USD 51.93 billion
Report ID:
SQMIG55F2020 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|Tables:
63
|Figures:
76
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.
Global Market Size
USD 51.93 billion
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
4.90% CAGR
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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.
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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.
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Onshore Wind Energy Market Drivers
Increasing Demand for Clean Energy to Bolster market growth
Onshore Wind Energy Market Restraints
Fluctuating Wind Resources to Hinder market growth
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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
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.
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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the 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 Onshore Wind Energy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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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.
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Report ID: SQMIG55F2020