Onshore Wind Power Market: Current Analysis and Forecast (2022-2030)

Onshore Wind Power Market: Current Analysis and Forecast (2022-2030)

Global Onshore Wind Power Market is expected to grow at a significant rate of around 5% during the forecast period. Onshore Wind Power is defined as the power that's generated by wind turbines located on land driven by the natural movement of the air. These wind farms are majorly located in fields or more rural areas or less populated areas. The industry involved the development, installation, operation, and maintenance of wind turbines located on land. Including the supply chain of various equipment such as turbines, towers, blades, generators, and other related components including various services such as project management, site assessments, and maintenance. Thus, increasing the market value of onshore wind power across the world. For instance, In Jun 2022, GE acquired a 49% stake in Continuum Green Energy (India) and led a 148.5-megawatt (MW) Morjar onshore wind project in Gujarat to provide power to local communities of 125,000 households in India.

Siemens Gamesa Renewable Energy, S.A.; Suzlon Energy Limited; Vestas; NORDEX SE; Mingyang Smart Energy; GENERAL ELECTRIC; Goldwind; ENVISION GROUP; Zhejiang Windey Co., Ltd.; SANY Group are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report

“Amongst capacity, the above 2 MW category is expected to grow with a significant CAGR during the forecast period”

Based on capacity, the market is segmented into Below 500 KW, 500 KW - 2 MW, and Above 2 MW. The above 2 MW category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to the factor that 2 MW capacity has better wind turbine technology and efficiency, reducing the cost of energy for sites with low and medium wind speeds. Many players are launching projects with high MW to help in generating more power used for household purposes. For instance, in Jan 2023, Mingyang launched an 8.5 MW onshore wind turbine to generate 200,000 kWh daily.

“Amongst grid connectivity, on-grid categories are expected to grow with a significant CAGR during the forecast period”

Based on grid connectivity, the onshore wind power market has been classified into off-grid and on-grid. The on-grid categories are expected to grow with a significant CAGR during the forecast period. This is mainly owing to the reason that onshore wind power is considered one of the most mature and cost-friendly forms of renewable energy and it has been growing significantly across the globe. In addition, it is expected to grow over time as increasing the number of projects is growing along with the global transitions of renewable energy acceleration.

“Europe is anticipated to grow at a substantial CAGR during the forecast period”

In 2021, Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly owing to the factor has Europe is becoming the global leader in renewable energy. Also, Wind power has played an important part to bring this success and will be key to achieving the EU’s renewable energy targets and make the EU carbon neutral by 2050. In addition, in 2022, Germany, Sweden, and Finland built the most onshore wind farms in Europe, 87% of the new wind installations done in Europe last year were onshore wind. Furthermore, according to Eurostat, wind accounted for over one-third (37%) of the total electricity generated from renewable sources in the EU in 2021. Moreover, many major companies are collaborating with other firms to increase their business portfolio. For instance, in Jul 2022, Ørsted acquired the German and French onshore wind platform Ostwind for USD 761.16 million.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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