Onshore Wind Energy Market size was over USD 56.13 billion in 2023 and is poised to cross USD 94.64 billion by 2036, witnessing more than 4.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of onshore wind energy is estimated at USD 57.97 billion. 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 onshore wind energy 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.1% |
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Base Year Market Size (2023) |
USD 56.13 billion |
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Forecast Year Market Size (2036) |
USD 94.64 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global onshore wind energy market includes the following segments
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By Capacity
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By Location |
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By Application
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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. Asia Pacific is likely to hold largest revenue share by 2036, 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 onshore wind energy 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.
· June, 2021: Nordex Group to supply turbines of total 200 MW for an undisclosed project in Finland.
Author Credits: Dhruv Bhatia
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