What Is The Current and Historic Market Size Analysis Of The Onshore Wind Turbine Market?
The onshore wind turbine market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant growth in the onshore wind turbine market size. The market is set to expand from $50.73 billion in 2024 to $53.71 billion in 2025, registering a compound annual growth rate (CAGR) of 5.9%.
The growth in the past period has been fueled by increasing government subsidies and incentives, soaring energy requirements, enhanced environmental consciousness, regulatory backing for renewable energy sources, declining costs associated with wind power production, and the setup of wind power infrastructure.
What Is The Forecast For The Onshore Wind Turbine Market Size?
The onshore wind turbine market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for onshore wind turbines is predicted to experience substantial growth in the forthcoming years. It is projected to escalate to $66.84 billion by 2029 with a CAGR of 5.6%.
This projected growth within the forecast period can be credited to an escalating emphasis on preventing climate change, expansion of green energy directives, improvements in grid integration abilities, increased investment in clean energy infrastructure, and the creation of more efficient and larger wind turbines. The upcoming trends within the forecast period include a growing adoption of improved turbine technologies for better efficiency, invention of larger and more potent turbine models, merger of wind power with energy storage resolutions, an intensified focus on sustainable and eco-friendly production practices, and integration with grid infrastructure.
What Are The Essential Drivers Behind The Growth Of The Onshore Wind Turbine Market?
The onshore wind turbine market's growth is anticipated to be fuelled by the escalating demand for renewable energy. This type of energy, replenished naturally by sources such as wind and sunshine, ensures a sustainable power supply and is pivotal in reducing greenhouse gas emissions and mitigating climate change. Factors like environmental concerns, exhaustion of fossil fuels, and technological innovation are leading to the surge in demand for renewable energy. The onshore wind turbines utilize wind energy to generate renewable power which aids in dwindling the reliance on fossil fuels and lessening greenhouse gas outputs. Their modular structure and scalability allow for installation at various locations while enhancing the grid's stability and supplementing other renewable power sources. For instance, information from the International Trade Administration, an agency of the U.S. government, points out that in June 2023, the country experienced a record peak demand of 223 gigawatts (GW), a 3.4% rise from the maximum level in 2022, with anticipation of ongoing growth in power usage. Consequently, the skyrocketing requirement for renewable power is steering the expansion of the onshore wind turbine market.
How Is The Global Onshore Wind Turbine Market Divided Into Key Segments?
The onshore wind turbinemarket covered in this report is segmented –
1) By Axis: Horizontal Axis, Vertical Axis
2) By Size: Small Scale, Medium Scale, Large Scale
3) By Technology: Electrically Excited Synchronous Generator, Permanent Magnet Synchronous Generator
4) By Capacity: Less Than 1 Megawatt (MW), 1 Megawatt (MW) To 3 Megawatt (MW), More Than 3 Megawatt (MW)
Subsegments:
1) Horizontal Axis: Upwind Turbines, Downwind Turbines, Variable Pitch Turbines
2) Vertical Axis: Darrieus Turbines, Savonius Turbines, Helical Turbines
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What New Trends Are Influencing The Onshore Wind Turbine Market?
Major players in the onshore wind turbine market are concentrating on the creation of innovative solutions like land-based turbines to increase structural efficiency and augment renewable energy production capabilities. Land-based turbines, which transform wind energy into electricity, are stationed on stable land areas and are crucial to renewable energy production in terrestrial wind farms. As an example, in January 2023, Mingyang Smart Energy, a leading wind turbine producer from China, set up the Myse 8.5-216, amongst the biggest onshore wind turbines in the world. The turbine, with a 216-meter rotor diameter and a rated capacity of 8.5 megawatts, produces approximately 200,000 kWh of electric power every day, making it an ideal choice for large wind farms. It's crafted to function in severe environments like deserts, and is tough enough to endure sandstorms and extreme temperature ranges. Its vital components, such as the engine and high-performance blades, are subjected to thorough testing both internally and by third-party entities to assure durability and top-tier performance under diverse conditions.
Who Are the Key Players In The Onshore Wind Turbine Market?
Major companies operating in the onshore wind turbine market are:
• Hitachi Ltd.
• GE Vernova Inc.
• Vestas Wind Systems A/S
• Siemens Gamesa Renewable Energy S.A.U.
• Pattern Energy
• Nordex SE
• Dongfang Electric Corporation
• ENERCON Global GmbH
• EDF Renewables SA
• Suzlon Energy Limited
• ReGen Powertech Pvt. Ltd.
• Envision Energy USA Limited
• Sinovel Wind Group Co. Ltd.
• Emergya Wind Technologies B.V
• M.Torres Ólvega Industrial S.L.
• Inox Wind Ltd.
• Leitwind Shriram Manufacturing Ltd.
• Northern Power Systems Inc.
• XZERES Corp.
• Doosan Power Systems India Pvt Ltd.
• Bergey Windpower Co.
• Senvion GmbH
What Are The Regional Insights Into The Onshore Wind Turbine Market?
North America was the largest region in the onshore wind turbine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
