How large is the onshore wind power market, and what is its growth trajectory?
The onshore wind power market size has grown strongly in recent years. It will grow from $43.5 $ billion in 2024 to $46.23 $ billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. 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 $58.35 $ billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. 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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What are the key forces behind the onshore wind power market’s growth in recent years?
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.
What are the major segments of the onshore wind power market?
The onshore wind powermarket 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
Subsegments:
1) Below 500 Kilowatt (KW): Small-Scale Residential Wind Turbines, Agricultural Wind Turbines, Off-Grid Wind Power Systems
2) 500 Kilowatt (KW) To 2 Megawatt (MW): Community Wind Projects, Mid-Size Industrial Wind Turbines, Commercial Wind Farms
3) Above 2 Megawatt (MW): Large-Scale Utility Wind Farms, High-Capacity Industrial Wind Turbines, Grid-Connected Wind Projects
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Which companies dominate the onshore wind power market?
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.
What major trends will shape the onshore wind power market during the forecast period?
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.
What are the key regional dynamics of the onshore wind power market, and which region leads in market share?
North America was the largest region in the onshore wind power market in 2024. 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.
What Does The Onshore Wind Power Market Report 2025 Offer?
The onshore wind power market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Onshore wind power refers to the generation of electricity using wind turbines located on land. These turbines harness the wind’s kinetic energy to produce renewable electricity, contributing to a reduction in greenhouse gas emissions. Onshore wind power is a key component of sustainable energy strategies due to its lower costs and ease of installation compared to offshore alternatives.
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