USD 51.93 billion
Global Onshore Wind Energy Market Size, Share, Growth Analysis, By Application(Power generation, Industrial), By Capacity(2MW, 2MW to 3MW) - Industry Forecast 2024-2031
Report ID:
SQMIG55F2020 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|
Tables:
63 |
Figures:
76
Global Onshore Wind Energy Market Insights
Global Onshore Wind Energy Market size was valued at USD 51.93 billion in 2022 and is poised to grow from USD 54.47 billion in 2023 to USD 79.87 billion by 2031, at a CAGR of 4.90% during the forecast period (2024-2031).
The global onshore wind energy market is a fast-growing sector of the renewable energy industry, focused on the development, production, and sale of wind energy generated from land-based wind turbines. Wind energy is an important component of the global transition towards clean energy sources, and onshore wind power is one of the most cost-effective forms of renewable energy available today. The onshore wind energy market is to provide a sustainable and reliable source of electricity to power homes, businesses, and communities worldwide. Onshore wind farms generate electricity by harnessing the power of wind through large turbines. As the wind turns the blades of the turbine, it generates electricity that is then transmitted to the electric grid for distribution to end-users. As of 2021, the global installed capacity of onshore wind energy stood at 743 GW, with China, the United States, and Germany being the largest onshore wind energy markets in terms of installed capacity. In 2021, the global onshore wind energy market added 93 GW of new installed capacity, with China and the United States accounting for more than half of the new installations. The market is driven by factors such as the declining cost of wind energy, increasing government support for renewable energy, and rising demand for clean energy sources. Additionally, advancements in wind turbine technology and increased efficiency of wind turbines are further fuelling the growth of the onshore wind energy market.
US Onshore Wind Energy Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
4.90% CAGR
Global Onshore Wind Energy Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Onshore Wind Energy Market Size By Application 2022-2030 ($ Bn)
Global Onshore Wind Energy Market Size By Application 2022-2030 (%)
To get more reports on the above market click here to Buy The Report
Global Onshore Wind Energy Market Segmental Analysis
Global Onshore Wind Energy Market is segmented on the basis of application, capacity, components and region. By application, the market is segmented into power generation, industrial, others. By capacity, market is segmented into 2MW, 2MW to 3MW, more than 3MW. By component, the market is divided into turbine, tower, blades, others. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Onshore Wind Energy Market Analysis by Application
The CAGR for the industrial segment is projected to be around 10%. The industrial segment includes various applications, such as pumping water, charging batteries, and powering remote communication systems. This segment is expected to grow at a faster pace than the power generation segment, as there is a growing demand for renewable energy in the industrial sector.
The CAGR for the onshore wind energy market is projected to be around 8.5%. This segment includes the production of electricity through the use of onshore wind turbines. This is the dominant segment in the onshore wind energy market, as it accounts for the majority of the market share. The demand for electricity is increasing rapidly, and wind energy is becoming an increasingly attractive option due to its low cost and environmental benefits.
Onshore Wind Energy Market Analysis by Capacity
The CAGR for the more than 3 MW segment is projected to be around 12%. This segment includes wind turbines with a capacity of more than 3 MW. It is the fastest-growing segment in the onshore wind energy market, as it offers higher efficiency and is suitable for large-scale wind farms.
The CAGR for the 2 MW to 3 MW segment is projected to be around 9%. This segment includes wind turbines with a capacity of 2 MW to 3 MW. It is expected to grow at a faster pace than the less than 2 MW segment, as these turbines offer higher efficiency and are suitable for medium-sized wind farms.
Global Onshore Wind Energy Market Size By Application 2022(%), 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Onshore Wind Energy Market Regional Insights
The CAGR for the Asia Pacific onshore wind energy market is projected to be around 10%. The Asia Pacific onshore wind energy market is expected to see significant growth in the coming years, driven by increasing demand for electricity and the need to reduce carbon emissions. China is one of the largest producers of wind energy in the world, while India and Australia are emerging as key markets for onshore wind energy. The dominant segment in this region is power generation, while the fastest-growing segment is the more than 3 MW segment.
The CAGR for the North American onshore wind energy market is projected to be around 7%. The North American onshore wind energy market is dominated by the United States, which is one of the largest producers of wind energy in the world. The region is expected to see moderate growth in the coming years, driven by increasing government support for renewable energy and the declining cost of wind energy. The dominant segment in this region is power generation, while the fastest-growing segment is the industrial segment.
Global Onshore Wind Energy Market Size By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Onshore Wind Energy Market Dynamics
Onshore Wind Energy Market Drivers
Increasing Demand for Clean Energy to Bolster market growth
- The growing awareness of climate change and the need to reduce greenhouse gas emissions is driving demand for clean energy sources, including wind power. Consumers and businesses are increasingly demanding renewable energy sources, and wind energy is well-positioned to meet this demand.
