Onshore Wind Energy Industry - Regional Synopsis
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 industry is estimated to account for largest revenue share by 2037, 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.
