Onshore Wind Energy Market 2024 - Trend Analysis, Industry Growth, Key Players, Growth Opportunities And Outlook By 2033

The Business Research Company recently released a comprehensive report on the Global Onshore Wind Energy Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The onshore wind energy market size has grown strongly in recent years. It will grow from $51.40 billion in 2023 to $54.27 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing environmental concerns, government incentives and policies supporting renewable energy, technological advancements reducing costs, growing demand for electricity, rising fossil fuel prices, public-private partnerships, the need to diversify energy sources.

The onshore wind energy market size is expected to see strong growth in the next few years. It will grow to $67.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising investments in renewable energy infrastructure, growing corporate sustainability initiatives, increasing energy demands from emerging economies, supportive regulations and carbon pricing mechanisms, advancements in grid integration and storage technologies, need to achieve climate change mitigation goals. Major trends in the forecast period include the integration of advanced technologies, recyclable turbine materials, hybrid energy systems, grid connectivity solutions to support energy distribution and technological evolution.

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Market Drivers and Trends:

The increasing electricity demand is expected to propel the growth of the onshore wind energy market going forward. The continuous high demand for electricity is driven by increasing urbanization, technological advancements, and the growing reliance on electronic devices and industrial processes. Onshore wind energy plays a crucial role in electricity generation by providing a renewable, cost-effective, and sustainable power source that reduces reliance on fossil fuels. For instance, in December 2023, according to the Energy Information Administration (EIA), a US-based federal agency, total U.S. electricity end-use consumption rose by approximately 3.2% compared to 2021. Retail electricity sales increased by about 2.6% for the residential sector and by 4.7% for the commercial sector. Therefore, the increasing electricity demand is driving the growth of the onshore wind energy market.

Major companies operating in the onshore wind energy market are developing onshore wind turbines to enhance turbine efficiency, optimize wind resource management, and improve overall energy production. An onshore wind turbine is a land-based device that generates electricity by harnessing wind energy, commonly found in wind farms. For instance, in April 2023, Goldwind, a China-based wind turbine manufacturing company, launched two new turbine models, the GWH221-8.X-10 and the GWH24X-12. The GWH24X-12.X, with an expected capacity of 12 megawatts (MW), is poised to become the largest onshore wind turbine, surpassing even the largest offshore turbines such as GE's 14 MW Halliade-X. This achievement was made possible with support from the Chinese government and industry partners, allowing Goldwind to advance its technology. Goldwind now holds the fourth position globally in installed wind energy capacity, with a strong presence in China and projects across multiple continents.

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Major Key Players of the Market:

Iberdrola S.A., Duke Energy, NextEra Energy Resources, Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Enel Green Power S.p.A., Sungrow Power Supply Co Ltd, Pattern Energy Group Inc., Canadian Solar Inc., Nordex Group, Enercon GmbH, Brookfield Renewable Partners, Enphase Energy, TransAlta Corp, Renewable Energy Systems (RES), Invenergy, Clearway Energy, Boralex Inc, Mainstream Renewable Power, Apex Clean Energy, Cypress Creek Renewables, Windlab Ltd, Gazelle Wind Power Limited, Vortex Bladeless Ltd

Onshore Wind Energy Market 2024 Key Insights:

• The onshore wind energy market size is expected to see strong growth in the next few years. It will grow to $67.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rising Electricity Demand Drives Growth In Onshore Wind Energy
• Innovative Wind Turbine Revolutionize Onshore Wind Energy
• North America was the largest region in the onshore wind energy market in 2023

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