Onshore Wind Energy Market Forecasts to 2030 – Global Analysis By Component (Turbines, Electrical Infrastructure and Other Components), Capacity, Application, End User and By Geography

Onshore Wind Energy Market Forecasts to 2030 – Global Analysis By Component (Turbines, Electrical Infrastructure and Other Components), Capacity, Application, End User and By Geography

According to Stratistics MRC, the Global Onshore Wind Energy Market is accounted for $58.8 billion in 2024 and is expected to reach $83.4 billion by 2030 growing at a CAGR of 6.0% during the forecast period. Onshore wind energy is the generation of electricity through wind turbines installed on land, which harnesses the kinetic energy of moving air to produce electricity. The process involves a rotor, tower, and generator, which rotate as wind flows over the blades. This renewable and sustainable energy source uses wind, an inexhaustible natural resource, and does not emit greenhouse gases during operation. The electricity generated can be used for utility-scale power generation, water pumping, and battery charging, making it a valuable and sustainable resource.

Market Dynamics:

Driver:

Increasing demand for clean energy

Burning of fossil fuels for electricity generation contributes significantly to greenhouse gas emissions, causing global warming and environmental degradation. Onshore wind energy offers a sustainable alternative without emitting harmful pollutants, making its role in decarbonizing the energy sector increasingly vital as governments reduce emissions under international agreements like the Paris Agreement.

Restraint:

Land availability and siting issues

Geographical constraints and regulatory restrictions can limit the availability of suitable land for onshore wind farms. These include proximity to urban areas, protected lands, and natural reserves, which can exclude areas like cities, forests, and military zones. Local regulations also impose minimum distance requirements between wind turbines and residential areas, further limiting the available land hampering the growth of the market.

Opportunity:

Advancements in wind turbine technology

Modern wind turbines are becoming larger and more efficient, generating more electricity per unit, reducing land use and installation costs. Advances in turbine design have led to higher capacity factors, ensuring consistent and efficient electricity generation even in varying wind conditions. The incorporation of digital platforms and smart technology in wind farms allows real-time monitoring and predictive maintenance, optimizing turbine performance and reducing downtime, thus improving the overall reliability of wind energy in the grid.

Threat:

Economic viability in remote areas

Remote areas often lack existing electrical infrastructure, making it expensive to connect new wind farms to the grid. Building transmission lines can be prohibitive, especially in low population density and demand. Additionally, transportation and logistics to remote locations can be costly due to difficult terrain and inadequate access roads, complicating the construction and maintenance of wind farms.

Covid-19 Impact

The COVID-19 pandemic negatively impacted the onshore wind energy market through significant supply chain disruptions, leading to delays in project construction and financing. Manufacturing plants faced shutdowns, particularly in wind blade production, which is labor-intensive. Additionally, a decline in electricity demand during lockdowns reduced the immediate need for new wind capacity. These factors resulted in postponed projects and uncertainty in the market.

The turbines segment is expected to be the largest during the forecast period

The turbines is expected to be the largest during the forecast period owing to modern turbines which have larger rotors and longer blades, capturing more wind energy even at lower speeds, making them more competitive with conventional energy sources. They also have enhanced reliability and performance through smart technology integration, which optimizes performance by adjusting blade positions based on real-time wind conditions. This technology improves energy output and reduces maintenance costs by proactively addressing potential issues.

The utility-scale power generation segment is expected to have the highest CAGR during the forecast period

The utility-scale power generation segment is expected to have the highest CAGR during the forecast period as it is crucial for reducing carbon emissions and enhancing energy sustainability. It replaces fossil fuel-based power generation, achieving global climate goals. Additionally, it increases renewable energy's share in the electricity mix, reducing dependency on imported fossil fuels and aligning with national energy strategies, thereby enhancing energy security.

Region with largest share:

North America is projected to hold the largest market share during the forecast period because North American countries have set targets to increase renewable energy in their electricity mix, implementing policies like feed-in tariffs and tax incentives. Climate change and air pollution are driving the demand for clean energy sources like wind energy. The U.S. dominates the North American onshore wind energy market, with significant installed capacity and ongoing investments. Canada is emerging as an emerging market with growing investments and supportive government policies.

Region with highest CAGR:

Asia Pacific is projected to witness the highest CAGR over the forecast period, China dominates the Asia-Pacific onshore wind energy market with installed capacity and ongoing investments, driven by government targets, subsidies, and favorable policies. India also has a growing market, supported by its national wind-solar hybrid policy and other initiatives, bolstering onshore wind energy deployment. Moreover climate change and air pollution are driving the demand for clean energy sources, such as onshore wind energy, across the region.

Key players in the market:

Some of the key players in Onshore Wind Energy market include Clipper Wind Power (UK), Dongfang Electric Corporation, ENERCON GmbH, Envision energy, Gazelle Wind Turbines, GE Renewable, Goldwind, Ming Yang Smart Energy Group Co., Mitsubishi Power Systems, Nordex SE, Siemens Gamesa Renewable Energy S.A., Sinovel, Suzlon, Vestas and Repower

Key Developments:

In September 2024, GE Vernova Inc. announced the launch of its advanced containerized solution for Battery Enabled Energy Storage (BESS) - the RESTORE DC Block - which offers enhanced safety, efficiency, flexibility, and long-term performance.

In April 2024, GE Aerospace announced its official launch as an independent public company defining the future of flight, following the completion of the GE Vernova spin-off. GE Aerospace will trade on the New York Stock Exchange (NYSE) under the ticker “GE”.

In June 2024, itsubishi Heavy Industries, Ltd. (MHI) and Thailand's largest power producer Electricity Generating Authority of Thailand (EGAT) have signed a Memorandum of Understanding (MoU) to conduct research on the introduction of hydrogen co-firing technologies for gas turbine power generation.

Components Covered:
• Turbines
• Electrical Infrastructure
• Other Components

Capacities Covered:
• Less than 2 MW
• 2 MW to 3 MW
• More than 3 MW

Applications Covered:
• Utility-Scale Power Generation
• Off-Grid Power Generation
• Hybrid Energy Systems
• Commercial Power Generation
• Other Applications

End Users Covered:
• Power Generation
• Industrial
• Residential
• Government & Public Institutions
• Agriculture & Rural Users
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements