Global Onshore Wind Energy Market Size, Share, Growth Analysis, By Application(Power generation, Industrial), By Capacity(2MW, 2MW to 3MW) - Industry Forecast 2024-2031

Global onshore wind energy market size was valued at USD 51.93 billion in 2022 and is poised to grow from USD 54.47 billion in 2023 to USD 79.87 billion by 2031, at a CAGR of 4.90% during the forecast period (2024-2031).

The global onshore wind energy sector is rapidly expanding within the renewable energy industry, concentrating on generating, producing, and distributing wind energy from land-based wind turbines. Wind energy plays a pivotal role in the global shift towards cleaner energy sources, with onshore wind power standing out as one of the most economically viable forms of renewable energy presently available. The primary goal of the onshore wind energy market is to furnish a sustainable and dependable electricity source to power households, enterprises, and communities worldwide. Onshore wind farms generate electricity by utilizing the force of wind through large turbines. As the wind propels the turbine blades, electricity is generated and subsequently transmitted to the electrical grid for dissemination to end-users. By 2021, the global installed capacity of onshore wind energy reached 743 GW, with China, the United States, and Germany emerging as the leading onshore wind energy markets in terms of installed capacity. In the same year, the global onshore wind energy market saw an addition of 93 GW of new installed capacity, with China and the United States contributing to more than half of these new installations. Several factors drive the onshore wind energy market, including the decreasing cost of wind energy, amplified government backing for renewable energy initiatives, and escalating demand for clean energy alternatives. Furthermore, innovations in wind turbine technology and heightened turbine efficiency are further propelling the expansion of the onshore wind energy market.

Top-down and bottom-up approaches were used to estimate and validate the size of the global onshore wind energy market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Onshore Wind Energy Market Segmental Analysis

Global onshore wind energy market is segmented based on application, capacity, components and region. By application, the market is segmented into power generation, industrial, and others. By capacity, the market is segmented into 2MW, 2MW to 3MW, more than 3MW. By component, the market is divided into turbine, tower, blades, and others. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Onshore Wind Energy Market

The increasing awareness of climate change and the urgency to mitigate greenhouse gas emissions have sparked a surge in demand for clean energy alternatives, among which wind power stands out prominently. Both consumers and businesses are becoming more vocal in their advocacy for renewable energy sources, recognizing the critical role they play in combating climate change. Wind energy, with its proven track record and sustainability credentials, is ideally poised to fulfill this escalating demand.

Restraints in the Global Onshore Wind Energy Market

The variability of wind resources poses a challenge to wind energy generation. Fluctuations in wind speed and direction can impact the performance of wind turbines, resulting in intermittent power generation and reduced efficiency. Consequently, wind energy may be perceived as less reliable compared to traditional sources of energy, which could hinder its widespread adoption.

Market Trends of the Global Onshore Wind Energy Market

The global onshore wind energy market is experiencing a transformative shift driven by several emerging trends that are reshaping the landscape of renewable energy. One notable trend is the continuous advancement in the size and performance of wind turbines. There has been a significant technological evolution in wind turbine design, characterized by larger rotor diameters and increased power generation capacities. This evolution is leading to enhanced efficiency in energy production, thereby making onshore wind power a more economically viable and sustainable energy option.