Onshore Wind Energy Market Size, Share, Growth Analysis, By Application(Power generation, Industrial, Others), By Capacity(2MW, 2MW to 3MW, more than 3MW), By Region - Industry Forecast 2024-2031

Onshore Wind Energy Market size was valued at USD 51.93 billion in 2022 and is poised to grow from USD 54.47 billion in 2023 to USD 79.87 billion by 2031, at a CAGR of 4.90% during the forecast period (2024-2031).

Major industry companies are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the onshore wind energy market. Significant market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also implementing a variety of strategic strategies to increase their footprint. In order to grow and compete in a more cutthroat and competitive market climate, onshore wind energy competitors must provide products that are cost-effective. 'Vestas (Denmark)', 'GE Renewable Energy (United States)', 'Siemens Gamesa Renewable Energy (Spain)', 'Goldwind (China)', 'Nordex Group (Germany)', 'Enercon (Germany)', 'Suzlon Energy (India)', 'MingYang Smart Energy (China)', 'ENERCON (Germany)', 'Siemens AG (Germany)', 'Nordex SE (Germany)', 'Senvion S.A. (Luxembourg)', 'Siemens Wind Power (Denmark)', 'General Electric Company (United States)', 'Gamesa Corporacion Tecnologica (Spain)', 'United Power Technology (China)', 'Mingyang Group (China)', 'EWT (Netherlands)', 'EDP Renovaveis SA (Portugal)', 'Clipper Windpower (United Kingdom)', 'ReGen Powertech (India)'

The growing awareness of climate change and the need to reduce greenhouse gas emissions is driving demand for clean energy sources, including wind power. Consumers and businesses are increasingly demanding renewable energy sources, and wind energy is well-positioned to meet this demand.

The onshore wind energy market is witnessing a revolution initiated by numerous evolving trends that are shaping the future of renewable energy. An evident trend is the incessant expansion of wind turbines concerning their size and capability. Wind turbines have undergone a significant technological transformation with turbines currently featuring enlarged rotor diameters and greater generating capacities. Consequently, this progression is driving augmented energy production efficiency, making onshore wind power a more cost-effective and enduring energy source.

The CAGR for the Asia Pacific onshore wind energy market is projected to be around 10%. The Asia Pacific onshore wind energy market is expected to see significant growth in the coming years, driven by increasing demand for electricity and the need to reduce carbon emissions. China is one of the largest producers of wind energy in the world, while India and Australia are emerging as key markets for onshore wind energy. The dominant segment in this region is power generation, while the fastest-growing segment is the more than 3 MW segment.