New York, US, May 11, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Onshore Wind Energy Market Information by End-use, Application, Power Capacity, Wind Capacity, Grid Connectivity, and Region - Forecast till 2030", From 2022 to 2030, the onshore wind energy market will surge from USD 50.88 Billion in 2022 to USD 71.11 billion by 2030, achieving a CAGR of 4.90% from 2022 to 2030.
Onshore Wind Energy Market Overview
Around the world, onshore wind energy has become a vital source of renewable energy. Due to stringent government regulations and growing public awareness of environmental issues, its demand is anticipated to soar over the course of the next ten years. The value of the worldwide onshore wind energy industry has also increased due to advancements in wind turbine and wind park technologies. The onshore wind energy industry is anticipated to be driven by large-scale power generation projects including wind farms and wind parks.
Market Competitive Landscape:
The important vendors in the onshore wind energy market are
- 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)
- Among others.
Get Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/5996
To increase the number of products they offer, major market players are spending a lot of money on R&D. This will propel the global sector to even greater heights of expansion. A variety of tactical actions taken by market players, including the launch of new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other companies, are also helping them expand their worldwide reach.
Onshore Wind Energy Market COVID 19 Analysis
The COVID-19 pandemic led to a worldwide lockdown, which has halted the production. This slowed the market's expansion over the past few years and did throughout 2022 as well.
Due to the limits put in place by the government to stop the spread of COVID-19, many businesses saw a sharp fall in 2020. This had an impact on the demand for onshore wind energy.
Due to the limitations placed on industrial operations, the COVID-19 epidemic had a severe impact on manufacturing facilities as well. In order to respond to current crises and establish new ways of working after COVID-19, many manufacturers concentrated on safeguarding their staff, operations, and supply networks. For instance, providing hand sanitizers, upholding social distancing, and ensuring that every employee in the company has had their vaccinations can help to promote the health and safety of the workforce.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 71.11 billion 2032: Significant Value |
| CAGR during 2023-2032 | 4.90% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End-use, Application, Power Capacity, Wind Capacity, Grid Connectivity, and Region |
| Key Market Opportunities | Cost-efficient to build new onshore wind energy systems |
| Key Market Dynamics | Increased context of energy supply & demand Rising demand for renewable energy in electricity generation |
Browse In-depth Market Research Report (100 Pages) on Onshore Wind Energy Market:
https://www.marketresearchfuture.com/reports/onshore-wind-energy-market-5996
Onshore Wind Energy Market USP Covered:
Market Drivers:
A popular choice among countries aiming to lessen their reliance on fossil fuels is onshore wind energy. Due to the low initial investment expenses and strong return on investment, this is also very appealing to investors. The market will grow as a result during the given period.
The market can anticipate quick growth in the years to come as a result of ongoing technical advancement, rising demand for the development of wind farms, and increasing electricity demand. Significant market growth and technological activity from key industry players are also anticipated.
The worldwide industry also benefits from the surge projects for the development of wind farms and wind parks. As more wind farm projects are constructed in China and the United States, wind power is growing.
Market Restraints:
Market participants may suffer losses as a result of the enormous currency translation gap, which will be followed by declining revenues, dwindling profit margins, and cost pressure on logistics and the supply chain.
However, starting in the final quarter of 2022 and continuing into 2023, reducing inflation has taken the top spot for global economies. With imbalanced economic conditions, increases in interest rates by governments to limit spending and inflation, spikes in the price of oil and gas, high inflation, and geopolitical crises like the U.S. & China trade war and the crisis in Russia and Ukraine, the world's economic problems are getting worse.
Buy Now Premium Research Report:
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=5996
Onshore Wind Energy Market Segmentation
By End User
The global onshore wind energy market has been divided into three categories based on power capacity: less than 500 KW, 500 KW to 2 MW, and more than 2 MW. Due to wind towers' substantial market share and higher-than-2 MW capacity, the more than 2 MW segment dominated the market in 2021.
By Capacity
The global onshore wind energy market has been divided into three categories based on wind capacity: high wind speed, medium wind speed, and low wind speed. In 2021, the market was dominated by the high-wind speed sector. The market is expected to be dominated by high wind speed projects due to the existence of turbines that operate independently and produce electricity of about 2.3 MW.
By Connectivity
The onshore wind energy market has been segregated into off-grid and on-grid segments, with respect to grid connectivity. In 2021, the on-grid segment dominated the market. On-grid systems send the surplus electricity they produce to the utility grid when they are overproducing.
By Application
Peak power management, power storage, demand response, frequency response, and system stability are the key applications. Peak power management was the market's largest sector in 2021, and it is anticipated to grow at the fastest rate from 2022 to 2030. Applications for peak power management are expected to dominate the market due to the increased demand for electricity during peak hours. Therefore, the peak power management segment has a beneficial effect on the growth of the onshore wind energy industry.
Onshore Wind Energy Market Regional Insights
During the study period, the Asia Pacific onshore wind energy market, which had a value of USD 20.5155 billion in 2021, is anticipated to rise at a substantial CAGR. Rising installed electrical capacity as well as a focus on renewable energy in China, Japan, and India are anticipated to propel market expansion in the Asia Pacific region over the course of the forecast period.
Ask for Customization:
https://www.marketresearchfuture.com/ask_for_customize/5996
The market in Europe is anticipated to earn a sizable market share during the projected period as a result of the increase in wind farms and advantageous government policies in the area. Furthermore, the existence of major industry participants is anticipated to stimulate market expansion. Growth in these areas is encouraged by the rising concern for clean energy and the strict regulations for the production of conventional power.
From 2022 to 2030, the North American onshore wind energy industry is anticipated to experience the fastest CAGR growth. Onshore wind energy power generation technology has improved over the past five years to maximize the amount of electricity generated per installed megawatt capacity and to reach additional regions in North America with lower wind speeds. Additionally, the US onshore wind energy industry had the biggest market share, while the fastest-growing market in North America was the one in Canada.
Related Reports:
Wind Power Market Research Report Information By Application, By Installation, By Turbine Capacity, And By Region – Market Forecast Till 2030
Offshore Wind Market Research Report Information By Components, By Location, And By Region – Market Forecast Till 2030
Small Wind Power Market Research Report Information by Grid Connectivity, By Axis, By Capacity, And by Region – Market Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
