Global Onshore Wind Power Market

MARKET SCOPE:

The global onshore wind power market is projected to grow significantly, registering a CAGR of 15.6% during the forecast period (2024 – 2032).

Onshore wind power involves generating electrical power by harnessing the kinetic energy of wind through wind turbines installed on land. These turbines typically feature large blades mounted on a tall tower. As the wind blows, the blades rotate, and this rotational movement is then converted into electricity by a generator.

Wind turbines, characterized by their structures with blades capturing wind energy, are modern onshore wind power installations. They often vary in size and capacity, with the tower providing support and elevation to access stronger and more consistent wind currents. The nacelle, positioned atop the tower, houses crucial components like the generator, gearbox, and control systems, enabling the adjustment of the turbine's orientation for optimized energy capture. The rotor, consisting of blades and a hub, captures wind energy, connecting to the turbine's main shaft through the hub. The generator converts the rotational energy from the blades into electrical power.

Onshore wind power is a well-established and widely embraced form of renewable energy, boasting numerous advantages. It serves as a clean and sustainable energy source, producing no greenhouse gas emissions during operation. Typically situated in regions with high and consistent wind speeds, onshore wind farms make substantial contributions to global endeavors to transition towards more sustainable and low-carbon energy sources.

MARKET OVERVIEW:

Driver: Governmental programs encouraging construction of wind farms is projected to fuel the global onshore wind power market expansion.

In the upcoming years, market growth is expected to be propelled by support from various governments worldwide, manifesting in policies and investments aimed at expanding wind energy project installations. The UK government, for example, has committed to providing new financing totaling US$ 272 million for offshore wind projects. The escalating efforts of leading nations to harness wind energy are likely to be a driving force behind the market's expansion. A notable instance is Brazil, which introduced its inaugural standards for offshore wind power generation in January 2022. Shell, in March 2021, applied for environmental authorization to construct offshore wind farms along Brazil's coastline in collaboration with the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA). Moreover, in July 2022, PEC Energia, a subsidiary of Engeform Energia Renovável, and Vestas entered into a contract for the supply of wind turbines for the Serra das Vacas wind farms in the Brazilian state of Pernambuco. The increasing endeavors of leading manufacturers to provide wind turbines and secure permits for offshore wind farm construction significantly contribute to the market's expansion. Consequently, governmental initiatives promoting wind farm construction have heightened the (CAGR) of the onshore wind energy market worldwide in recent years.

Opportunities: Government Initiatives and technological advancement are expected to pave the way for market growth in the upcoming years.

The market is poised for rapid growth throughout the forecast period, driven by continual technological advancements, a growing need for wind farm development, and increasing power consumption. Anticipated significant market expansion and technological initiatives by key industry players contribute to this positive outlook. Additionally, the surge in projects focused on the establishment of wind farms and wind parks plays a pivotal role in propelling the industry forward. Onshore wind energy remains a favored option for countries aiming to reduce their dependence on fossil fuels, and its attractiveness to investors is further heightened by its cost-effective initial investment and robust return on investment. Consequently, the escalating demand for wind farm construction emerges as a key factor fueling the growth of onshore wind energy market revenue.

COVID IMPACT:

The COVID-19 pandemic, a global health crisis affecting individuals worldwide, has had adverse effects on various industries across the globe. Virtually every nation has implemented emergency measures in response to the pandemic, impacting the operations of almost all sectors. In the aftermath of the COVID-19 pandemic, the onshore wind turbine market is expected to undergo a recovery by 2022. The rebound is projected to be gradual yet consistent, with a moderate increase anticipated in market growth. Onshore wind turbines are poised to experience heightened demand in the forthcoming years, driven by their advantages such as lower energy consumption. The pandemic has prompted a reevaluation of priorities, emphasizing the importance of sustainable and clean energy sources. Governments and industries globally are increasingly recognizing the imperative of investing in renewable energy, with onshore wind turbines positioned as a key player in achieving these objectives. The projected recovery and growth in the onshore wind turbine market post-COVID-19 underscore the resilience of the renewable energy sector.

SEGMENTATION ANALYSIS:

The Above 2 MW is anticipated to grow significantly during the forecast period.

This is primarily attributed to the fact that the 2 MW capacity benefits from advanced wind turbine technology and improved efficiency, resulting in a lower cost of energy for locations characterized by low to medium wind speeds. Numerous industry participants are initiating projects with higher megawatt (MW) capacities to enhance power generation for residential applications. For example, in January 2023, Mingyang introduced an 8.5 MW onshore wind turbine designed to produce a daily output of 200,000 kWh.

REGIONAL ANALYSIS:

The Europe region is set to witness significant growth during the forecast period.

In 2022, Europe is expected to experience significant growth at a substantial (CAGR) throughout the forecast period. This is primarily attributed to the fact that Europe is emerging as a global leader in renewable energy. Wind power, in particular, has played a pivotal role in achieving this success and is instrumental in meeting the European Union's (EU) renewable energy targets, aiming to make the EU carbon neutral by 2050. Additionally, in 2022, Germany, Sweden, and Finland took the lead in constructing the majority of onshore wind farms in Europe, accounting for 87% of the new wind installations completed in the region last year.

COMPETITIVE ANALYSIS

The global onshore wing power market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.

Siemens AG

In September 2022, SSE Renewables had acquired Siemens Gamesa Renewable Energy's (SGRE) established European platform dedicated to renewable energy development. The acquired portfolio from SGRE encompasses diverse projects focused on the development of onshore wind energy.

General Electric

In September 2022, Continuum Green Energy Limited has placed orders with GE Renewable Energy for the supply, installation, and commissioning of 81 units of their 2.7-132 onshore wind turbines. These turbines will be utilized for wind energy projects totaling 218.70 MW, situated in Tamil Nadu and Madhya Pradesh, India.

Suzlon Energy Limited

Vestas Wind Systems A/S

Mitsubishi Power, Ltd.

Nordex SE

Envision Energy USA Limited

Clipper Windpower

Gazelle Wind Power Limited

Ming Yang Smart Energy Group Ltd.

SCOPE OF THE REPORT

By Capacity

Below 500 KW

500 KW - 2 MW

Above 2 MW

Others

By Location

High Wind Speed

Medium Wind Speed

Low Wind Speed

By Application

Utility

Residential

Others

By Region

North America (the United States & Canada)

Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)

Asia Pacific (China, Japan, India, and Rest of Asia Pacific)

Rest of the World (the Middle East & Africa, and Latin America)

KEY REASONS TO PURCHASE THIS REPORT

It provides a technological development map over time to understand the industry’s growth rate and indicates how the onshore wind power market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which onshore wind power submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032. Show more