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Onshore Wind Turbine Market Size
- Report ID: GMI12007
- Published Date: Oct 2024
- Report Format: PDF
Onshore Wind Turbine Market Size
The global onshore wind turbine market was valued at USD 125.8 billion in 2023 and is estimated to grow at a CAGR of 6.5% from 2024 to 2032. It is a type of wind turbine that is installed on land (as opposed to offshore turbines, which are in bodies of water). These turbines harness wind energy to generate electricity, contributing to renewable energy production and reducing reliance on fossil fuels.
Increasing installed capacity of onshore wind turbines along with growing renewable energy targets will drive the industry scenario. Advances in turbine design, such as larger rotor diameters and higher hub heights, will increase efficiency and energy capture, contributing to the product demand. Further, many governments are implementing supportive policies, including tax credits, feed-in tariffs, and renewable energy targets, to encourage the development of onshore wind projects.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Onshore Wind Turbine Market Size in 2023: | USD 125.8 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 6.5% |
| 2032 Value Projection: | USD 227.8 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 100 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Axis, Connectivity, Rating, Component, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Setting ambitious renewable energy targets as a part of their commitment to the Paris Agreement will drive the expansion of onshore wind capacity. Corporations are signing long-term PPAs with wind developers to secure renewable energy, enhancing the financial viability of new projects, contributing to the business momentum. Additionally, growing awareness of climate change and environmental issues will shift focus to renewable energy projects, including onshore wind farms, thereby driving the industry outlook.
Onshore Wind Turbine Market Scope
