The onshore wind power 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 Power 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 power market size has grown strongly in recent years. It will grow from $41.05 billion in 2023 to $43.50 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to decreasing costs of wind technology, supportive government policies and subsidies, growing environmental awareness, increasing energy demand, improvements in grid infrastructure, the need for energy security, and diversification.
The onshore wind power market size is expected to see strong growth in the next few years. It will grow to $55.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to the declining cost of energy storage solutions, stronger climate policies, and international agreements, advancements in digital and AI-driven grid management, corporate sustainability commitments, increasing urban and rural electrification, and enhanced community acceptance and engagement. Major trends in the forecast period include advancements in digital and AI technologies, integration of hybrid power systems with energy storage, adoption of community-based wind projects, significant cost reductions through economies of scale, improved grid management with smart grid technologies, enhanced focus on sustainable practices, and turbine recycling.
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Scope Of Onshore Wind Power 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 Power Market Overview
Market Drivers –
The increasing demand for renewable energy is expected to propel the growth of the onshore wind power market going forward. Renewable energy refers to energy derived from natural sources that are replenished on a human timescale and are not depleted when used. The rise in demand for renewable energy is mainly driven by the need to lower carbon emissions and address environmental concerns. Onshore wind power contributes to the rising demand for renewable energy by providing a viable, clean, and increasingly cost-effective source of electricity, thereby supporting the overall shift towards more sustainable energy solutions. For instance, in January 2023, according to the International Trade Administration, a US-based government agency, in June 2023, the country’s peak demand reached a record high of 223 gigawatts (GW), marking a 3.4% increase from the highest level recorded in 2022, and forecasts suggest that consumption will continue to rise. Therefore, increasing demand for renewable energy is driving the growth of the onshore wind power market.
Market Trends –
Major companies operating in the onshore wind power market are developing onshore wind turbines to enhance wind resource management and improve overall renewable 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 anticipated 12 megawatt (MW) capacity, is set to become the largest onshore wind turbine, surpassing even the largest offshore turbines like GE’s 14 MW Halliade-X. This innovation was made possible through support from the Chinese government and industry partners, enabling Goldwind to advance its technology. Goldwind now ranks fourth globally in installed wind energy capacity, with a strong presence in China and projects across several continents.
The onshore wind power market covered in this report is segmented –
1) By Capacity: Below 500 Kilowatt (KW), 500 Kilowatt (KW) To 2 Megawatt (MW), Above 2 Megawatt (MW)
2) By Wind Capacity: High, Medium, Low
3) By Grid Connectivity: Off Grid, On Grid
4) By End-User: Residential, Commercial
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Regional Insights –
North America was the largest region in the onshore wind power market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind power 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 power 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, SMA Solar Technology AG, Renewable Energy Systems (RES), Invenergy LLC, 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 Power Market Report Structure
3. Onshore Wind Power Market Trends And Strategies
4. Onshore Wind Power Market – Macro Economic Scenario
5. Onshore Wind Power Market Size And Growth
…..
27. Onshore Wind Power Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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