The onshore wind energy global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Onshore Wind Energy Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The onshore wind energy market size has grown strongly in recent years. It will grow from $51.40 billion in 2023 to $54.27 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing environmental concerns, government incentives and policies supporting renewable energy, technological advancements reducing costs, growing demand for electricity, rising fossil fuel prices, public-private partnerships, the need to diversify energy sources.
The onshore wind energy market size is expected to see strong growth in the next few years. It will grow to $67.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising investments in renewable energy infrastructure, growing corporate sustainability initiatives, increasing energy demands from emerging economies, supportive regulations and carbon pricing mechanisms, advancements in grid integration and storage technologies, need to achieve climate change mitigation goals. Major trends in the forecast period include the integration of advanced technologies, recyclable turbine materials, hybrid energy systems, grid connectivity solutions to support energy distribution and technological evolution.
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Scope Of Onshore Wind Energy Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Onshore Wind Energy Market Overview
Market Drivers –
The increasing electricity demand is expected to propel the growth of the onshore wind energy market going forward. The continuous high demand for electricity is driven by increasing urbanization, technological advancements, and the growing reliance on electronic devices and industrial processes. Onshore wind energy plays a crucial role in electricity generation by providing a renewable, cost-effective, and sustainable power source that reduces reliance on fossil fuels. For instance, in December 2023, according to the Energy Information Administration (EIA), a US-based federal agency, total U.S. electricity end-use consumption rose by approximately 3.2% compared to 2021. Retail electricity sales increased by about 2.6% for the residential sector and by 4.7% for the commercial sector. Therefore, the increasing electricity demand is driving the growth of the onshore wind energy market.
Market Trends –
Major companies operating in the onshore wind energy market are developing onshore wind turbines to enhance turbine efficiency, optimize wind resource management, and improve overall energy production. An onshore wind turbine is a land-based device that generates electricity by harnessing wind energy, commonly found in wind farms. For instance, in April 2023, Goldwind, a China-based wind turbine manufacturing company, launched two new turbine models, the GWH221-8.X-10 and the GWH24X-12. The GWH24X-12.X, with an expected capacity of 12 megawatts (MW), is poised to become the largest onshore wind turbine, surpassing even the largest offshore turbines such as GE’s 14 MW Halliade-X. This achievement was made possible with support from the Chinese government and industry partners, allowing Goldwind to advance its technology. Goldwind now holds the fourth position globally in installed wind energy capacity, with a strong presence in China and projects across multiple continents.
The onshore wind energy market covered in this report is segmented –
1) By Product Type: Less Than 500 Kilowatt (KW), 500 Kilowatt (KW) To 2 Megawatt (MW), More Than 2 Megawatt (MW)
2) By Wind Capacity: High Wind Speed, Medium Wind Speed, Low Wind Speed
3) By Grid Connectivity: Off Grid, On Grid
4) By Application: Peak Power Management, Power Storage, Demand Response, Frequency Response, System Stability
5) By End User: Utilities, Commercial And Industrial, Hybrid Power
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Regional Insights –
North America was the largest region in the onshore wind energy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the onshore wind energy market are Iberdrola S.A., Duke Energy, NextEra Energy Resources, Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Enel Green Power S.p.A., Sungrow Power Supply Co Ltd, Pattern Energy Group Inc., Canadian Solar Inc., Nordex Group, Enercon GmbH, Brookfield Renewable Partners, Enphase Energy, TransAlta Corp, Renewable Energy Systems (RES), Invenergy, Clearway Energy, Boralex Inc, Mainstream Renewable Power, Apex Clean Energy, Cypress Creek Renewables, Windlab Ltd, Gazelle Wind Power Limited, Vortex Bladeless Ltd
Table of Contents
1. Executive Summary
2. Onshore Wind Energy Market Report Structure
3. Onshore Wind Energy Market Trends And Strategies
4. Onshore Wind Energy Market – Macro Economic Scenario
5. Global Onshore Wind Energy Market Size and Growth
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32. Global Onshore Wind Energy Market Competitive Benchmarking
33. Global Onshore Wind Energy Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Onshore Wind Energy Market
35. Onshore Wind Energy Market Future Outlook and Potential Analysis
36. Appendix
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