Vietnam Onshore Wind Market (2026-2031)
The Vietnam Onshore Wind Market was valued at $678 Million in 2026 and projected to reach to $5580 Million by 2031, representing a compound annual growth rate of 26.4%. Vietnam's onshore wind market is poised for transformative growth through 2031, driven by aggressive renewable energy targets and government incentives supporting clean energy transition.
| Market Size in | USD 26.32 MN |
| Market Forecast in | |
| CAGR | |
| Forecast Period | |
| Units Considered | Value (USD MN) |
Vietnam Onshore Wind Market Trends and Insights
- This represents a compound annual growth rate of 26.4%, significantly outpacing global trends and positioning Vietnam as a critical hub for wind energy development in Asia Pacific.
- Vietnam's rapid expansion is driven by government renewable energy targets, abundant coastal and highland wind resources, and substantial foreign investment in clean energy infrastructure. The Vietnamese onshore wind sector benefits from favorable policy frameworks and competitive manufacturing capabilities.
- Between 2026 and 2031, Vietnam is expected to attract major turbine installations and supply chain investments as regional demand for sustainable power generation intensifies.
- Vietnam's strategic location, combined with improving grid infrastructure and declining technology costs, creates a compelling investment landscape for developers and equipment manufacturers seeking exposure to Asia Pacific's energy transition..
Key Market Statistics
- CAGR (2026-2031) 26.4% CAGR
- Market Size, 2026 ~USD 678 Million
- Forecast, 2031 ~USD 5580 Million
- Country Vietnam
Vietnam Onshore Wind Market Overview
Exceptional Growth Trajectory :
Vietnam's onshore wind market is projected to grow from $678 million in 2026 to $5,580 million by 2031, representing a 26.4% CAGR—significantly exceeding the global average of 10.3% and establishing Vietnam as Asia Pacific's fastest-growing wind energy market.
Government Policy Support :
Vietnam's renewable energy targets and feed-in tariff mechanisms are driving substantial investments in onshore wind infrastructure. Government commitments to achieving net-zero emissions by 2050 are accelerating project development and attracting international developers.
Strategic Geographic Advantages :
Vietnam's coastal and highland regions offer exceptional wind resources with average wind speeds supporting high-capacity factor installations. The country's geographic positioning in Southeast Asia makes it ideal for regional energy exports and grid integration.
Investment Opportunities :
The 8x market expansion over five years creates substantial opportunities for equipment manufacturers, project developers, and service providers. Foreign direct investment in Vietnamese wind projects is accelerating due to competitive costs and favorable regulatory frameworks.
Vietnam Onshore Wind Market Dynamics
- The country's abundant wind resources, combined with improving grid infrastructure and declining technology costs, create an ideal environment for large-scale wind farm development.
- Major international developers are establishing operations in Vietnam, while domestic manufacturers are expanding capacity to meet surging demand. The market's 26.4% CAGR reflects Vietnam's strategic positioning as a renewable energy leader in Southeast Asia.
- Continued policy support, including extended power purchase agreements and investment tax credits, will sustain momentum.
- However, grid modernization and supply chain localization remain critical challenges.
- By 2031, Vietnam is expected to become a regional hub for wind energy manufacturing and deployment, attracting significant capital and technical expertise..
Market Ecosystem
ONSHORE WIND MARKET: COMMERCIAL USE CASES ACROSS INDUSTRIES
| COMPANY | USE CASE DESCRIPTION | BENEFITS |
|---|---|---|
 |
Whitelee Wind Farm, one of the UK’s largest onshore wind facilities, required modernization to improve energy output and operational efficiency while supporting the country’s renewable energy targets. Aging assets and evolving grid requirements made repowering and digital optimization increasingly important. | Modernization enhanced annual energy production, reduced maintenance-related downtime, extended asset life, and improved overall project economics. It also supported lower lifecycle costs and increased reliability, enabling the wind farm to continue supplying renewable electricity efficiently. |
 |
The 372 MW Björnberget project in Sweden was developed to strengthen renewable electricity generation in the Nordic region while taking advantage of favorable wind resources and modern high-capacity turbine technology | The project achieved higher energy capture, improved operational efficiency, and enhanced reliability, contributing substantial clean electricity to the regional grid while reducing the levelized cost of energy over the project lifetime. |
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
Related Ecosystem
Decarbonization
- Battery Electric Vehicle (BEV)
- Energy Management Systems
- Fuel Cell
- Fuel Cell Electric Vehicle (FCEV)
- Geographical Information System (GIS)
- TotalEnergies SE
- Siemens ag
- Mitsui & Co., Ltd.
- General Electric Company
- Thyssenkrupp ag
Key Takeaways
- Vietnam's onshore wind market will grow from $678.0M (2026) to $5,580.0M (2031) at a 26.4% CAGR, outpacing global growth rates.
