Onshore Wind Energy Market Size

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.