Onshore Wind Energy Market Scope
Wind energy is the fastest-growing sector across the globe to generate energy. Since the last decade, wind energy costs is going down due to more efficient wind turbines, low operating costs, and other technological advancements which will boost the wind energy market in the nearer future. However, the increasing demand for next-generation wind energy solutions that can be connected with digital infrastructure to monitor, predict, and optimize the performance of wind energy. The government of various countries is taking initiatives and providing funding for renewable energy sectors that will accelerate the growth of the onshore wind energy market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | GE Renewable Energy (France), Siemens Gamesa Renewable Energy S.A. (Germany), Nordex Group (Germany), Ming Yang Wind Power (China), Vestas (Denmark), ABB Ltd (Switzerland), Goldwind (China), Envision Energy (China), Ducted Wind Turbines, Inc. (United States), Carter Wind Turbines (united States), Suzlon (India), Hitachi (Japan) and DNV AS (Norway) |
CAGR | % |
The market is fragmented with a large number of vendors across the globe. The key vendors are focusing on the innovation of the solutions with new features and characteristics to meet the changing consumer demand. Further, players are also targeting mergers, acquisitions, and partnerships to expand their geographical presence and strengthen their onshore wind energy capabilities.
GE Renewable Energy (France), Siemens Gamesa Renewable Energy S.A. (Germany), Nordex Group (Germany), Ming Yang Wind Power (China), Vestas (Denmark), ABB Ltd (Switzerland), Goldwind (China), Envision Energy (China), Ducted Wind Turbines, Inc. (United States), Carter Wind Turbines (united States), Suzlon (India), Hitachi (Japan) and DNV AS (Norway) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Onshore Wind Energy market by Type and Region with country level break-up.
On the basis of geography, the market of Onshore Wind Energy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In June 2022, GE announced that it has acquired 49% stake in Continuum Green Energy’s major onshore wind farm project in Gujarat. The acquisition is GE’s first onshore wind energy investment. Under this, GE will supply and install 2.7-132 onshore wind turbines. The company is also looking for further partnership for Continuum’s further renewable projects.
In March 2022, Adani Group announced the launch of India’s biggest turbine built with advanced technology from W2E Wind to Energy GmbH. The new turbine is an onshore turbine that comes with a 5.2 MW capacity that is suitable for 140 meters towers and can also work at a very low wind speed of 3 meters per second., and In August 2020, Siemens Gamesa launched its next-generation wind turbine SG .4-145 in the Indian market. It is specifically designed and optimized to deliver the lowest possible levellised cost of energy with high reliability. The next-generation wind turbine has been upgraded with the 145-meter rotor of the Siemens Gamesa 4.X platform.
Influencing Trend:
Focus on the Innovation in the Rotor Blades and Development of Larger & Taller Towers, and High-Efficiency Generators and Application of Next-Generation Innovative Wind Power Generation Components to Improve Performance and Generate a Large Amount of Wind Energy
Market Growth Drivers:
Installation Costs of Onshore Wind Farms are Comparatively Low than Offshore That May Boost the Market and Significant Inclination Towards the Renewable Sources to Produce Electricity and Expansion of Wind Energy Sector Due to Sharply Falling Costs
Challenges:
Threats to the wildlife as Flying Creatures Have Bare Possibilities to Survive After Taking Direct Hit to Rotating Turbine Blades
Restraints:
Location Limitations and Unpredictable Wind Blows are the Major Obstacles for Onshore Wind Energy
Opportunities:
Prominent Growth of Wind Energy Generation from Onshore Generation in Countries like United States and China
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Onshore Wind Energy Solutions Manufacturers, Raw Material Providers, Suppliers & Distributors of Onshore Wind Energy Solutions, Venture Capitalists and Private Equity Firms, Regulatory Bodies, End-Users and Others