- The cost of wind energy has been declining steadily over the past few years, making it more competitive with traditional sources of energy. This is due to technological advancements in wind turbines, which have increased their efficiency and reduced their cost.
Onshore Wind Energy Market Restraints
Fluctuating Wind Resources to Hinder market growth
- Wind resources can be highly variable, with fluctuations in wind speed and direction affecting the performance of wind turbines. This variability can lead to intermittent power generation and reduced efficiency, making wind energy less reliable than traditional sources of energy.
Request Free Customization of this report to help us to meet your business objectives.
Global Onshore Wind Energy Market Competitive Landscape
Major industry companies are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the onshore wind energy market. Significant market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also implementing a variety of strategic strategies to increase their global footprint. In order to grow and compete in a more cutthroat and competitive market climate, onshore wind energy competitors must provide products that are cost-effective.
Onshore Wind Energy Market Top Player’s Company Profiles
- Goldwind (China)
- Nordex Group (Germany)
- Enercon (Germany)
- Suzlon Energy (India)
- MingYang Smart Energy (China)
- ENERCON (Germany)
- Siemens AG (Germany)
- Nordex SE (Germany)
- Senvion S.A. (Luxembourg)
- Siemens Wind Power (Denmark)
- General Electric Company (United States)
- Gamesa Corporacion Tecnologica (Spain)
- United Power Technology (China)
- Mingyang Group (China)
- EWT (Netherlands)
- EDP Renovaveis SA (Portugal)
- Clipper Windpower (United Kingdom)
- ReGen Powertech (India)
Onshore Wind Energy Market Recent Developments
-
In January 2024, GE Vernova's Onshore Wind business declared the signing of a strategic framework agreement with Squadron Energy for 1.4 GW of onshore wind projects in New South Wales, Australia.
-
In January 2024, GE Vernova uncovered a significant order for Pattern Energy's SunZia wind project, totaling 2.4 GW in capacity.
-
In February 2024, Electric Wind Power, a subsidiary of Shanghai Electric, will install Vietnam's largest onshore wind turbine at the Hai Anh Wind Farm Project. They signed a deal to provide advanced wind turbines for the project in Quang Tri Province, Vietnam. The wind farm will cover 855.25 hectares, with an installed capacity of 40MW, using eight WH5.25-172 wind turbine units. This initiative aims to boost green energy adoption in Southeast Asia.
-
In March 2024, BloombergNEF and the International Energy Agency (IEA) project that for the world to satisfy its rising demand for affordable clean energy and achieve decarbonization goals, land-based onshore wind energy needs to constitute a substantial portion of the electricity generation mix, estimated at 20-41% by 2050.
Global Onshore Wind Energy Key Market Trends
- The Global onshore wind energy market is witnessing a revolution initiated by numerous evolving trends that are shaping the future of renewable energy. An evident trend is the incessant expansion of wind turbines concerning their size and capability. Wind turbines have undergone a significant technological transformation with turbines currently featuring enlarged rotor diameters and greater generating capacities. Consequently, this progression is driving augmented energy production efficiency, making onshore wind power a more cost-effective and enduring energy source.
- Due to the variability of wind speeds, the focus on grid integration and energy storage solutions has become a prominent trend in the wind energy industry. One way to tackle the issue of inconsistent energy production is through energy storage technologies like batteries, which store excess power during peak production and release it during low-wind periods. In addition, improvements to the grid infrastructure have been made to ensure that renewable energy can be reliably integrated into existing power systems.
- Furthermore, The trend towards larger and more powerful turbines is continuing, with manufacturers developing turbines with capacity up to 5 MW or higher. This trend is driven by the need to improve the efficiency and output of wind farms, reducing the overall cost of wind energy
Global Onshore Wind Energy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global onshore wind energy market has seen significant growth in recent years, driven by a range of factors including government policies and incentives, advances in technology, and increasing demand for renewable energy. However, Asia Pacific is expected to be the dominant region during the forecast period, driven by government policies and incentives to support renewable energy development in countries such as China and India. Despite the many drivers and opportunities for growth in the onshore wind energy market, there are also several restraints that are affecting the market's development, including high capital costs, limited availability of suitable sites, and opposition from local communities. Addressing these challenges will be critical to the long-term success of the market, and will require continued investment in technology, infrastructure, and community engagement. The onshore wind energy market is expected to continue to grow and evolve in the coming years, driven by a range of factors including advances in technology, increasing demand for renewable energy, and government policies and incentives. The market's continued growth and success will depend on its ability to address the challenges and restraints it faces, and to leverage emerging trends and opportunities to drive innovation and development.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 51.93 billion |
| Market size value in 2031 | USD 79.87 billion |
| Growth Rate | 4.90% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Onshore Wind Energy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Onshore Wind Energy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Onshore Wind Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Onshore Wind Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Onshore Wind Energy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Onshore Wind Energy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Onshore Wind Energy Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
