Onshore Wind Energy Market Analysis

Onshore Wind Energy Market Analysis

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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.