PUBLISHER: The Business Research Company | PRODUCT CODE: 1619794
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619794
Onshore wind power involves generating electricity through wind turbines installed on land. These turbines capture the wind's kinetic energy and convert it into renewable electricity, helping to reduce greenhouse gas emissions. Onshore wind power is favored for its lower costs and simpler installation compared to offshore wind power.
The main capacities for onshore wind power include turbines with outputs below 500 kilowatts (kW), between 500 kilowatts (kW) and 2 megawatts (MW), and above 2 megawatts (MW). Turbines below 500 kilowatts are typically used for residential or small-scale commercial applications. Wind power capacities are categorized into high, medium, and low, and can be connected to the grid in various ways, including off-grid and on-grid setups, serving different end-users such as residential properties and commercial operations.
The onshore wind power market research report is one of a series of new reports from The Business Research Company that provides onshore wind power market statistics, including onshore wind power industry global market size, regional shares, competitors with a onshore wind power market share, detailed onshore wind power market segments, market trends and opportunities, and any further data you may need to thrive in the onshore wind power industry. This onshore wind power market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The onshore wind power market size has grown strongly in recent years. It will grow from $41.05 billion in 2023 to $43.50 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The expansion during the historical period can be linked to lower costs of wind technology, favorable government policies and subsidies, rising environmental consciousness, higher energy demand, advancements in grid infrastructure, the need for energy security, and diversification.
The onshore wind power market size is expected to see strong growth in the next few years. It will grow to $55.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be ascribed to decreasing costs of energy storage solutions, more robust climate policies, and international agreements, progress in digital and AI-driven grid management, corporate sustainability pledges, rising urban and rural electrification, and better community acceptance and engagement. Key trends during this period include advancements in digital and AI technologies, the integration of hybrid power systems with energy storage, the rise of community-based wind projects, notable cost reductions through economies of scale, improved grid management via smart grid technologies, a heightened emphasis on sustainable practices, and the recycling of turbines.
The growing demand for renewable energy is expected to drive the expansion of the onshore wind power market in the coming years. Renewable energy is derived from natural sources that are replenished on a human timescale and are not depleted with use. The rising demand for renewable energy is primarily fueled by the need to reduce carbon emissions and address environmental concerns. Onshore wind power plays a significant role in meeting this demand by offering a reliable, clean, and increasingly cost-efficient source of electricity, thus supporting the overall shift toward more sustainable energy solutions. For example, in January 2023, the International Trade Administration, a US-based government agency, reported that in June 2023, the country's peak energy demand reached a record high of 223 gigawatts (GW), reflecting a 3.4% increase from the previous peak in 2022. Forecasts indicate that energy consumption will continue to rise. As a result, the growing demand for renewable energy is driving the growth of the onshore wind power market.
Leading companies in the onshore wind power market are focusing on developing advanced onshore wind turbines to improve wind resource management and enhance overall renewable energy production. Onshore wind turbines, which are land-based devices used to generate electricity by capturing wind energy, are commonly installed 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 advancement was supported by the Chinese government and industry partners, allowing Goldwind to enhance its technology. Goldwind is now the fourth largest globally in installed wind energy capacity, with a significant presence in China and projects on multiple continents.
In September 2023, Repsol S.A., a Spain-based energy and petrochemical company with global upstream and downstream operations, acquired ConnectGen LLC from Quantum Capital Group for $768 million (approximately €715 million). This acquisition significantly strengthens Repsol's position in the renewable energy sector. With ConnectGen's impressive pipeline of 20 GW in onshore wind, solar, and energy storage projects, Repsol is well-positioned to achieve its goal of 20 GW of renewable capacity by the end of the decade. ConnectGen LLC, a US-based company, specializes in developing high-quality wind, solar, and energy storage projects.
Major companies operating in the onshore wind power 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, SMA Solar Technology AG, Renewable Energy Systems (RES), Invenergy LLC, 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 power market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the onshore wind power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The onshore wind power market consists of revenues earned by entities by providing services such as installation, operation, maintenance, and management of wind farms. The market value includes the value of related goods sold by the service provider or included within the service offering. The onshore wind power market also includes sales of rotors (blades), towers, 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 Power 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 power 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 power ? 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 power 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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