Onshore Wind Energy Market Size, Share, Growth Analysis, By Application(Power generation, Industrial), By Capacity(2MW, 2MW to 3MW) - Industry Forecast 2024-2031

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.