Onshore Wind energy market is expected to expand at 27% CAGR during the forecast period.
Over time, onshore wind energy has established itself as a key source of renewable energy all over the world. Its demand is predicted to skyrocket over the next decade thanks to stringent government regulations, as well as increased awareness of environmental issues. Onshore wind energy is categorized by electricity demand, application, wind capacity, grid connectivity, and location in the global market. The industry's major companies are likely to expand and invest heavily in this market's technical operations.
However, the onshore wind energy sector is not without its hurdles. A lack of transmission infrastructure, a scarcity of land appropriate for wind farms, and the high costs associated with constructing wind farms are among the major challenges that the sector is now facing. Regardless, onshore wind energy is gaining traction as a viable alternative for countries seeking to lessen their reliance on fossil fuels. It also appeals to investors because of its low initial investment expenses and excellent return on investment.
Global onshore wind market is expected to grow at a faster pace shortly, the main reasons being increased context of energy supply, and demand and rising demand for renewable energy in electricity generation mix. Global Wind Energy Council has estimated that there has been an increase of wind power from 92.4 GW in 2007 to 494.6 GW in 2017. This proves the promising future of wind power in the near future. Besides the increasing projects in the construction of wind farms and wind parks is driving the market. More wind farm projects from U.S. and China are witnessing the growth of wind power. However, higher outputs from offshore wind farm and more focus on offshore wind projects, is restraining the market.
Onshore wind energy market is anticipated to have huge growth over the forecast period by continuously innovating in technology coupled with more demand for wind farms construction and increasing demand for electricity. The market is also expected to have high expansion and technological activities by major players in the industry.
The key players of global onshore wind energy market are Siemens AG (Germany), Envision energy (China), General Electric Wind Energy (U.S.), Suzlon (India), Vestas Wind System A/S (Denmark), Enercon GmbH (Germany) Mitsubishi Power Systems (Japan), Nordex S.E. (Germany), Repower (Switzerland), Gazelle Wind Turbines (U.K.), and Clipper Wind Power (UK) are among others.
Global Market of Onshore Wind Energy Segments
Global onshore wind energy market is segmented based on power capacity, wind capacity, end-use, application, grid connectivity, and regions. Based on the wind capacity segment, the market is classified as high wind speed, medium wind speed, and low wind speed. Among these the high wind speed projects are expected to dominate the market as there are turbines, which operate individually and generate power of around 2.3 MW. On the basis of power capacity the market is segmented on the basis of generation capacity of the wind towers, such as, less than 500 KW, 500 KW to 2 MW, and more than 2 MW. The wind towers generating more than 2 MW, hold a major market share supported by the fact that new technologies are able to generate high capacity of wind. On the basis of end-use the market is classified as, Utilities, Hybrid power, Commercial & Industrial, and others. Utilities are the prime shareholder as there is increasing demand for electricity from the nations. Based on application, the segments are, system stability, peak power management, frequency response, demand response, and power storage. With increasing demand of electricity in peak hours and peak seasons, the demand is fulfilled by the electricity generated by onshore wind farms and thus peak power management application is expected to dominate the market. On the basis of grid connectivity, the market is classified as off-grid and on-grid. By region type, the market is segmented into the four geographies of North America, Europe, Asia Pacific, and Rest of World.
Wind power is the electricity generated from the wind energy which is converted into electrical energy with the help of rotors and generators. Since the growth of renewables is maximum in the current scenario, wind energy is gaining attention from power generators. Wind energy has capability to generate a higher capacity of electricity than other renewable sources. Wind farms and wind parks are created to optimize the wind energy to the maximum and generate approximately 6 to 8 MW of power. For instance Gansu Wind Farm of China has the capacity to produce 6.8 MW of power. Innovation in the wind turbine sector is shaping the onshore wind energy scenario with focus on Leveled Cost of electricity. Siemens has come up with a direct drive concept of wind energy, which has fewer components and consequently cuts down the costs of maintenance.
The global onshore wind energy market is expected to witness phenomenal growth during the forecast period. Asia Pacific dominated the global market in 2017. In Asia Pacific increasing installed capacity of electricity along with increasing emphasis on renewable energy in China, India, and Japan is likely to drive the market growth over the forecast period. North America and Europe are also expected to witness significant growth over the forecast period. The increasing concern for clean energy coupled with strict regulations for conventional power generation, encourage the growth in these regions.
|Market Size||2030: Significant Value|
|CAGR||27% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||End-use, Application, Power Capacity, Wind Capacity and Grid Connectivity|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens AG (Germany), Envision energy (China), General Electric Wind Energy (U.S.), Suzlon (India), Vestas Wind System A/S (Denmark), Enercon GmbH (Germany) Mitsubishi Power Systems (Japan), Nordex S.E. (Germany), Repower (Switzerland), Gazelle Wind Turbines (U.K.), and Clipper Wind Power (UK)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global onshore wind energy market is expected to record a substantial market valuation due to the increasing innovations and technological integration in wind turbines.
The global onshore wind energy market is projected to register a moderate 27% CAGR in the forecast period.
The high wind speed segment is slated to expand as the fastest-growing segment.
The utilities segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global onshore wind energy market are Gazelle Wind Turbines (U.K.), Repower (Switzerland), and Clipper Wind Power (UK) are among others.