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Market Research Future (MRFR) has published a research report about the global onshore wind energy market that reckons raise for this market at 27% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023. Today with the use of renewable sources of energy is increasing, it is possible to convert wind power into electricity, leading to the rise of wind farms. Therefore, the market is growing for onshore wind energy.The major factor enhancing the onshore wind energy market growth is innovation in the wind turbine sector, increasing projects in the construction of wind farms as well as wind parks and lowering the cost of electricity. However, higher outputs from the offshore wind farm and more focus on offshore wind projects can hinder the market growth.
Onshore Wind Energy Market Segments Analysis
The global onshore wind energy market has been segmented on the basis of application, end-use, grid connectivity, power capacity, wind capacity, and region. The application-based segmentation segments this market into demand responsibility, frequency responsibility, peak power management, power storage, and system stability.
Based on end-use, the market has been segmented into commercial & industrial, hybrid power, utilities, and others. Due to the increasing demand for electricity from the nations, utilities hold the major market share among all segments.
As per grid connectivity, the market has been segmented into on-grid and off-grid. On the basis of power capacity, the market has been segmented into less than 500-kilowatt (KW), 500 KW to 2 megawatts (MW), and more than 2 MW.
Regarding wind capacity, the market has been segmented into low wind speed, medium speed wind, and high wind speed. During the forecast period, the high wind speed projects are expected to dominate the global market because the use of those turbines is increasing that operate individually and generate power of around 2.3 MW.
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Latest Industry News
• Google has deployed artificial intelligence (AI) tools made by its AI division DeepMind, that is expected to boost the value of energy generated by onshore wind farms by 20%. 1 MAR 2019
• General Electric (GE) has plans to increase the marketing of mega-turbines for offshore wind farms in Japan. GE aims to gain a foothold in the nascent sector here as the company intends to reduce its dependence from fossil-fuel energy. GE also seeks to sell the Cypress 5.3 MW turbine for onshore wind farms as well. 28 FEB 2019
Geographic Segmentation
The regional segmentation of the global onshore wind energy market segments the market into the regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW). Asia Pacific region has been anticipated to rise as the biggest regional market during the forecast period due to the increasing installed capacity of electricity along with the increasing emphasis on renewable energy in China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
During the forecast period, North America and Europe are also expected to witness significant growth due to the increasing concern for clean energy, the presence of many key market players in these two regions, and strict regulations for conventional power generation. In North America, the most important country-specific markets are the USA and Canada. In Europe, such markets are France, Germany, Italy, and the UK, followed by the remaining countries of Europe.
Key Players
The key players in the global onshore wind energy market include Clipper Wind Power (UK), Enercon GmbH (Germany), Envision energy (China), Gazelle Wind Turbines (UK), General Electric Wind Energy (USA), Nordex S.E. (Germany), Mitsubishi Power Systems (Japan), Repower (Switzerland), Siemens AG (Germany), Suzlon (India), and Vestas Wind System A/S (Denmark).
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