Onshore Wind Energy Market Size, Share, Growth, and Industry Analysis, By Type (Below 500 KW, 500 KW to 2 MW & Above 2 MW), By Application (Utilities & Commercial & Industrial), and Regional Forecast to 2032

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ONSHORE WIND ENERGY MARKET OVERVIEW

The Onshore Wind Energy Market size was USD 731560.3 Million in 2023 and is projected to reach USD 6687224.53 Million by 2032, exhibiting a CAGR of 27.87% during the forecast period 2024-2032.

Onshore wind energy means the production of electrical energy by wind turbines erected on all land surfaces. These turbines, by virtue of their placement and motion, utilise the kinetic energy of air moving in the vicinity, and convert it into electrical energy. Wind farms built on land are mostly found in regions where there are strong and steady winds such as open flat lands, hilly areas or coastal areas for effective wind power generation.

There are various factors driving the onshore energy market growth such as, advances in turbine design and manufacturing and energy demand and decarbonization goals. Owing to the possible popularity of offshore wind energy, still onshore wind generation is considered more important because of its cost and existing systems. With rise in the use of batteries and other energy storage, the dependability of onshore wind power inclusive of its future utilisation in the energy mix shall also increase.

COVID-19 IMPACT or RUSSIA-UKRAINE WAR IMPACT or ISRAEL-HAMAS WAR IMPACT

"COVID-19 safety protocols slowed down or halted construction and installation activities"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The onshore wind energy sector also felt the effects of COVID-19 heavily as safety measures and nationwide lockdowns led to construction and installation activities being suspended or significantly slowed down. The confined space and limited mobility of the workforce, alongside crowding policies, put disruptions in project schedules increasing expenditures. Delation of most undertakings was the case which negatively affected the market in the short run. However, in answer to that, some of the governments continued the deadlines and revised the renewable energy ambitions.

LATEST TREND

"Hybrid Energy Systems Installation to Drive Market Growth"

The combination of solar power along with battery storage and onshore wind systems is one direction, revolutionising the growth of the Onshore Wind Energy Market. Such systems ensure a more dependable and steady energy supply since the power generated from the sun can help wind energy at varying times within the day and during different weather conditions. Moreover, battery storage helps with reliability by storing surplus energy for future use, which assists in the excess and deficit equilibrium. This modernization helps in the stabilisation of the grid and also helps the utilities in offering renewables as a source of energy more efficiently resulting in the growth of the market.

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ONSHORE WIND ENERGY MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Below 500 KW, 500 KW to 2 MW & Above 2 MW

• Below 500 KW: The segment encompasses production systems with less than 500 kw. This segment enters into production systems on a smaller scale, mostly enabling local producers or smaller level processing establishments to use it.

• 500 KW to 2 MW: 500 KW to 2 MW typically encompasses mid-sized production operations, serving regional demand or niche markets.

• Above 2 MW: Above 2 MW are large-scale production suitable for high-capacity milling facilities, aimed at meeting substantial demand in commercial and export markets.

BY APPLICATION

Based on application, the global market can be categorized into Utilities & Commercial & Industrial

• Utilities & Commercial: Includes the use of buckwheat flour in commercial settings, such as restaurants and food manufacturing.

• Industrial: Focused on bulk production for large-scale food processing, packaged goods, and distribution.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Advances in Turbine Design and Manufacturing to Boost the Market"

A factor in the Onshore Wind Energy Market growth is the advances in turbine design and manufacturing. The development of new technology has led to the manufacture of bigger and better turbines that can harness more wind energy, including those in areas that do not have strong winds. Advancements in materials and blade shapes increase performance and durability, which reduces the cost of maintenance and improves dependability. Furthermore, modular designs facilitate transportation and erection thereby reducing cost and time for the projects. These technological advances render onshore wind power more favourable than conventional energy sources, and hence the increasing acceptance of the market around the world.

"Energy Demand and Decarbonization Goals to Expand the Market"

The energy demand and decarbonization goals is another key aspect of the Onshore Wind Energy Market. The high demand for electricity, particularly in the developing countries, presents a challenge to fossil fuels and it encourages a shift towards sustainable energy sources. Generation of onshore wind power is appropriate in providing a large-scale infrastructural solution to the problem of global CO2 emissions and energy security concerns. Thus, Onshore wind power has become a serious concern in safeguarding the environment, emissions of greenhouse gases and in meeting climatic goals which are nowadays, widely adopted by both governments and corporations towards sustainability.

RESTRAINING FACTOR

"Land Use and Environmental Concerns to Potentially Impede Market Growth"

A restraining element within the growth of the Onshore Wind Energy Market is the Land Use and Environmental Concerns. Wind energy projects generally require a large tract of land space which may be sources of conflicts with other land uses such as farming as well as housing. Furthermore, concerns about the environment, such as the potential effects on local birds and plants, can prolong the approval process for projects as well as require expensive measures. These considerations make it hard to find appropriate spaces for such activities affecting the schedule of the activities and even the growth of the market.

