Onshore Wind Energy Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

The Global Onshore Wind Energy Market was valued at USD 77.9 billion in 2023 and is projected to grow at a CAGR of 11.3% by 2032. Onshore wind energy uses land-based turbines to generate electricity, making it a well-established form of renewable energy. State-level renewable energy mandates, federal incentives, and strong government policies, along with rising energy demands and renewable targets in developing economies, will drive market growth. Emerging markets like Brazil, Mexico, and Argentina, with favorable wind resources and supportive policies, will boost product deployment. Investments in grid infrastructure to support new wind capacity will further strengthen the industry.

The overall onshore wind energy industry is classified based on the component, turbine rating, and region.

The market segments its components into turbines, support structures, electrical infrastructure, and others. Turbines are expected to surpass USD 44 billion by 2032. Renewable energy targets and mandates require efficient turbines, driving product adoption. Technological advancements in turbines and grid integration solutions are enhancing feasibility and efficiency. The development of larger turbines, exceeding 5 MW capacity, promises greater energy capture and efficiency. Feed-in Tariffs (FiTs) and Power Purchase Agreements (PPAs) ensure revenue for wind energy producers, boosting product penetration.

The market categorizes turbine ratings into <= 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, and >12 MW. The >2 to 5 MW segment is anticipated to grow by over 8.5% by 2032 due to its efficiency, power output, and adaptability to diverse wind conditions. Advanced control systems are enhancing turbine performance and minimizing downtime. This turbine range balances cost and energy output, achieving a competitive levelized cost of electricity (LCOE) and reducing overall project costs. Their adaptability to moderate wind speeds further drives demand.

Asia Pacific's onshore wind energy market is projected to exceed USD 156 billion by 2032, driven by government policies, rising energy demands, and technological advancements. In countries like China, strong government policies and subsidies will boost product adoption. Initiatives such as competitive bidding and Renewable Purchase Obligations (RPOs) in emerging markets like India will enhance the industry landscape. Significant investments in new wind projects, especially in South Australia and Victoria, will further strengthen the business scenario.