What Has Been the Growth of the Onshore Wind Power Market So Far?
The onshore wind power market has seen considerable growth due to a variety of factors.
• The onshore wind power industry has experienced substantial growth over the recent past. The market size, which stood at $43.5 billion in 2024, is projected to increase to $46.23 billion in 2025, translating to a compound annual growth rate (CAGR) of 6.3%.
The industry's historical expansion can be credited to factors such as declining wind technology expenses, favorable governmental policies, and incentives, heightened environmental consciousness, escalating demand for energy, advancements in grid infrastructure, energy security necessities, and diversification strategies.
How Will the Onshore Wind Power Market?
The onshore wind power market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of onshore wind power is projected to experience substantial growth in the upcoming years, expanding to $58.35 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%.
The factors driving the growth during this forecasted period include the reduction in energy storage cost, more stringent climate regulations and international accords, advancements in digital and AI-led grid management, corporate commitment towards sustainability, increased electrification in urban and rural areas, and improved community acceptance and engagement. Key trends during this period will be advances in digital and AI technologies, integration of energy storage with hybrid power systems, widespread adoption of community-run wind projects, major cost cuts due to economies of scale, enhanced grid management through smart grid technologies, increased emphasis on sustainability, and recycling of wind turbines.
Which Factors Are Boosting Growth In The Onshore Wind Power Market?
The escalating consumption for renewable energy is anticipated to thrust the expansion of the onshore wind power market. Renewable energy is the energy produced from natural resources that replenish at a human pace and are never exhausted when utilized. The escalating consumption for renewable energy primarily stems from the imperative to reduce carbon emissions and address ecological concerns. The contribution of onshore wind power to the growing demand for renewable energy lies in offering a feasible, clean, and comparatively economical source of electricity, thus facilitating the comprehensive transition towards more sustainable energy solutions. For instance, as per the International Trade Administration, a US-based government entity, the country reached a record peak demand of 223 gigawatts (GW) in June 2023, a 3.4% increase from the highest level recorded in 2022, and speculations suggest that usage will further escalate, signifying a boost in the demand for renewable energy and, in turn, the onshore wind power market growth.
What Key Areas Define The Segmentation Of The Global Onshore Wind Power Market?
The onshore wind powermarket covered in this report is segmented –
1) By Capacity: Below 500 Kilowatt (KW), 500 Kilowatt (KW) To 2 Megawatt (MW), Above 2 Megawatt (MW)
2) By Wind Capacity: High, Medium, Low
3) By Grid Connectivity: Off Grid, On Grid
4) By End-User: Residential, Commercial
Subsegments:
1) Below 500 Kilowatt (KW): Small-Scale Residential Wind Turbines, Agricultural Wind Turbines, Off-Grid Wind Power Systems
2) 500 Kilowatt (KW) To 2 Megawatt (MW): Community Wind Projects, Mid-Size Industrial Wind Turbines, Commercial Wind Farms
3) Above 2 Megawatt (MW): Large-Scale Utility Wind Farms, High-Capacity Industrial Wind Turbines, Grid-Connected Wind Projects
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What Trends Are Reshaping The Future Of The Onshore Wind Power Market?
Leading corporations in the onshore wind power market are focusing on the creation of onshore wind turbines to increase wind resource management and boost the production of renewable energy. An onshore wind turbine, often seen in wind farms, is a land-based technology used to generate electricity using wind energy. For example, Goldwind, a wind turbine producer from China, introduced two new models - the GWH221-8.X-10 and the GWH24X-12.X in April 2023. The GWH24X-12.X, expected to have a capacity of 12 megawatts (MW), is projected to become the largest onshore wind turbine, overtaking even the biggest offshore turbines like GE's 14 MW Halliade-X. This monumental advancement was made feasible through assistance from the Chinese government and industry allies, enabling Goldwind to progress its technology. Goldwind now takes the fourth position globally in terms of wind energy capacity installation, boasting a robust presence in China and ongoing projects on various continents.
Who Are the Key Players In The Onshore Wind Power Market?
Major companies operating in the onshore wind power 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
• SMA Solar Technology AG
• Renewable Energy Systems (RES)
• Invenergy LLC
• Clearway Energy
• Boralex Inc
• Mainstream Renewable Power
• Apex Clean Energy
• Cypress Creek Renewables
• Windlab Ltd
• Gazelle Wind Power Limited
• Vortex Bladeless Ltd.
What Is The Most Dominant Region In The Onshore Wind Power Market?
North America was the largest region in the onshore wind power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
