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The onshore wind power systems market size is estimated to grow at a CAGR of 6.21% between 2022 and 2027. The market size is forecast to increase by USD 42.26 billion. The growth of the market depends on several factors, such as the rising height and capacity of wind towers, decreasing LCOE in wind energy, and the impact of wind energy on climate change mitigation.
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A key factor shaping the onshore wind power systems market growth is digitalization and remote monitoring. The implementation of digital technologies is a primary trend in the global onshore wind power systems market. The main advantages of the implementation of these digital technologies are that the operators can monitor key parameters in real time and thereby, improve the operational efficiency and safety of wind power systems by integrating IoT sensors and data analytics into wind turbines.
Additionally, there are several algorithms that assist the users in analyzing data to determine potential problems before they become serious, thus reducing downtime as well as repair and maintenance expenses. Furthermore, the algorithms can also analyze certain patterns and customize the operational settings accordingly to maximize energy output and thereby enhance turbine performance. Hence, such applications are expected to drive the onshore wind power systems market growth during the forecast period.
The wind turbine segment is estimated to witness significant growth during the forecast period. The wind turbine segment comprises the mast, nacelle, rotor blades, gearbox, generator, and anemometer. The mast mainly supports the rotor, which consists of three blades, and the nacelle, which constitutes the mechanical and electrical gear as well as the generator. The generation of electricity by wind turbines occurs through a series of processes that initiate when the rotor blades spin due to the difference in air pressure across the two sides of the blades, leading to the production of kinetic energy
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The capacity range of modern onshore wind turbines can range from several kilowatts to several MWs. Vestas is one of the prominent companies in the global onshore wind power systems market which offers onshore wind turbines with a capacity of 4 MW. The increasing availability of wind turbines with high capacity has resulted in an increase in the size of the rotors and masts which has led to the high output capacity of the turbines. Furthermore, the advancement of high-performance wind turbines has facilitated wind farm owners to develop wind farms in areas with space constraints. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the growth of the market during the forecast period.v
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APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key factors which are significantly contributing to the global onshore wind power systems market in APAC are population growth and the increase in the standard of living, which are driving the demand for energy in the region. Additionally, there is an increasing focus on clean energy sources as several countries are emphasizing increasing the percentage of renewable electricity in their overall energy mix. There is an increasing shift towards renewables such as wind and solar energy for power generation in countries such as China and India due to the growing pollution from GHG emissions. Furthermore, there are several government initiatives in these countries supporting the large-scale installation of renewables to resolve the issue of environmental degradation and pollution as a result of burning fossil fuels. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global onshore wind power systems market witnessed a significant slowdown due to a decline in sales of wind turbines in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of supply chains, leading to the increased demand for energy and encouraging sustainable investments. Such factors are expected to drive the market during the forecast period.
One of the key factors driving the onshore wind power systems market growth is the impact of wind energy on climate change mitigation. There is a rising demand for renewable energy sources, especially onshore wind power due to the growing concerns regarding climate change and reduction of greenhouse gas emissions. As a result, several countries are adopting alternatives to fossil fuels as they are relentlessly working towards reaching their carbon reduction targets.
One of the main advantages of onshore wind power systems is that it generates electricity without releasing greenhouse gases into the atmosphere. Hence, the increasing adoption of onshore wind power systems avoids the use of carbon-intensive techniques in power generation, which in turn is significantly contributing to climate change mitigation efforts. Thus these factors are positively impacting the onshore wind energy market and are expected to drive market growth during the forecast period.
Issues related to land availability and proper sites to set up wind farms are one of the key challenges hindering the onshore wind power systems market growth. One of the main challenges in the global onshore wind power systems market is finding the right kind of land for wind farm development. It has become a tedious task to find and acquire vast amounts of land with reliable wind resources, especially in heavily populated areas or places.
Additionally, there is an increasing land-use conflict related to onshore wind energy projects as the communities and stakeholders may have conflicting interests and concerns regarding the environmental and social implications of wind farms. Several local communities are against unnecessary development that may hamper the beauty of the natural landscape or result in noise pollution generated by wind turbines. Hence, such factors can hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Onshore Wind Power Systems Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB SKF: The company offers onshore wind power systems such as SKF WindCon for onshore wind turbines.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The onshore wind power systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Onshore Wind Power Systems Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.21% |
Market growth 2023-2027 |
USD 42.26 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.68 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 53% |
Key countries |
US, China, Germany, France, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, AEROVIDE GmbH, Belden Inc., Bora Energy, CS WIND Corp., Doosan Corp., Emergya Wind Technologies BV, ENERCON GmbH, Envision Group, Fujikura Co. Ltd., General Electric Co., K2 Management, Nexans SA, Nordex SE, ReGen Powertech Pvt. Ltd., Siemens AG, Suzlon Energy Ltd., TERNA S.p.A., Vestas Wind Systems AS, and Xinjiang Goldwind Science and Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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