Global Onshore Wind Power Market Projected to Grow at 5.9% CAGR, Reaching $58.35 Billion by 2029

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What Will the Onshore Wind Power Industry Market Size Be by 2025?_x000D_
In recent times, the onshore wind power market has seen significant growth. The market size, which was at $43.5 billion in 2024, is projected to increase to $46.23 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.3%. The historical growth can be accredited to several factors such as the reduction in wind technology costs, favorable government policies and grants, heightened awareness towards the environment, a surge in energy demand, enhancement in grid infrastructure, imperative for energy security, and the pursuit of diversification._x000D_
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What's the Long-Term Growth Forecast for the Onshore Wind Power Market Size Through 2029?_x000D_
The market size of onshore wind power is set to experience robust expansion in the coming years, escalating to $58.35 billion by 2029 with a compound annual growth rate (CAGR) of 6.0%. Factors driving growth in this forecasted period include the reduced price of energy storage solutions, robust climate policies and global agreements, advances in digital and AI-steered grid management, commitments to corporate sustainability, heightened electrification of urban and rural areas, and improved community acceptance and participation. Key trends observed during this period are advances in digital and AI domains, the incorporation of hybrid power systems and energy storage, embrace of community-centered wind projects, notable cost deductions through mass production, enhanced grid control using intelligent grid technologies, an increased emphasis on sustainable methods, and recycling of turbines._x000D_
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What Are the Key Growth Drivers Fueling the Onshore Wind Power Market Expansion?_x000D_
The surge in the demand for renewable energy is anticipated to spur the expansion of the onshore wind power market in the future. Renewable energy, which is derived from replenishing natural resources and not exhausted upon use, has seen a jump in demand, motivated primarily by the urge to cut carbon emissions and tackle environmental worries. Onshore wind power plays a role in this escalating demand for renewable energy by offering a feasible, clean, and progressively affordable electricity source, thus aiding the overall transition towards a more eco-friendly energy approach. For example, in January 2023, the International Trade Administration, a government agency in the US, reported that the peak demand in June 2023 reached an unprecedented high of 223 gigawatts (GW), a 3.4% increase from the highest level observed in 2022, with predictions indicating that this consumption trend will persist. Consequently, the growing demand for renewable energy is propelling the advancement of the onshore wind power market._x000D_
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What Are the Key Trends Driving Onshore Wind Power Market Growth?_x000D_
Leading firms in the onshore wind power market are creating onshore wind turbines to optimize wind resource management and boost overall renewable energy output. Onshore wind turbines are land-based devices that produce electricity by capturing wind energy, typically located in wind farms. For example, China's wind turbine manufacturer, Goldwind, launched two new turbine models in April 2023 - the GWH221-8.X-10 and the GWH24X-12. The latter model is expected to have a 12 megawatt (MW) capacity, making it the largest onshore wind turbine, outperforming even the largest offshore turbines like the 14 MW Halliade-X by GE. This technological breakthrough was facilitated by support from the Chinese government and its industry partners, propelling Goldwind's advancement. Currently, Goldwind is the fourth-largest wind energy capacity installer worldwide, boasting a solid footprint in China and projects spread over multiple continents._x000D_
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How Is the Onshore Wind Power Market Segmented?_x000D_
The onshore wind powermarket covered in this report is segmented - _x000D_
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1) By Capacity: Below 500 Kilowatt (KW), 500 Kilowatt (KW) To 2 Megawatt (MW), Above 2 Megawatt (MW)_x000D_
2) By Wind Capacity: High, Medium, Low_x000D_
3) By Grid Connectivity: Off Grid, On Grid_x000D_
4) By End-User: Residential, Commercial_x000D_
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Subsegments:_x000D_
1) Below 500 Kilowatt (KW): Small-Scale Residential Wind Turbines, Agricultural Wind Turbines, Off-Grid Wind Power Systems_x000D_
2) 500 Kilowatt (KW) To 2 Megawatt (MW): Community Wind Projects, Mid-Size Industrial Wind Turbines, Commercial Wind Farms_x000D_
3) Above 2 Megawatt (MW): Large-Scale Utility Wind Farms, High-Capacity Industrial Wind Turbines, Grid-Connected Wind Projects_x000D_
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Which Companies Are Leading the Charge in Onshore Wind Power Market Innovation?_x000D_
Major companies operating in the onshore wind power market are 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, SMA Solar Technology AG, Renewable Energy Systems (RES), Invenergy LLC, Clearway Energy, Boralex Inc, Mainstream Renewable Power, Apex Clean Energy, Cypress Creek Renewables, Windlab Ltd, Gazelle Wind Power Limited, Vortex Bladeless Ltd. _x000D_
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Which Regions Are Leading the Global Onshore Wind Power Market in Revenue?_x000D_
North America was the largest region in the onshore wind power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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