Market Research Report
Growth Opportunities in the Global Onshore Wind Turbine Market, Forecast to 2025
|Published by||Frost & Sullivan||Product code||920302|
|Published||Content info||96 Pages
Delivery time: 1-2 business days
|Growth Opportunities in the Global Onshore Wind Turbine Market, Forecast to 2025|
|Published: December 20, 2019||Content info: 96 Pages||
Technology Innovation, Declining Solution and Project Costs, and Growth in Demand for Renewable Power Purchase Agreements (PPAs) are Likely to Drive the Market in Future
Onshore wind energy involves the harvesting of wind power from wind turbines set up on land. The growing popularity of onshore wind as a suitable alternative to meet country-specific clean energy targets, along with strong regulatory support, is driving the growth of the global onshore wind turbine market. Repowering of aging onshore wind farms, especially in Europe and North America, is expected to further drive the market demand in the coming years. The growing interest of the corporate sector in procuring wind power to meet its renewable energy goals, as well as falling wind turbine prices, further drives installations. Rising energy demands in several regional markets also contribute to the market growth. The growing offshore wind market supported by technological advancements such as floating turbines and targeted policies in some regional markets such as India and the US may reduce the demand for onshore wind in the long term. Additionally, land constraints including lack of environmental and social acceptability for onshore wind farm sites further curtail the growth of the market.
Innovations in turbine technology such as higher capacity onshore turbines, modular turbines, 3D printing, and additive manufacturing are bringing down the overall cost of onshore wind power. Leveraging technological advancements in data analytics and Internet of Things (IoT) is enabling the development of smart wind turbines with increased connectivity, operation optimization, and predictive capabilities. Another trend shaping the market is the continued decrease in the levelized cost of electricity of onshore wind in all regional markets, making wind power increasingly more competitive with conventional fuel sources.
China holds the largest share in the global onshore wind turbine market. Europe, North America, and India are other leading regional markets. Ambitious clean energy targets are driving the rapid expansion of the onshore wind power market in India. Mature markets in the UK, Germany, and the US are expected to generate demand as a result of increasing repowering or updating activities for aging wind power farms in the regions. Emerging markets in the onshore wind space include Brazil, Mexico, Australia, and South Africa.
The study assesses onshore wind turbine manufacturers active globally and discusses the market shares held by the companies in this market. The key participants in the global onshore wind turbine market include Vestas, General Electric, Siemens Gamesa, Enercon, Goldwind, and Nordex. Global companies with a strong presence in both mature and developing markets such as Vestas, Siemens Gamesa, and General Electric exhibit higher growth compared to companies restricted to regional markets.