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What CAGR Will the Onshore Wind Energy Market Achieve During 2025–2034, and What Does It Indicate?

The market size of onshore wind energy has been experiencing robust growth in the past few years. It is projected to increase from $54.27 billion in 2024 to $57.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.9%. The impressive growth during the historical period is linked to mounting environmental worries, governmental incentives and policies that favor renewable energy, advanced technology that reduces costs, an escalating demand for electricity, increasing prices of fossil fuels, collaborations between public and private entities, and a drive to diversify energy sources.

The market size of onshore wind energy is projected to witness solid growth in the coming years, increasing to $71.53 billion in 2029, marking a compound annual growth rate (CAGR) of 5.6%. The anticipated growth during this period can be traced back to several factors such as increased investment in renewable energy infrastructure, expanded corporate sustainability initiatives, enhanced energy demand in developing economies, favoring regulations and carbon pricing policies, progress in grid integration and storage technologies, and a pressing need to meet climate change mitigation objectives. Major trends for the period include the incorporation of innovative technologies, recyclable turbine materials, hybrid energy systems, solutions for grid connectivity that aid energy distribution, and overall technological progress.

How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the Onshore Wind Energy Market?

Escalating needs for electricity are anticipated to boost the expansion of the onshore wind energy market. This ongoing surge in electricity demand is influenced by rising urbanization, technology advancements, and heightened dependence on electronic apparatus and industrial operations. Onshore wind energy significantly contributes to electricity production, offering a renewable, economical, and enduring energy alternative which lessens the dependence on fossil fuels. For example, in December 2023, the Energy Information Administration (EIA), a federal agency based in the U.S., presented evidence that total U.S. electricity end-use consumption had elevated approximately 3.2% compared to 2021. Retail electricity sales had a spike of about 2.6% within the residential sector and a 4.7% growth within the commercial sector. Thus, the escalating electricity needs are propelling the expansion of the onshore wind energy market.

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Who Are the Key Firms Paving the Way for Growth in the Onshore Wind Energy Market?

Major companies operating in the onshore wind energy 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, Renewable Energy Systems (RES), Invenergy, Clearway Energy, Boralex Inc, Mainstream Renewable Power, Apex Clean Energy, Cypress Creek Renewables, Windlab Ltd, Gazelle Wind Power Limited, Vortex Bladeless Ltd

What Are the Most Influential Trends Currently Shaping the Onshore Wind Energy Market?

Leading entities in the onshore wind energy market are putting their resources into the development of advanced onshore wind turbines. These turbines are designed to augment turbine effectiveness, streamline wind resource administration, and increase total energy output. The onshore wind turbines, which are commonly found in wind farms, generate electricity by capitalizing on wind energy. To illustrate, Goldwind, a firm based in China that manufactures wind turbines, unveiled two new turbine models, GWH221-8.X-10 and GWH24X-12, in April 2023. The GWH24X-12.X, set to have a capacity of 12 megawatts (MW), is expected to be the largest onshore wind turbine. It will surpass even the biggest offshore ones such as the 14 MW Halliade-X by GE. This notable achievement was facilitated by the support from the Chinese government and industry collaborators, empowering Goldwind to progress its technology. Currently, Goldwind holds the fourth rank globally in terms of installed wind energy capacity, with a significant presence in China and several projects across various continents.

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Which Market Segments Are Driving Strategic Growth and Trends in the Onshore Wind Energy Market?

The onshore wind energymarket covered in this report is segmented –

1) By Product Type: Less Than 500 Kilowatt (KW), 500 Kilowatt (KW) To 2 Megawatt (MW), More Than 2 Megawatt (MW)

2) By Wind Capacity: High Wind Speed, Medium Wind Speed, Low Wind Speed

3) By Grid Connectivity: Off Grid, On Grid

4) By Application: Peak Power Management, Power Storage, Demand Response, Frequency Response, System Stability

5) By End User: Utilities, Commercial And Industrial, Hybrid Power

Subsegments:

1) Less Than 500 Kilowatt (KW): Small Residential Wind Turbines, Small Commercial Wind Turbines, Off-Grid Wind Turbines

2) 500 Kilowatt (KW) To 2 Megawatt (MW): Medium-Sized Commercial Wind Turbines, Industrial Wind Turbines, Community Wind Turbines

3) More Than 2 Megawatt (MW): Large Utility-Scale Wind Turbines, Offshore-Adapted Onshore Turbines, High Capacity Industrial Wind Turbines

Which Regions Are Essential for the Growth of the Onshore Wind Energy Market?

North America was the largest region in the onshore wind energy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

How Is the Scope and Reach of the Onshore Wind Energy Market Defined?

Onshore wind energy refers to the generation of electricity from wind turbines that are installed on land. These wind turbines capture the kinetic energy from the wind and convert it into electrical power through the rotation of blades connected to a generator. Onshore wind farms are typically located in areas with consistent and strong winds, such as open plains, hilltops, and coastal regions.

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