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

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

Global onshore wind energy market will achieve 11.3% CAGR between 2024 and 2032, fueled by the increasing global emphasis on renewable energy and the reduction of carbon emissions. With many countries setting ambitious targets for renewable energy adoption, onshore wind energy has emerged as a key solution. In addition to providing a reliable and sustainable energy source, onshore wind energy projects are increasingly cost-competitive, further driving market expansion. For instance, according to the International Renewable Energy Agency (IRENA), the cost of electricity from onshore wind fell by 13% in 2020, making it one of the most affordable new power generation sources. The onshore wind energy market is categorized based on Turbine Rating, Component, and Region. The support structure segment will witness substantial growth from 2024 to 2032. This component is crucial in onshore wind energy projects, as it ensures the stability and efficiency of wind turbines. Advances in material technology and design have enhanced the durability and performance of support structures, reducing maintenance costs and increasing turbine lifespan. As countries expand their onshore wind energy capacities, the demand for robust and efficient support structures is rising. Investments in infrastructure and the need for reliable energy sources continue to drive this segment. The ≤ 2 MW turbine rating segment will capture a notable share of the onshore wind energy market by 2032. These turbines are particularly favored for small and medium-scale projects, offering flexibility and adaptability to various geographic conditions. The growing focus on decentralized energy production and rural electrification supports the adoption of ≤ 2 MW turbines. Additionally, the relatively lower costs and ease of installation make these turbines popular in emerging markets. As countries prioritize renewable energy, the demand for efficient and cost-effective turbine solutions is expected to surge. Europe will drive commendable gains in the onshore wind energy market during 2024-2032, supported by strong government policies and incentives for renewable energy adoption. The region's commitment to reducing carbon emissions, alongside significant investments in wind energy infrastructure, positions Europe as a leader in the global market. Countries such as Germany, the UK, and Spain have established ambitious wind energy targets, further propelling market growth. Additionally, Europe's focus on energy independence and security of supply will continue to bolster the expansion of onshore wind energy projects across the region.