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The onshore wind power systems market size is estimated to increase by USD 42.26 billion and grow at a CAGR of 6.21% between 2022 and 2027. Market growth hinges on various factors, including the increasing height and capacity of wind towers, declining Levelized Cost of Energy (LCOE) in wind power, and the role of wind energy in mitigating climate change. Challenges include land availability constraints and identifying suitable sites for wind farm installation, competition from alternative energy sources, and the intermittent nature of wind power generation.
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A key factor shaping the market growth is digitalization and remote monitoring. The implementation of digital technologies is a primary trend in the global 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, several algorithms 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 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 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 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.
The market is witnessing significant growth driven by the increasing demand for renewable energy sources amidst concerns over energy supply and environmental sustainability. With rising awareness about the adverse effects of fossil fuels like coal, oil, and natural gas on the environment, there's a notable shift towards cleaner alternatives such as wind energy. These farms and projects are gaining traction as key contributors to electricity generation, utilizing rotors and generators to harness efficiently. Despite competition from other renewable sources like solar energy, onshore wind power projects remain pivotal in achieving renewable energy targets and creating a sustainable ecosystem. Leveraging advanced project operation capabilities, it continues to be a disrupter in the energy landscape, offering reliable and cost-effective power generation solutions.
The market is witnessing significant growth, driven by the imperative need to mitigate climate change. With increasing concerns over greenhouse gas emissions, there's a burgeoning demand for renewable energy sources, particularly onshore wind power. Countries worldwide are actively seeking alternatives to fossil fuels to meet carbon reduction targets, making onshore wind energy a pivotal component of their energy transition strategies. Notably, onshore wind power offers the advantage of electricity generation without releasing greenhouse gases, thereby aiding in climate change mitigation efforts. This burgeoning adoption of onshore wind energy underscores its pivotal role in fostering a sustainable ecosystem and meeting renewable energy targets amidst the evolving energy landscape.
Issues related to land availability and proper sites to set up wind farms are some of the key challenges hindering the market growth. One of the main challenges in the global 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 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 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.
The market is witnessing robust growth driven by factors such as accelerated depreciation benefits, increased adoption of wind energy, and the quest for affordable electricity systems. Despite challenges like land availability issues and competition from alternative energy sources, the market continues to expand. With advancements in technology and favorable financial incentives, companies like Envision Energy are driving inorganic growth strategies and expanding their manufacturing base. Offshore wind farms are tapping into high wind speed areas, while onshore projects leverage medium to low wind speeds. As the world shifts towards renewable energy targets, onshore wind power systems play a pivotal role in meeting energy demands sustainably, ensuring grid connectivity and system stability.
Also, the market is witnessing significant growth driven by factors like the increasing demand for renewable energy sources and advancements in wind turbine technology. With a focus on reducing carbon emissions, many countries are investing in onshore wind projects to meet their energy needs sustainably. This market encompasses various aspects, including land-based turbine output, wind farm construction, and project operation capabilities. Additionally, factors such as leveled cost of electricity, peak power management, and technical advancements in wind electric generator technology are shaping the market landscape. Despite challenges like competition from alternative energy sources and land availability issues, the market continues to expand, contributing to a more sustainable energy ecosystem.
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 forecasting, 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 |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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