Onshore Wind Energy Market Investigation Reveals Contribution By Major Companies During The Assessment Period 2030
Onshore Wind Energy
Market Overview
Onshore Wind Energy Market is expected to
expand at 10.38% CAGR to reach the global industry worth of 71,151.80 Million
USD during the forecast period.
In recent years, onshore wind energy has
become a major player among renewable energy sources throughout the globe.
Strict government rules and a heightened public understanding of environmental
problems are expected to drive a dramatic rise in demand for it during the
coming decade.
Soon, the global onshore wind industry will
expand at a quicker rate than previously anticipated. This is due to the
increasing importance of the energy context and the expanding importance of
renewable energy in the power generating mix. Wind power had increased
significantly from 2007 levels, when it accounted for 92.4 GW, to 2017's
predicted 494.6 GW, according to the Global Wind Energy Council, evidence that
wind power has a bright future. In part, market growth is fueled by an uptick
in plans to build wind farms and wind parks. An increase sees the expansion of
wind power in the number of wind farm construction projects in the United
States and China.
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Market Size |
2030: 71151.8 Million USD |
CAGR |
10.38% CAGR (2022-2030) |
Base Year |
2021 |
Forecast Period |
2022 to 2030 |
Historical Data |
2019 & 2020 |
Forecast Units |
Value (USD Million) |
Report Coverage |
Revenue Forecast, Competitive
Landscape, Growth Factors, and Trends |
Segments Covered |
End-use, Application, Power
Capacity, Wind Capacity and Grid Connectivity |
Geographies Covered |
North America, Europe,
Asia-Pacific, and Rest of the World (RoW) |
Generating electricity with wind energy
entails using wind turbines to convert the wind's kinetic energy into usable
mechanical energy. The wind energy industry has been impacted negatively by the
COVID-19 pandemic. Worldwide wind energy projects have been delayed due to
government-imposed lockdowns to stop the virus's spread. The shutdowns have
hampered the installation of wind turbines and the growth of wind farms. Wind
power industry expansion has been stunted by several factors, including the
COVID-19 pandemic, the postponement of wind projects originally slated for
completion in 2020, labor difficulties, and supply chain delays.
Market Segmentation
Grid connection, application, end-user, wind
capacity, and power capacity are the primary factors that drive segmentation in
the worldwide onshore wind energy
market.
Over the predicted period, the market share
held by high-speed winds will increase the most since these winds have the
potential to provide the most electricity. Over the projection period, the
market for wind turbines with a capacity of more than 2 MW is expected to grow
at a faster clip than that of lower-capacity turbines. Throughout the projection
period, utilities will dominate the market by end-use. Utilities are
responsible for meeting the demand for power from other industries. Since the
previous decade, energy demand in emerging nations has skyrocketed,
necessitating more output from utilities.
Peak power management is expected to dominate
the market by the application during the predicted time frame. This is because
of the severe lack of energy during peak hours. There is peak demand for power
during regular business hours since factories and businesses need it to operate
at those times.
Regional
Classification
It is anticipated that Europe's market will
expand significantly during the projection period due to the region's
increasing number of wind farms and supportive government policies. In
addition, the participation of major companies is forecasted to encourage
market expansion. Increasing restrictions for traditional power production, in
addition to a rising public interest in green energy, bode well for these
sectors.
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Industry News
Wind power is more efficient than other
renewable energy options for producing electricity. Because of this, major
power plants all around the globe are starting to focus more on this kind of
energy. This is particularly true in Asia and the Pacific, where China is now
the world's greatest producer of wind power, as per statistics provided by the
International Energy Agency.
Key Players
- Siemens AG (Germany)
- Envision energy (China)
- General Electric Wind Energy (U.S.)
- Suzlon (India)
- Vestas Wind System A/S (Denmark)
- Enercon GmbH (Germany)
- Mitsubishi Power Systems (Japan)
- Nordex S.E. (Germany)
- Repower (Switzerland)
- Gazelle Wind Turbines (U.K.)
- Clipper Wind Power (UK)
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