PUBLISHER: The Business Research Company | PRODUCT CODE: 1619793
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619793
Onshore wind energy involves generating electricity from wind turbines installed on land. These turbines capture the wind's kinetic energy and convert it into electrical power through blades connected to a generator. Onshore wind farms are generally situated in areas with consistent and strong winds, such as open plains, hilltops, and coastal regions.
The main types of onshore wind energy products are categorized by their power capacity, less than 500 kilowatts (kW), between 501 kilowatts (kW) and 2 megawatts (MW), and more than 2 megawatts (MW). Turbines with a capacity of less than 500 kilowatts are usually employed for small-scale uses, such as supplying electricity to individual homes, farms, or small businesses. Wind turbines are also classified by wind speed capabilities into high, medium, and low wind speed categories. They can be connected to the grid in different ways, such as off-grid or on-grid, and serve various applications including peak power management, power storage, demand response, frequency response, and system stability. The end users of these turbines include utilities, commercial and industrial sectors, and hybrid power systems.
The onshore wind energy market research report is one of a series of new reports from The Business Research Company that provides onshore wind energy market statistics, including onshore wind energy industry global market size, regional shares, competitors with a onshore wind energy market share, detailed onshore wind energy market segments, market trends and opportunities, and any further data you may need to thrive in the onshore wind energy industry. This onshore wind energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The onshore wind energy market size has grown strongly in recent years. It will grow from $51.40 billion in 2023 to $54.27 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to several factors, increasing environmental concerns, government incentives and policies supporting renewable energy, technological advancements that have reduced costs, growing demand for electricity, rising fossil fuel prices, public-private partnerships, and the need to diversify energy sources.
The onshore wind energy market size is expected to see strong growth in the next few years. It will grow to $67.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to several factors, rising investments in renewable energy infrastructure, growing corporate sustainability initiatives, increasing energy demands from emerging economies, supportive regulations and carbon pricing mechanisms, advancements in grid integration and storage technologies, and the need to meet climate change mitigation goals. Major trends expected to influence this period include the integration of advanced technologies, the use of recyclable turbine materials, development of hybrid energy systems, improvements in grid connectivity solutions to support energy distribution, and ongoing technological evolution.
The increasing demand for electricity is expected to drive the growth of the onshore wind energy market in the future. This rising demand is fueled by factors such as urbanization, technological advancements, and a greater dependence on electronic devices and industrial processes. Onshore wind energy is essential for generating electricity as it provides a renewable, cost-effective, and sustainable power source that reduces reliance on fossil fuels. For example, in December 2023, the Energy Information Administration (EIA), a US-based federal agency, reported a 3.2% increase in total U.S. electricity end-use consumption compared to 2021. Retail electricity sales grew by about 2.6% in the residential sector and 4.7% in the commercial sector. Consequently, the growing demand for electricity is fueling the expansion of the onshore wind energy market.
Key players in the onshore wind energy market are focusing on developing advanced onshore wind turbines to improve turbine efficiency, optimize wind resource management, and enhance overall energy production. Onshore wind turbines are land-based devices that generate electricity by capturing wind energy, typically deployed in wind farms. For instance, in April 2023, Goldwind, a wind turbine manufacturer based in China, introduced two new turbine models, the GWH221-8.X-10 and the GWH24X-12. The GWH24X-12.X, with a projected capacity of 12 megawatts (MW), is set to become the largest onshore wind turbine, surpassing even the largest offshore turbines like GE's 14 MW Haliade-X. This development was supported by 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 on multiple continents.
In October 2023, Statkraft AS, a Norway-based renewable energy firm, acquired Njordr Offshore Wind AB and Svevind Nordic AB for an undisclosed amount. This acquisition aims to strengthen Statkraft's position in the Swedish renewable energy market, particularly in onshore and offshore wind power development. Njordr Offshore Wind AB is a Sweden-based company specializing in solar and wind energy projects, including both onshore and offshore wind development. Svevind Nordic AB is a Sweden-based renewable energy firm focused on the development and management of onshore wind power projects.
Major companies operating in the onshore wind energy 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, Renewable Energy Systems (RES), Invenergy, Clearway Energy, Boralex Inc, Mainstream Renewable Power, Apex Clean Energy, Cypress Creek Renewables, Windlab Ltd, Gazelle Wind Power Limited, Vortex Bladeless Ltd
North America was the largest region in the onshore wind energy market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the onshore wind energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The onshore wind energy market includes revenues earned by entities through related project management, site assessments, and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The onshore wind energy market also includes sales of wind turbines, towers, blades, and generators. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Onshore Wind Energy Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on onshore wind energy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for onshore wind energy ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The onshore wind energy market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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