hampers the offshore wind industry's progress.
01 Mounting Technological AdvancementTechnological developments in the design of wind turbine components, like glass composites, to lower the cost of maintenance and installation will further extend lucrative opportunities to market players in the forecast period of 2022 to 2029. Modern glass composites construct smaller, cheaper, and more accessible transport and assemble components. These components are elementary to install and repair. Costs associated with installation and maintenance are thereby reduced, which will help the market grow.
June 2026 GE Vernova expanded its wind energy manufacturing and supply capabilities in India through the launch of its 3.8 MW–154m onshore wind turbine platform and a supply agreement with Powerica Limited for a 100 MW wind project in Gujarat. The project will utilize turbines manufactured through GE Vernova’s Pune facility, reinforcing localized turbine production and component supply networks.
March 2026 Vestas Wind Systems A/S announced plans to establish a new nacelle and hub manufacturing facility in Scotland, UK, with an investment exceeding €250 million. The proposed facility will manufacture nacelles and hubs for Vestas’ V236-15.0 MW offshore wind turbine platform, strengthening regional offshore wind supply chains and supporting localized production capabilities in Europe.
February 2026 Nordex SE announced plans to expand its presence in the U.S. wind energy market following increased order intake and manufacturing optimization initiatives. The company’s expansion strategy supports rising demand for large-scale wind turbines, including nacelle assemblies and integrated turbine systems.