Selbyville, Delaware, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The onshore wind turbine market is predicted to reach USD 227.8 billion by 2032, as reported in a research study by Global Market Insights Inc. Onshore wind turbines, installed on land, play a crucial role in renewable energy generation, helping reduce dependence on fossil fuels. By harnessing wind energy to produce electricity, these turbines support the growing demand for clean energy sources worldwide.
A key factor driving market growth is the rising installed capacity of onshore wind turbines, in line with ambitious renewable energy targets. Advancements in turbine design, including larger rotor diameters and higher hub heights, significantly boost efficiency and energy capture, spurring product demand. Additionally, supportive government policies—such as tax incentives, feed-in tariffs, and specific renewable energy goals—further encourage the development and adoption of onshore wind projects globally.
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The grid-connected onshore wind turbine market is expected to exceed USD 197.5 billion by 2032. This growth is largely attributed to technological innovations, favorable policy frameworks, and the escalating focus on renewable energy to mitigate climate change. Grid-connected turbines contribute directly to energy grids, and many countries are expanding their onshore wind capacity to meet renewable energy commitments. Modern turbines now incorporate advanced control systems that enable real-time monitoring and efficient grid management, optimizing performance and ensuring grid stability—key factors driving market expansion.
The onshore wind turbine market from the >1 MW to 3 MW segment is set to grow at a CAGR of over 7% through 2032. These medium-sized turbines are increasingly adopted for their cost-effectiveness, adaptability to various site conditions, and compatibility with smaller-scale projects. Innovations in turbine design, like improved aerodynamics and new blade materials, enhance efficiency by enabling these turbines to generate power even at lower wind speeds. Additionally, a decreasing levelized energy cost for onshore wind makes these turbines financially attractive, supporting broader adoption and market momentum.
In the regional landscape, Europe’s onshore wind turbine market is anticipated to surpass USD 74.5 billion by 2032. Driven by the continent's focus on expanding wind capacity to support climate goals, the European market benefits from the adoption of more efficient and larger turbines that maximize energy yield per installation. Operators are also increasingly utilizing AI-driven maintenance, digital monitoring, and predictive analytics to improve turbine performance and minimize downtime, thus strengthening the onshore wind energy market outlook in Europe and globally.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.2 Base estimates & calculations
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 – 2032
Chapter 3 Onshore Wind Turbine Market Insights
3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