OPPORTUNITY

"Increasingly Adopting Digital Tools Improve Efficiency and Reduce Operational Costs To Create Opportunity for the Product in the Market"

The growing implementation of digital solutions in the onshore wind energy sector improves operational processes and reduces costs, resulting in new growth prospects. Internet of Things (IoT) and Artificial Intelligence (AI) as well as other advanced Data Analytics tools allows the active supervision and preventive maintenance of the turbines, so that their work is maximised and the standing time is reduced to a minimum. These digital alternatives not only cut down costs related to maintenance but also enhance the overall power generation by encouraging efficient management of all activities. As companies spend more on digital transformation, the Onshore Wind Energy Market becomes more robust and attracts new investment and innovations.

CHALLENGE

"Issue of Updating Grid Infrastructure Could Be a Potential Challenge for Consumers"

Most of the existing grids are not only old but also poorly designed to accommodate the ever-increasing volumes of renewable energy which results in wastage and even power cut offs. It is also to be considered that improving infrastructure involves heavy capital which also means that the consumers have to contend with increased rates of electricity. Furthermore, the slow pace of infrastructure works may limit the number of wind power projects that can be developed, compromising the availability of clean energy and slowing down the shift to more renewable energy.

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ONSHORE WIND ENERGY MARKET REGIONAL INSIGHTS

• NORTH AMERICA (U.S. COMPULSORY)

With large-scale installed capacity and ongoing investments, North America is an authority in the Onshore Wind Energy Market. He, in particular, has enormous land resources, good wind speeds, and great support provided by the states and the federal government via the Production Tax Credit (PTC). The United States Onshore Wind Energy Market such as Texas, California, and Iowa are major contributors to the growth of such industry. Nevertheless, there are difficulties such as the necessity for modernising grid infrastructure and regulatory issues that could lead to delays in the commissioning of the projects.

• EUROPE

Europas is the leading world region in the manufacture and use of wind energy, helped by the likes of Germany, Spain, and Denmark whose capacity installations are quite high. The region has deep-rooted policies to support renewable energy including ambitious decarbonization targets and the European Green Deal. An increase in research and development and technology especially in turbines and green energy further stimulates the market. Nevertheless, community resistance coupled with land acquisition issues can prove to be a hindrance in the development of new projects calling for proper strategies and involvement of the communities.

• ASIA

The Onshore Wind Energy Market in Asia is gaining considerable ground at a fast pace mainly due to the emerging economies of countries like China and India. With China being the most predominant market in the world and exhibiting plans and investments in wind technology that rival the best of any country, it continues to grow at an unprecedented pace. India too is augmenting its capacity, primarily due to the policies enforced by the state to achieve renewable energy specified goals. Even though there is growth potential in the region’s onshore wind market, the forces preventing growth such as regulatory environment, land acquisition, and grid connectivity competition need to be tackled.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Innovative practices and aggressive market penetration are crucial factors for the growth of the onshore wind energy sector in the case of key market players. Top companies are creating new turbine technologies which increase the efficiency and reliability while decreasing prices. These companies are also adopting digitalization in order to improve operational processes and maintenance procedures. In addition, diversifying into new frontiers especially in Asia and Africa presents new avenues for growth for these players. With their focus on sustainability and advanced technologies, they are shaped to lead the development in such industries.

LIST OF TOP ONSHORE WIND ENERGY COMPANIES

• Enercon GmbH (Germany)
• Vestas Wind System A/S (Denmark)
• Siemens AG (Germany)
• Nordex S.E. (Germany)
• Mitsubishi Power Systems (Japan)
• Repower (Germany)
• Clipper Wind Power (U.S.)
• Envision Energy (China)
• Suzlon (India)
• General Electric Wind Energy (U.S.)
• Gazelle Wind Turbines (Netherlands)

KEY INDUSTRY DEVELOPMENT

September 2024: SSE Renewables has finalised the acquisition of Siemens Gamesa Renewable Energy's (SGRE) current European platform for developing renewable energy. Numerous onshore wind development projects are included in the SGRE portfolio.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The Onshore Wind Energy Market is poised for a continued boom pushed by advances in turbine design and manufacturing and energy demand and decarbonization goals. Despite challenges, which include the issue of upgrading grid infrastructure. Key industry players are advancing via technological upgrades and strategic marketplace growth, enhancing the supply and attraction of onshore wind energy. As customer choices shift towards hybrid energy generation options, the Onshore Wind Energy Market is expected to thrive, with persistent innovation and a broader reputation fueling its destiny prospects.