Wind Turbine Installation in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS OD4491Revenue
$4.8bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
16,157
Businesses
518
Wages
$X.Xbn
Wind Turbine Installation in the US industry analysis
Wind turbine installation companies have faced dynamic shifts driven by government incentives and evolving technology. State and federal policies, like renewable portfolio standards and tax credits, have upheld installations. These policies have been pivotal amid rising environmental concerns and the constant need for sustainable solutions. The significant capacity added during the pandemic gave installers a major boost as the country needed constant electricity. Revenue has surged at a CAGR of 6.2% through the end of 2024, reaching $4.8 billion, including a 0.1% uptick in 2024 alone. Despite the heightened performance, profit has contracted because of elevated wages.
Trends and Insights
- Wind power installations have spiked as the need for cleaner energy grows. Turbine prices have dropped over the last decade, making these installations more affordable and driving broader adoption of renewable energy sources.
- Maintenance is crucial for installers when new wind farm construction slows. Turbines face harsh conditions needing frequent repairs and replacements. Critical components like gearboxes, blades and electrical systems must be maintained to ensure ongoing revenue.
- Wind turbine installers are drawn to the Southeast. The region leads the country in wind power generation because of its favorable financial conditions and robust wind patterns.
- Vertical integration is a game-changer for wind turbine installers. By handling both manufacturing and installation, these companies can cut customer costs and customize turbines for optimal performance in specific environments.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 6.2 % over the past five years, to reach an estimated $4.8bn in 2024.
Trends and Insights
Goverment incentives push the way for clean energy
- State and federal government energy policies have been the backbone for new turbine installations as rising environmental concerns have put renewable energy at the forefront of global sustainability efforts.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Installation falls but other services are still required
- The large number of operating turbines installed in the prior period will continue to require maintenance, providing companies with a steady source of revenue. Still, as many downstream markets have already adopted wind power in line with tax credits, the number of installations are set to fall.
Biggest companies in the Wind Turbine Installation in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
General Electric Company | 1,791.3 | -44.1 | -2.5 | |
Vestas Wind Systems A | 1,004.1 | 103.0 | 10.3 | |
Siemens Gamesa Renewable Energy | 309.7 | -3.9 | -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 Assembly and installation, Electrical infrastructure and Transport. Assembly and installation is the largest segment of the Wind Turbine Installation in the US.
Trends and Insights
Maintenance is the only source of revenue when the construction of new wind farms slows
- Since wind turbines are exposed to natural elements, gearboxes and blades often must be repaired or replaced. Also, some electrical components are likely to need rewiring occasionally. Replacements are expensive and wind power providers lose potential revenue when the turbine is out of commission.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Solar Power in the US
Complementors
- Construction in the US
- Wind Turbine Manufacturing in the US
- Wind Power in the US
International industries
- Transmission Line Construction in Canada
- Heavy Industry and Other Non-Building Construction in Australia
- Heavy Industry and Other Non-Building Construction in New Zealand
- Electricity & Telecommunications Infrastructure Construction in the UK
- Infrastructure Maintenance Services in the UK
Table of Contents
About this industry
Industry definition
Industry companies transport, construct and install wind power collection systems, such as turbines, substations and interconnections services. The work performed may include new work, reconstruction, rehabilitation, and ongoing maintenance and repairs.
What's included in this industry?
Turbine transport, assembly and installationElectrical infrastructure servicesWind farm project developmentTurbine maintenance and managementCompanies
General Electric CompanyVestas Wind Systems ASiemens Gamesa Renewable EnergyPurchase this report to view all 3 major companies in this industry.
Related Terms
MEGAWATTWIND FARMNACELLEIndustry Code
NAICS 23821 - Wind Turbine Installation 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
Wind power installations have spiked as the need for cleaner energy grows. Turbine prices have dropped over the last decade, making these installations more affordable and dr...
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
Maintenance is crucial for installers when new wind farm construction slows. Turbines face harsh conditions needing frequent repairs and replacements. Critical components lik...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
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
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
Wind turbine installers are drawn to the Southeast. The region leads the country in wind power generation because of its favorable financial conditions and robust wind patter...
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
Vertical integration is a game-changer for wind turbine installers. By handling both manufacturing and installation, these companies can cut customer costs and customize turb...
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
The General Electric Company covers every aspect of the wind turbine installation process. The company is vertically integrated which boosts efficiency and streamlines logist...
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
The government’s Infrastructure Investment and Jobs Act and Inflation Reduction Act are pumping significant funds into wind energy, bolstering installation. These acts aim to...
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
Turbine installers prefer renting equipment over purchasing it. This choice keeps depreciation costs low while purchases account for nearly half of their revenue. The trend h...
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 Installation in the US industry in United States in 2024?
The market size of the Wind Turbine Installation in the US industry in United States is $4.8bn in 2024.
How many businesses are there in the Wind Turbine Installation in the US industry in 2024?
There are 518 businesses in the Wind Turbine Installation in the US industry in United States, which has grown at a CAGR of 11.9 % between 2019 and 2024.
Has the Wind Turbine Installation in the US industry in United States grown or declined over the past 5 years?
The market size of the Wind Turbine Installation in the US industry in United States has been growing at a CAGR of 6.2 % between 2019 and 2024.
What is the forecast growth of the Wind Turbine Installation in the US industry in United States over the next 5 years?
Over the next five years, the Wind Turbine Installation in the US industry in United States is expected to grow.
What are the biggest companies in the Wind Turbine Installation in the US market in United States?
The biggest companies operating in the Wind Turbine Installation market in United States are General Electric Company, Vestas Wind Systems A and Siemens Gamesa Renewable Energy
What does the Wind Turbine Installation in the US in United States include?
Turbine transport, assembly and installation and Electrical infrastructure services are part of the Wind Turbine Installation in the US industry.
Which companies have the highest market share in the Wind Turbine Installation 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 Installation in the US industry in United States?
The level of competition is high and steady in the Wind Turbine Installation in the US industry in United States.