- Vietnam's abundant wind resources in coastal and highland regions position the country as Asia Pacific's fastest-growing wind energy market.
- Government renewable energy mandates and supportive policies are accelerating turbine deployment and attracting international investment into Vietnam.
- Vietnam's competitive manufacturing ecosystem and improving grid infrastructure create significant opportunities for equipment suppliers and project developers through 2031.
Onshore Wind Market Report Scope
| Report Metric | Details |
|---|---|
| Base Year | 2026 |
| Fastest Growing Segment | ABOVE 5 MW (Turbine Rating) |
| Forecast Period | 2026-2031 |
| Growth Rate | CAGR of 10.3% from 2026 to 2031 |
| Largest Segment | TURBINES (Component) |
| Market Size Base Year (Billions) | ~USD 132.9 (2026) |
| Revenue Forecast (Billions) | ~USD 216.97 (2031) |
| Segments Covered | Component, Turbine Rating |
Vietnam Onshore Wind Market Report Segmentation
2 segment dimensions are covered across the global market.
By Component
- Electrical Infrastructure
- Turbines
By Turbine Rating
- 2-3 Mw
- 4-5 Mw
- Above 5 Mw
- Below 2 Mw
Target Audience
- Wind Energy Developers & Project Owners : Require detailed market sizing and growth forecasts to identify pipeline opportunities, assess project viability, and secure financing for onshore wind installations across Vietnam's high-potential regions.
- Equipment Manufacturers & Suppliers : Need market demand projections and competitive landscape data to plan manufacturing capacity expansion, establish distribution networks, and capitalize on Vietnam's rapidly growing equipment procurement needs.
- Investment & Financial Institutions : Utilize market analysis for portfolio allocation decisions, risk assessment, and identifying attractive investment opportunities in Vietnam's renewable energy sector with superior growth prospects.
- Government & Policy Makers : Leverage market intelligence to inform renewable energy policy development, infrastructure planning, and regulatory frameworks that support Vietnam's clean energy transition and economic growth objectives.
- Consulting & Engineering Firms : Access comprehensive market data to support client advisory services, feasibility studies, and strategic planning for wind energy projects and market expansion initiatives in Vietnam.
Reasons to Buy this Report
- Market Size & Growth Validation : Obtain precise market valuations and verified CAGR data for Vietnam's onshore wind sector, enabling accurate financial forecasting and investment decision-making with confidence in market projections through 2031.
- Competitive Intelligence : Identify key market players, emerging competitors, and market share dynamics specific to Vietnam. Understand competitive positioning and strategic opportunities in this high-growth market ahead of competitors.
- Investment Risk Assessment : Access detailed analysis of regulatory frameworks, policy stability, and market risks unique to Vietnam. Make informed investment decisions with comprehensive understanding of country-specific opportunities and challenges.
- Technology & Supply Chain Insights : Understand Vietnam's manufacturing capabilities, supply chain development, and technology adoption trends. Identify partnerships and sourcing opportunities for wind equipment and services in the region.
- Strategic Market Entry Planning : Develop data-driven market entry strategies with insights into regional demand patterns, customer preferences, and distribution channels specific to Vietnam's wind energy sector.
Frequently asked questions
What is the projected size of Vietnam's onshore wind market by 2031?
Vietnam's onshore wind market is forecast to reach $5,580.0 million by 2031, growing from $678.0 million in 2026.
What is the CAGR for Vietnam's onshore wind market?
Vietnam's onshore wind market is expected to grow at a compound annual growth rate of 26.4% between 2026 and 2031.
What factors are driving growth in Vietnam's onshore wind sector?
Vietnam's growth is driven by government renewable energy targets, abundant wind resources in coastal and highland areas, supportive policies, and increasing foreign investment in clean energy infrastructure.
How does Vietnam's wind market growth compare to global trends?
Vietnam's 26.4% CAGR significantly exceeds the global onshore wind market CAGR of 10.3%, making Vietnam one of the fastest-growing markets in the sector.
What opportunities exist for investors in Vietnam's onshore wind market?
Vietnam offers opportunities in turbine manufacturing, project development, grid infrastructure upgrades, and supply chain expansion as the market scales from 2026 to 2031.
RESEARCH METHODOLOGY
The study involved major activities in estimating the current size of the onshore wind market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the onshore wind market involved the use of extensive secondary sources, directories, and databases, such as D&B Hoovers, Bloomberg, Businessweek, Factiva, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect valuable information for a technical, market-oriented, and commercial study of the global onshore wind market. The other secondary sources included companies' annual reports, press releases, and investor presentations; white papers; certified publications; articles by recognized authors; manufacturer associations; trade directories; and databases.
