Report Overview
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The global onshore wind energy market size was USD 554300 million in 2021. As per our research, the market is expected to reach USD 2360100 million in 2028, exhibiting a CAGR of 22.5 % during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the onshore wind energy market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Onshore wind energy refers to the generation of electricity from wind turbines that are installed on land, as opposed to offshore wind turbines that are installed in bodies of water, such as oceans or lakes. In addition, onshore wind turbines typically consist of a tower, a rotor (blades), and a generator. When the wind blows through the rotor blades, it causes them to rotate, which in turn drives a generator that converts the rotational energy into electrical energy.
The market is predicted to continue growing with a significant CAGR in the coming years driven by falling costs, technological advancements, and increasing environmental concerns. The market is segmented based on, by type, by applications, and geographical expansion of the market. Besides, utility and non-utility are the most popular segment to generate the highest demand for wind energy.
COVID-19 Impact: Pandemic Causes Disruptions in the Construction Schedules and Projects
The COVID-19 pandemic has had a negative impact on the onshore wind energy market. The pandemic has disrupted supply chains, construction schedules, and project financing, causing delays and uncertainties in the development of new wind energy projects. Additionally, the pandemic has led to a decline in electricity demand in some regions which reduced the immediate need for new wind energy capacity. However, the market is anticipated to rise significantly over the forecast period with growing awareness of the importance of renewable energy.
Latest Trends
"Trend of Increasing Turbine Sizes and Efficiency Expand the Market Scope"
The onshore wind energy market is one of the fastest-growing industries in the power & energy industry with growing development in the market. Increasing turbine sizes and efficiency is one of the latest trends, as wind turbine manufacturers are developing larger and more efficient turbines, which can generate more electricity with fewer turbines and lower costs. Along with this, hybrid systems, where wind energy projects are being combined with other renewable energy sources, such as solar or battery storage, create more reliable and flexible energy systems. Therefore, extensive demand for wind energy has been noticed in the market across the world. In July 2022, Engeform Energia Renovavel and Vestas have signed a contract for PEC Energia to supply wind turbines to the Serra das Vacas wind farms in Pernambuco, Brazil.
Segmentation
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- By Type Analysis
According to type, the market can be bifurcated into Less Than 500 KW, 500 KW To 2 MW, and More Than 2 MW
- By Application Analysis
Based on application, the market can be divided into Utility and Non-utility.
Driving Factors
"Rising Government Policies and Regulations Across the World Augment the Market Growth"
The onshore wind energy market growth is mainly driven by rising government policies and regulations. Numerous countries have established targets for increasing the share of renewable energy in their electricity mix, and have implemented policies such as feed-in tariffs, tax incentives, and renewable energy standards to support the development of wind energy projects which are attributed to propel the demand for the wind energy all over the world in the coming years.
"Falling Costs Wind of Energy Accelerate the Demand for the Energy"
The growth of the market is also driven by the cost of wind energy, which has declined significantly in recent years, making it increasingly competitive with fossil fuels. This is due to advances in technology, economies of scale, and improvements in the efficiency of wind turbines. Further, environmental concerns are also aiding market growth as climate change and air pollution demand clean energy sources, such as wind energy. As a result, these driving factors are expected to continue to support the growth of the onshore wind energy market in the coming years.
Restraining Factors
"Land Availability and Siting Issues Can Hinder the Market Growth"
Onshore wind energy projects require large areas of land, which can be difficult to find in densely populated areas. Additionally, siting issues such as concerns about impacts on wildlife and local communities can make it challenging to develop new wind energy projects. Furthermore, regulatory and policy uncertainty, changes in government policies or regulations can create uncertainty for wind energy developers and investors which can impact the financial viability of wind energy projects. Such factors can limit the growth of the market.
Regional Insights
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"Europe leads the Market with the Largest Installed base of Onshore Wind Turbines in the World"
As per market research, the leading region in the onshore wind energy market is Europe. Europe has been at the forefront of wind energy development for several decades and has the largest installed base of onshore wind turbines in the world. According to the Global Wind Energy Council, Europe accounted for around 75% of the world's onshore wind energy capacity in 2020. Moreover, within Europe, countries such as Germany, Spain, and the U.K. have been leaders in onshore wind energy development, with significant installed capacity and ambitious targets for further expansion.
Key Industry Players
"Key Players Focus to Enhance Global Reach to Access New Markets and Expand their Revenue Streams."
With regard to key players, notable companies are dominating the market with their highest profit in the international market. For instance, Vestas is a Danish wind turbine manufacturer and the largest supplier of wind turbines in the world. The company holds the onshore wind energy market share significantly and offers a range of turbines with capacities ranging from 2 MW to 5 MW. Apart from this, Siemens Gamesa Renewable Energy is also a prominent global wind turbine manufacturer headquartered in Spain. The company has a significant market share. Some of the other key players in the market are; Envision Energy, General Electric, Suzlon, Vestas, Enercon, Mitsubishi Power Systems, Nordex, and others who influence the market growth with their profit revenue.
List of Market Players Profiled
- Siemens
- Envision Energy
- General Electric
- Suzlon
- Vestas
- Enercon
- Mitsubishi Power Systems
- Nordex
- Repower
- Gazelle Wind Turbines
- Clipper Wind Power
Report Coverage
This report defines the onshore wind energy market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 554300 Million in 2022 |
| Market Size Value By | US$ 2360100 Million by 2028 |
| Growth Rate | CAGR of 22.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type and Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the global onshore wind energy market expected to touch by 2028?
The global onshore wind energy market is expected to touch USD 2360100 million by 2028.
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What CAGR is the onshore wind energy market expected to exhibit during 2022-2028?
The onshore wind energy market is expected to exhibit a CAGR of 22.5% over 2022-2028.
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What are the key driving factors of the onshore wind energy market?
Rising government policies & regulations and falling costs wind of energy are the driving factors of the onshore wind energy market.
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What are the key players in the onshore wind energy market?
Siemens, Envision Energy, General Electric, Suzlon, Vestas, Enercon, Mitsubishi Power Systems, Nordex, Repower, Gazelle Wind Turbines, and Clipper Wind Power are the top players in the onshore wind energy market.
