Comprehensive Analysis of the Onshore Wind Energy Market 2025-2034: Growth Rates, Trends, and Future Opportunities
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What fueled the previous growth in the onshore wind energy market?
The onshore wind energy market has experienced steady growth, with forecasts showing an increase from $54.27 billion in 2024 to $57.46 billion in 2025 at a CAGR of 5.9%. Historical drivers include rising environmental concerns, government policies supporting renewable energy, technological advancements reducing costs, growing electricity demand, rising fossil fuel prices, and public-private partnerships.
What will be the onshore wind energy market size in the future?
The onshore wind energy market is set for strong growth, reaching $71.53 billion by 2029 at a CAGR of 5.6%. Growth drivers include rising investments in renewable infrastructure, increasing energy demand in emerging markets, corporate sustainability efforts, supportive regulations, and advancements in grid integration and storage technologies. Key trends include the adoption of advanced turbine materials, hybrid energy systems, grid connectivity improvements, and evolving technological innovations.
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What main drivers are fueling expansion in the onshore wind energy market?
The increasing demand for electricity is expected to accelerate the growth of the onshore wind energy market. The growing need for electricity, fueled by urbanization, technological advancements, and industrial processes, is a key driver. Onshore wind energy contributes by providing a renewable, cost-effective, and sustainable power source that reduces reliance on fossil fuels. In December 2023, the Energy Information Administration (EIA) reported a 3.2% increase in U.S. electricity consumption from 2021. Consequently, rising electricity demand supports the onshore wind energy market.
What key areas define the segmentation of the global 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
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Who are the dominant players expanding their reach 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
How are evolving market trends shaping onshore wind energy Strategies?
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 regions are emerging as leaders in 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.
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