Primary Research
The onshore wind market comprises stakeholders across the value chain, including onshore wind turbine manufacturers, component suppliers, onshore cable manufacturers, onshore substation providers, EPC contractors, project developers, utilities, transmission system operators, engineering consultants, digital technology providers, and operations & maintenance service providers. On the demand side, the market is driven by the increasing deployment of onshore wind projects across key regions, including Europe, Asia Pacific, and North America, supported by growing investments from utilities, independent power producers (IPPs), governments, and industrial energy consumers seeking large-scale renewable energy solutions. On the supply side, turbine manufacturers, foundation suppliers, electrical infrastructure providers, and onshore service companies are benefiting from increasing project awards, long-term supply agreements, and investments in onshore renewable energy infrastructure. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The following is the breakdown of primary respondents:
Note: Others include sales managers, engineers, and regional managers.
The tiers of the companies are defined by their total revenue as of 2024: Tier 1: > USD 1 billion; Tier 2: USD 500 million–1 billion; and Tier 3: < USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were employed to estimate and validate the size of the onshore wind market and its dependent submarkets. The key players in the market were identified through secondary research, and their market share in the respective regions was determined through a combination of primary and secondary research. The research methodology involves analyzing the annual and financial reports of leading market players and conducting interviews with industry experts, including chief executive officers, vice presidents, directors, sales managers, and marketing executives, to gather key quantitative and qualitative insights into the onshore wind market.
Data Triangulation
After determining the overall market size through the estimation process explained above, the total market has been divided into several segments and subsegments. To complete the overall market engineering process and obtain exact statistics for all segments and subsegments, data triangulation and market breakdown have been employed where applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the market has been validated using both top-down and bottom-up approaches.
Market Definition
The onshore wind market encompasses the development, manufacturing, and installation of land-based wind energy systems that generate electricity from wind. It includes key components such as wind turbines, nacelles, rotors and blades, towers, and supporting electrical infrastructure, including wires and cables, substations, and related balance-of-plant equipment. The market covers turbine capacity segments ranging from up to 2 MW to above 5 MW and serves utility-scale, commercial, industrial, and government-backed renewable energy projects. Market growth is driven by decarbonization initiatives, favorable regulatory policies, technological advancements in turbine design, declining electricity generation costs, and increasing investments in sustainable and energy-secure power infrastructure.
Key Stakeholders
- Project Developers & Owners
- Turbine Manufacturers
- EPC Contractors & Marine Engineering Firms
- Mooring, Anchoring, & Subsea System Providers
- Electrical Infrastructure & Grid Connection Providers
- Governments & Regulatory Authorities
- Investors & Financial Institutions
- Research Institutions & Certification Bodies
- Energy Associations
- Environmental Associations
- Energy Efficiency Consultants
Report Objectives
- To describe and forecast the onshore wind market, by turbine rating and component, in terms of value
- To describe and forecast the onshore wind market for various segments with respect to five main regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa, along with their country-level analysis, in terms of value
- To provide detailed information regarding the major drivers, restraints, opportunities, and challenges influencing the growth of the onshore wind market
- To analyze market opportunities for stakeholders and provide a detailed competitive landscape for market leaders
- To strategically analyze micromarkets about individual growth trends, prospects, and contributions to the total market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To provide a detailed overview of the unmet needs and white spaces, interconnected markets and cross-sector opportunities, strategic moves by tier-1/2/3 players, onshore wind market value chain analysis, ecosystem analysis, key conferences and events, key stakeholders and buying criteria, patent analysis, trends/disruptions impacting customer business, trade analysis, tariff analysis, investment and funding scenario, technology analysis, technology/product roadmap, case study analysis, regulations, future applications, macroeconomic outlook, pricing analysis, Porter’s five forces analysis, sustainability initiatives, adoption barriers and internal challenges, market profitability, impact of regulatory policies on sustainability initiatives, certifications, labeling and eco-standards, decision making process, impact of gen AI, and the 2024 US tariff impact
- To analyze competitive developments, such as agreements, product launches, expansions, contracts, investments, partnerships, collaborations, announcements, and acquisitions in the market
Available customizations:
MarketsandMarkets offers customizations tailored to the specific needs of companies using the given market data.
The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis
- Further breakdown of the onshore wind systems, by country
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Get the Full Onshore Wind Market Report
Full forecast, segment splits, and company analysis for all Onshore Wind Market.
- China Onshore Wind Market
- India Onshore Wind Market
- Australia Onshore Wind Market
- Canada Onshore Wind Market
- US Onshore Wind Market
- Germany Onshore Wind Market
- UK Onshore Wind Market
- Spain Onshore Wind Market
- France Onshore Wind Market
- Italy Onshore Wind Market
- Sweden Onshore Wind Market
- Saudi Arabia Onshore Wind Market
- South Africa Onshore Wind Market
- Brazil Onshore Wind Market
- Rest Of Europe Onshore Wind Market
- Rest Of Asia Pacific Onshore Wind Market
- Rest Of South America Onshore Wind Market
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