Research Nester published a report titled “Onshore Wind Energy Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global onshore wind energy market in terms of market segmentation by capacity, landscape, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global onshore wind energy market is anticipated to grow with ~25% CAGR over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of capacity into below 500 KW, 500 KW – 2 MW, above 2 MW, and others, out of which, the above 2 MW segment is estimated to hold the largest share in the market over the forecast period, owing to the higher deployment of these turbines in wind farms backed by their higher electricity generation capacity.
The global onshore wind energy market is estimated to grow on the back of less capital investment for onshore wind farms, as compared to offshore wind farms, and rising demand for renewable energy. According to the statistics by the International Energy Agency (IEA), the onshore wind electricity generation witnessed a hike of almost 12%, in 2019. Due to the rapid depletion od fossil fuels, and the pollution caused by burning coal, the demand for renewable energy sources is increasing, which is estimated to boost the market growth. Moreover, the construction of onshore farms is more convenient, and cost-effective than offshore farms, which is estimated to boost the market growth.
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. The market in the Europe region is estimated to garner major market share during the forecast period, owing to the increasing number of wind farms and favorable government policies in the region. Moreover, presence of prominent market players is further expected to fuel the market growth.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Ease of Construction of Onshore Wind Farms to boost the Market Growth
According to the data by the International Renewable Energy Agency (IRENA), the global onshore wind energy production amounted to 698,909 MW electricity in 2020.
Onshore farms are constructed on land, unlike offshore farms which are built on sea. This makes their construction convenient, cost-effective, and accessible, which is estimated to propel the growth of the market. Along with this, increasing government investment to promote the adoption of wind energy is estimated to boost the market growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
However, offshore wind farms are capable of producing more electricity, which is expected to operate as key restraint to the growth of the global onshore wind energy market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global onshore wind energy market which includes company profiling of others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global onshore wind energy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.