Onshore Wind Energy Market Size - By Component (Turbine, Support Structure, Electrical Infrastructure), By Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW), 2024 – 2032

Onshore Wind Energy Market Size

Onshore Wind Energy Market was valued USD 77.9 billion in 2023 and is anticipated to grow at a CAGR of over 11.3% from 2024 to 2032. Onshore wind energy refers to the generation of electricity using wind turbines located on land. It is one of the most established and widely used forms of renewable energy, harnessing the kinetic energy of wind to produce electricity.
 

Introduction of state-level renewable energy mandates and federal incentives along with strong government policies and increasing energy demand and renewable energy targets across developing economies will accelerate the business growth. Emerging markets in Brazil, Mexico, and Argentina, with favorable wind resources and supportive policies will enhance the product deployment. Furthermore, investments in grid infrastructure to accommodate new wind capacity is set to strengthen the industry landscape.
 

Growing interest from investors and financial institutions in renewable energy projects and availability of green bonds and sustainable investment funds to finance the wind energy projects is set to influence the business landscape. Further, integration of IoT, AI, and machine learning for real-time monitoring and predictive maintenance will strengthen the market landscape.
 

Onshore Wind Energy Market Trends

Streamlined permitting and regulatory processes to facilitate the development of wind projects is set to drive the product adoption. Policies promoting grid integration and addressing transmission infrastructure challenges along with setting ambitious targets for renewable energy adoption will drive the business scenario.  Continued decline in the cost of wind energy coupled with economies of scale in manufacturing and installation reducing overall costs will significantly proliferate the business growth.
 

Onshore Wind Energy Market Analysis

Based on Component, the turbine is set to cross more than USD 44 billion by 2032. Renewable energy targets and mandates require the deployment of efficient turbines to meet the sustainability goals, enhancing the product adoption. Ongoing advancements in turbine technology and grid integration solutions will enhance feasibility and efficiency, contributing to the product demand. Further, ongoing development of larger turbines with capacity exceeding 5 MW allows for greater energy capture and improved efficiency, stimulating the product landscape.
 

Based on turbine rating, the > 2 to 5 MW is set to register about 8.5% CAGR from 2024 to 2032, owing to enhanced efficiency and power output and suitability for a wide range of wind conditions and site-specific requirements. Advanced control systems and software are optimizing turbine performance and reducing downtime. Turbines in this range provide a good balance of cost and energy output, offering a competitive levelized cost of electricity (LCOE), thereby reducing the overall project costs, leading to product adoption. In addition, they are suitable for areas with moderate wind speeds driving the product demand.
 

Asia Pacific onshore wind energy market is projected to surpass USD 156 billion by 2032, driven by government policies, increasing energy demand, and technological advancements. Strong government policies and subsidies primarily in countries including China will boost the product adoption. Government initiatives such as competitive bidding and Renewable Purchase Obligations (RPOs) in emerging economies including India will complement the industry landscape. Moreover, significant investments in new wind projects, particularly in South Australia and Victoria is set to strengthen the business scenario.
 

Onshore Wind Energy Market Share

The competitive landscape in the onshore wind industry is shaped by a mix of established multinational companies and emerging players. The industry is highly competitive with significant opportunities for growth driven by technological innovation, supportive policies, and increasing demand for clean energy. Further, growing interest in community-owned wind projects and smaller, distributed wind installations will contribute to the overall business scenario.
 

Onshore Wind Energy Market Companies

Eminent players operating in the onshore wind energy industry are:

• CRRC
• CSSC Haizhuang Wind Power
• Envision Group
• Goldwind
• GE Vernova
• Iberdrola, S.A. 
• Nordex SE
• SeWind
• Siemens Gamesa Renewable Energy
• United Power
• Vestas
• Windey Energy Technology Group Co.,Ltd.
   

Onshore Wind Energy Industry News

• In July 2024, Iberdrola began with initial construction work on a wind farm in the northern Spain. The El Escudo wind farm will have a capacity of 101 MW and will generate energy equivalent to the annual consumption of 95,300 homes, thereby avoiding emission of 45,000 tonnes of CO2 per year. Further, the onshore farm involves BIM (Building Information Modelling) technology, allowing detailed control of the work execution.
   
• In January 2024, Sany unveiling the latest 919 Platform. The onshore wind turbine can generate 8.5 MW to 11 MW of energy and is equipped with rotor diameters ranging from 214 m to 230 m through different combinations. Further, designed as a modular system, it significantly increases the reliability and efficiency of research and development, contributing to the company’s sustainability goals.
   

This onshore wind energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:

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Market, By Component

• Turbine
  • Tower
  • Blades
  • Others 
• Support Structure
  • Substructure Steel
  • Foundation
  • Others
• Electrical Infrastructure
  • Wires & Cables
  • Substation
  • Others
• Others

Market, By Turbine Rating

• ≤ 2 MW
• >2 to 5 MW
• >5 to 8 MW
• >8 to 10 MW
• >10 to 12 MW
• > 12 MW

The above information has been provided for the following countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • Netherlands
  • Sweden
  • France
  • UK
  • Finland
  • Poland
  • Spain
  • Italy
  • Austria
  • Ireland
  • Belgium
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Rest of World