New York, US, Sept. 23, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Onshore Wind Energy Market Report By End-use, by Application Power Capacity, by Wind Capacity, by Grid Connectivity and by Regions – Forecast till 2030″, will touch USD 71,151.80 Million at a 10.38% CAGR by 2030.
Onshore Wind Energy Market Overview
Onshore wind energy has emerged as a critical renewable energy source around the world. Its demand is expected to skyrocket in the next decade as a result of strict government regulations and increased public awareness of environmental issues. Innovation in wind turbine and wind park technology has also added value to the global onshore wind energy market. Large-scale power generation projects such as wind farms & wind parks are predicted to fuel the onshore wind energy market.
Eminent market players profiled in the global onshore wind energy market report include,
- Siemens AG (Germany)
- Envision energy (China)
- General Electric Wind Energy (US)
- Suzlon (India)
- Vestas Wind System A/S (Denmark)
- Enercon GmbH (Germany) Mitsubishi Power Systems (Japan)
- Nordex SE (Germany)
- Repower (Switzerland)
- Gazelle Wind Turbines (UK)
- Clipper Wind Power (UK) are among others.
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High ROI and Low Initial Investment Cost to Boost Market Growth
Onshore wind energy is gaining popularity as a viable option for countries looking to reduce their dependency on fossil fuels. This also highly appeals to investors due to the low initial investment costs and high return on investment. This will fuel market growth in the forecast period.
Burgeoning Need for Wind Farms Construction to offer Robust Opportunities
The market is predicted to develop rapidly over the forecast period due to continuous technological innovation, increased demand for wind farm construction, and rising electricity demand. The market is also expected to see significant expansion and technological activity from major industry players.
Apart from that, the growing number of projects for the construction of the wind farms & wind parks is propelling the market. Wind power is expanding as maximum wind farm projects are built in the United States and China.
High Costs Related to Construction of Wind Farms may act as Market Challenge
The high costs related to the construction of wind farms, more focus on the offshore wind projects, and higher outputs from the offshore wind farm may act as market challenges over the forecast period.
Lack of Transmission Infrastructure to act as Market Restraint
The lack of transmission infrastructure and scarcity of land ideal for wind farms may act as market restraints over the forecast period.
Onshore Wind Energy Market Report Scope:
|Market Size by 2030||USD 71,151.80 Million|
|CAGR during 2022-2030||10.38%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||New product launches and R&D among major key players|
|Key Market Drivers||Increased context of energy supply, and demand
Rising demand for renewable energy in electricity generation
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Onshore Wind Energy Market Segmentation
The global onshore wind energy market is bifurcated based on grid connectivity, application, end use, wind capacity, and power capacity.
By wind capacity, high speed winds will lead the market over the forecast period as these can generate high-capacity power.
By power capacity, more than 2MW will dominate the market over the forecast period as new technologies are capable of generating higher capacity of wind.
By end-use, utilities will spearhead the market over the forecast period as utilities are accountable to offer the supply of electricity from demanding sectors. There has been a sharp rise in the need for electricity since the last decade from the developing economies, hence utilities need higher power for catering to the need.
By application, peak power management will have the lion’s share in the market over the forecast period due to the shortage of electricity at the time of peak hours. Factories and industries require electricity at the time of fixed working hours that boosts the need for energy during such hours.
By grid connectivity, on-grid will have the largest share in the market over the forecast period as most electricity connections are indeed connected to grid with power infrastructure increasing at an alarming growth.
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Analysis of COVID-19
Wind power generation is the process of harnessing wind energy to turn the electric generator via wind turbines. The COVID-19 epidemic has had a negative impact on the wind energy market. Lockdowns imposed by the government around the world to halt the spread of the pandemic have caused global wind energy projects to be delayed. The lockdowns have also slowed wind turbine installation and the development of wind farms. The COVID-19 epidemic, the suspension of the wind projects scheduled for completion in 2020, labor shortages, and supply chain disruptions have all hampered the growth of the wind power market.
China is the biggest offshore and onshore wind power market, accounting for more than 80% of new installed capacity in 2019. However, the epidemic’s spread from China has indeed disrupted supply chains, hampered wind power market growth. Lockdowns imposed in different countries to halt the spread of the pandemic have halted wind turbine production and are expected to halt capacity growth in the sector. The lower cost of renewable energy sources, such as solar PV & wind power, is predicted to strengthen their position as a critical component of economic stimulus packages following the pandemic.
Onshore Wind Energy Market Regional Analysis
APAC to Head Onshore Wind Energy Market
In 2017, APAC dominated the global market. In Asia Pacific, rising installed electricity capacity, as well as a greater emphasis on the renewable energy in China, Japan, and India is expected to drive market growth over the forecast period.
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Europe to Have Favorable Growth in Onshore Wind Energy Market
Due to the rise in wind farms and favorable government policies in the region, the market in Europe is expected to gain a significant market share during the forecast period. Furthermore, the presence of key market players is expected to fuel market growth. The growing concern for clean energy, combined with stringent regulations for the conventional power generation, promotes growth in these areas.
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