What are the Historical Developments and Current Growth Metrics of the Onshore Wind Energy Market?
The onshore wind energy market has seen considerable growth due to a variety of factors.
• The market size of onshore wind energy has seen robust growth in the past several years. It is projected to rise from $54.27 billion in 2024 to $57.46 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.9%.
This growth during the historical period can be explained by rising environmental consciousness, government support and policies encouraging renewable energy, advances in technology that reduce costs, increasing electricity demand, escalation of fossil fuel prices, collaborations between the public and private sectors, and the imperative to broaden energy sources.
What Is The Projected Growth Of The Onshore Wind Energy Template Market?
The onshore wind energy market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for onshore wind energy is predicted to witness robust expansion in the coming years, increasing to $71.53 billion in 2029 with a compound annual growth rate (CAGR) of 5.6%.
This anticipated growth for the forecasted period is linked to the surge in investments in the renewable energy framework, the expansion of corporate sustainability programs, the rising demand for energy in developing economies, favorable regulatory frameworks and carbon pricing systems, advancements in grid assimilation and storage technologies, and the urgency to meet climate change mitigation goals. Foreseen trends within this period include the incorporation of advanced technologies, the use of recyclable turbine materials, the development of hybrid energy systems, the improvement of grid connectivity solutions for energy distribution, and ongoing technological progression.
What Are The Key Drivers Fueling Growth In The Onshore Wind Energy Market?
The rise in the demand for electricity is anticipated to fuel the expansion of the onshore wind energy market in the future. The persistent surge in electricity usage is caused by the increasing urbanization, technological innovations, and a growing dependence on electronic gadgets and industrial mechanisms. Onshore wind energy holds a vital position in generating electricity, delivering a renewable, economical, and sustainable power source that decreases dependence on fossil fuels. For example, the Energy Information Administration (EIA), an American federal agency, reported that the total electricity consumption in the U.S. at the end of use had a nearly 3.2% increase compared to 2021 in December 2023. Retail sales of electricity went up by roughly 2.6% in the residential sector and 4.7% in the commercial sector. Thus, the rising demand for electricity is spurring the growth of the onshore wind energy market.
What Are The Principal Market Segments In The Global Onshore Wind Energy Industry?
The onshore wind energymarket covered in this report is segmented –
1) By Product Type: Less Than 500 Kilowatt (KW), 500 Kilowatt (KW) To 2 Megawatt (MW), More Than 2 Megawatt (MW)
2) By Wind Capacity: High Wind Speed, Medium Wind Speed, Low Wind Speed
3) By Grid Connectivity: Off Grid, On Grid
4) By Application: Peak Power Management, Power Storage, Demand Response, Frequency Response, System Stability
5) By End User: Utilities, Commercial And Industrial, Hybrid Power
Subsegments:
1) Less Than 500 Kilowatt (KW): Small Residential Wind Turbines, Small Commercial Wind Turbines, Off-Grid Wind Turbines
2) 500 Kilowatt (KW) To 2 Megawatt (MW): Medium-Sized Commercial Wind Turbines, Industrial Wind Turbines, Community Wind Turbines
3) More Than 2 Megawatt (MW): Large Utility-Scale Wind Turbines, Offshore-Adapted Onshore Turbines, High Capacity Industrial Wind Turbines
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How Are Emerging Trends Reshaping The Dynamics Of The Onshore Wind Energy Market?
Leading businesses in the onshore wind energy market are making strides towards the enhancement of onshore wind turbines. Their aim is to boost turbine efficacy, refine the management of wind resources, and augment the total energy output. An onshore wind turbine is a terrestrial equipment that uses wind energy to generate electricity, typically located in wind farms. An example would be Goldwind, a Chinese wind turbine producer, who in April 2023 unveiled two new turbine models, the GWH221-8.X-10 and the GWH24X-12.X, the latter is foreseen to have a capacity of 12 megawatts (MW). Surpassing even the largest offshore turbines such as GE's 14 MW Halliade-X, it is set to be the biggest onshore wind turbine. The Chinese government and various industry partners facilitated this achievement by supporting Goldwind in its technological advancement. Goldwind, having a significant standing in China and projects sprawled across numerous continents, now ranks fourth globally in terms of installed wind energy capacity.
Who Are the Key Players In The Onshore Wind Energy Market?
Major companies operating in the onshore wind energy market are:
• Iberdrola S.A.
• Duke Energy
• NextEra Energy Resources
• Vestas Wind Systems AS
• Siemens Gamesa Renewable Energy SA
• Enel Green Power S.p.A.
• Sungrow Power Supply Co Ltd
• Pattern Energy Group Inc.
• Canadian Solar Inc.
• Nordex Group
• Enercon GmbH
• Brookfield Renewable Partners
• Enphase Energy
• TransAlta Corp
• Renewable Energy Systems (RES)
• Invenergy
• Clearway Energy
• Boralex Inc
• Mainstream Renewable Power
• Apex Clean Energy
• Cypress Creek Renewables
• Windlab Ltd
• Gazelle Wind Power Limited
• Vortex Bladeless Ltd
What Are The Regional Insights Into The Onshore Wind Energy Market?
North America was the largest region in the onshore wind energy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
