Onshore Wind Energy Market Overview
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Onshore Wind Energy Market is expected to expand at 4.90% CAGR to reach the global industry worth of USD 71.11 billion by 2030.
Generating electricity with wind energy entails using wind turbines to convert the wind's kinetic energy into usable mechanical energy. The wind energy industry has been impacted negatively by the COVID-19 pandemic. Worldwide wind energy projects have been delayed due to government-imposed lockdowns to stop the virus's spread. The shutdowns have hampered the installation of wind turbines and the growth of wind farms. Wind power industry expansion has been stunted by several factors, including the COVID-19 pandemic, the postponement of wind projects originally slated for completion in 2020, labor difficulties, and supply chain delays.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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Market Segmentation
Grid connection, application, end-user, wind capacity, and power capacity are the primary factors that drive segmentation in the worldwide onshore wind energy market.
Over the predicted period, the market share held by high-speed winds will increase the most since these winds have the potential to provide the most electricity. Over the projection period, the market for wind turbines with a capacity of more than 2 MW is expected to grow at a faster clip than that of lower-capacity turbines. Throughout the projection period, utilities will dominate the market by end-use. Utilities are responsible for meeting the demand for power from other industries. Since the previous decade, energy demand in emerging nations has skyrocketed, necessitating more output from utilities.
Peak power management is expected to dominate the market by the application during the predicted time frame. This is because of the severe lack of energy during peak hours. There is peak demand for power during regular business hours since factories and businesses need it to operate at those times.
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Regional Classification
It is anticipated that Europe's market will expand significantly during the projection period due to the region's increasing number of wind farms and supportive government policies. In addition, the participation of major companies is forecasted to encourage market expansion. Increasing restrictions for traditional power production, in addition to a rising public interest in green energy, bode well for these sectors.
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Industry News
Wind power is more efficient than other renewable energy options for producing electricity. Because of this, major power plants all around the globe are starting to focus more on this kind of energy. This is particularly true in Asia and the Pacific, where China is now the world's greatest producer of wind power, as per statistics provided by the International Energy Agency.
Key Players
- 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.)
- Clipper Wind Power (UK)
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