Global Onshore Wind Energy Market was valued at USD 42.35 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 10.02% through 2028. Wind Turbine Manufacturing: This sector involves the design, development, and production of wind turbines, which are machines that convert Onshore Wind Energy into electrical power. Wind turbine manufacturers produce different types and sizes of turbines for various applications, including onshore and offshore wind farms. The primary drivers for this expansion include the evolving dynamics of energy supply and demand, coupled with a growing global demand for renewable energy in electricity generation.
Overview of Onshore Wind Energy Market
Onshore wind energy, recognized for its environmental friendliness compared to conventional sources like coal and oil, is expected to play a more significant role in the energy landscape. Onshore wind farms are cost-effective, requiring less infrastructure compared to their offshore counterparts. Governments worldwide are actively endorsing wind energy due to its affordability and contribution to reducing reliance on fossil fuels.
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Recent Developments
In May 2023, the UK government initiated a public consultation on enhanced incentive programs, including lower energy costs, for English regions hosting onshore wind farms. This move aims to align with net-zero energy goals and promote a more efficient and affordable electricity system.
Market Trends
Government programs worldwide are driving the construction of wind farms, with significant investments and policies supporting the expansion of onshore wind energy projects. Notable efforts include Brazil's introduction of offshore wind power standards and Shell's application to build offshore wind farms along Brazil's coast.
Segmentation Insights
The onshore wind energy market is segmented based on end-use categories, wind capacity, grid connectivity, and power capacity. Notably, utilities dominated the market in 2021, with the commercial & industrial segment exhibiting the fastest growth.
Application Insights
Peak power management applications lead the market, with a projected faster growth rate during the forecast period, driven by the rising demand for electricity during peak times.
Regional Analysis
Asia-Pacific, particularly China, Japan, and India, accounted for a substantial market share in 2021, with a significant CAGR anticipated due to increasing installed electrical capacity and a focus on renewable energy. Europe holds the second-largest market share, with Germany leading the region. North America is expected to experience the fastest CAGR, driven by advancements in onshore wind energy technology.
Key market players in the Global Onshore Wind Energy Market include:
- Siemens Energy
- Vestas Wind Systems
- Siemens Gamesa Renewable Energy
- General Electric (GE) Renewable Energy
- Goldwind
- Envision Energy
- Nordex SE
- Suzlon Energy
- Orsted
- NextEra Energy Resources
- China Guodian Corporation (China Energy)
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Industry Segmentation:
- End-use Outlook: Utilities, Commercial & Industrial, Hybrid Power
- Application Outlook: Peak Power Management, Power Storage, Demand Response, Frequency Response, System Stability
- Power Capacity Outlook: Less Than 500 KW, 500 KW To 2 MW, More Than 2 MW
- Wind Capacity Outlook: High Wind Speed, Medium Wind Speed, Low Wind Speed
- Grid Connectivity Outlook: Off-Grid, On-Grid
Regional Outlook:
- North America: US, Canada
- Europe: Germany, France, UK, Italy, Spain, Rest of Europe
- Asia-Pacific: China, Japan, India, Australia, South Korea, Rest of Asia-Pacific
- Rest of the World: Middle East, Africa, Latin America
“Onshore Wind Energy Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Application (Peak Power Management, Power Storage, Demand Response, Frequency Response, And System Stability), By End-User (Industrial, Commercial, and Residential), By Grid Connectivity (Off-Grid And On-Grid), By Wind Capacity (High Wind Speed, Medium Wind Speed, And Low Wind Speed), By Region, Competition 2018-2028” has evaluated the future growth potential of Global Onshore Wind Energy Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Onshore Wind Energy Market.
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