The onshore wind turbine global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Onshore Wind Turbine Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The onshore wind turbine market size has grown strongly in recent years. It will grow from $48.05 billion in 2023 to $50.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to rising government subsidies and incentives, rising energy demands, growing environmental awareness, regulatory support for renewable energy, decreasing costs of wind power production, the establishment of wind power infrastructure.
The onshore wind turbine market size is expected to see strong growth in the next few years. It will grow to $63.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increasing focus on climate change mitigation, expansion of green energy mandates, development in grid integration capabilities, growing investment in renewable energy infrastructure, and development of more efficient and larger wind turbines. Major trends in the forecast period include increasing adoption of advanced turbine technologies for higher efficiency, development of larger and more powerful turbine models, integration of wind power with energy storage solutions, growing focus on sustainable and eco-friendly manufacturing practices, and integration with grid infrastructure.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing demand for renewable energy is expected to propel the growth of the onshore wind turbine market going forward. Renewable energy, derived from naturally replenished sources such as sunshine and wind, is critical for lowering greenhouse gas emissions, combating climate change, and ensuring a clean energy supply. The demand for renewable energy is growing due to several factors, such as environmental concerns, the depletion of fossil fuels, and technological innovation. Onshore wind turbines harness wind energy to provide renewable electricity, lowering greenhouse gas emissions and dependence on fossil fuels. Their modular and scalable design enables deployment at a variety of sites, improving grid stability and complementing other renewable energy sources. For instance, in January 2023, according to the International Trade Administration, a US-based government agency, in June 2023, the country’s peak demand surged to a record 223 gigawatts (GW), reflecting a 3.4% increase compared to the highest level in 2022, with projections indicating continued growth in consumption. Therefore, increasing demand for renewable energy is driving the growth of the onshore wind turbine market.
Market Trends –
Major companies operating in the onshore wind turbine market are focused on developing advanced solutions, such as land-based turbines, to enhance structural efficiency and improve renewable energy generation capabilities. Land-based turbines are wind turbines that are set up on solid ground to catch wind energy and convert it into electrical power. They are critical for renewable energy generation in terrestrial wind farms. For instance, in January 2023, Mingyang Smart Energy, a China-based wind turbine manufacturer, installed the Myse 8.5-216, one of the largest onshore wind turbines available. It has a rotor diameter of 216 meters and a rated capacity of 8.5 megawatts. The turbine generates approximately 200,000 kWh of electricity per day, making it well-suited for large-scale wind farms. It is designed to operate in harsh environments, such as deserts, and can withstand sand and extreme temperatures. The key components of the Myse 8.5-216, including the motor and high-performance blades, undergo rigorous testing both in-house and at third-party facilities to ensure durability and optimal performance in various conditions.
The onshore wind turbine market covered in this report is segmented –
1) By Axis: Horizontal Axis, Vertical Axis
2) By Size: Small Scale, Medium Scale, Large Scale
3) By Technology: Electrically Excited Synchronous Generator, Permanent Magnet Synchronous Generator
4) By Capacity: Less Than 1 Megawatt (MW), 1 Megawatt (MW) To 3 Megawatt (MW), More Than 3 Megawatt (MW)
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Regional Insights –
North America was the largest region in the onshore wind turbine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the onshore wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the onshore wind turbine market are Hitachi Ltd., GE Vernova Inc., Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy S.A.U., Pattern Energy, Nordex SE, Dongfang Electric Corporation, ENERCON Global GmbH, EDF Renewables SA, Suzlon Energy Limited, ReGen Powertech Pvt. Ltd., Envision Energy USA Limited, Sinovel Wind Group Co. Ltd., Emergya Wind Technologies B.V, M.Torres Ólvega Industrial S.L., Inox Wind Ltd., Leitwind Shriram Manufacturing Ltd., Northern Power Systems Inc., XZERES Corp., Doosan Power Systems India Pvt Ltd., Bergey Windpower Co., Senvion GmbH
Table of Contents
1. Executive Summary
2. Onshore Wind Turbine Market Report Structure
3. Onshore Wind Turbine Market Trends And Strategies
4. Onshore Wind Turbine Market – Macro Economic Scenario
5. Onshore Wind Turbine Market Size And Growth
…..
27. Onshore Wind Turbine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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