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IN THE NEWS· June, 2021: Nordex Group to supply turbines of total 200 MW for an undisclosed project in Finland.
The global onshore wind energy market is estimated to grow at ~25% CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of wind energy globally. According to the data by the International Renewable Energy Agency (IRENA), the total global power generation from wind energy amounted to around 564 GW by 2018, which used to be around 7.5 GW in 1997. This growth in the generation of electricity using wind energy is estimated to boost the market growth. Onshore wind farms refer to the turbines located on land, that use wind to generate electricity, which is most common in hilly landscapes. According to the data by the IRENA, in 2020, onshore wind farms produced 698,909 MW electricity. Moreover, in 2019, the onshore wind electricity generation increased by almost 12%, as per the statistics by the International Energy Agency (IEA). Onshore wind farms are cost effective, readily available, convenient, and requires less capital investment, as compared to offshore wind farms, which is estimated to boost the market growth. Additionally, growing investment in onshore wind energy by major companies, as well as, governments around the globe, is expected to boost the market growth.
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The market is segmented by capacity into below 500 KW, 500 KW - 2 MW, above 2 MW, and others, out of which, the above 2 MW segment is anticipated to hold the largest share in the global onshore wind energy market over the forecast period on account of higher power generation capacity, which makes them commercially viable and productive. On the basis of application, the market is segmented into utility, residential, and others, out of which, the utility segment is anticipated to hold the largest market share over the forecast period owing to the growing adoption of utility-scale wind farms, for commercial distribution of electricity.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global onshore wind energy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of government policies and initiatives to promote wind energy utilization on a commercial scale. As per the data by the IEA, the onshore wind capacity of China grew from 19 GW in 2018 to 23.8 GW in 2019. According to the statistics by the World Wind Energy Association, China alone accounts for 39% of the global wind energy generation capacity, as of 2020. Moreover, increasing environmental awareness amongst the public, and rising adoption of wind power, are estimated to boost the market growth.
The market in Europe region is estimated to hold the largest shares in the market over the forecast period owing to the presence of large number of wind farms in countries, backed by the tremendous potential of power generation using wind energy in the region. Moreover, presence of major market players, along with the availability of advanced technology in the region are anticipated to boost the market growth.
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The global onshore wind energy market is further classified on the basis of region as follows:
Our in-depth analysis of the global onshore wind energy market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising demand for renewable energy and lower cost of onshore wind farms are the key factors driving market growth.
The market is anticipated to attain a ~25% CAGR over the forecast period, i.e., 2022-2030.
The offshore farms have higher electricity generation capacity, which is a major challenge that is estimated to hamper the market growth.
The market in the Europe region will provide ample growth opportunities owing to the increasing number of wind farms and favorable government policies in the region.
The major players dominating the market are Ming Yang Smart Energy Group Ltd, Nordex SE, Envision Group, Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, Mitsubishi Power, Ltd, and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by capacity, location, application, and by region.
The utility segment is anticipated to hold the largest market share owing to the growing adoption of utility-scale wind farms.
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