Onshore wind energy stands out as a highly cost-effective electricity source across the globe, spearheading the transition to a new era in global energy. It's a notably eco-friendly energy source, harnessing the power of the wind through wind turbines to generate electricity, subsequently powering various devices and equipment. This process involves capturing wind energy to rotate turbine blades connected to a rotor and main shaft, which then turns a generator to produce power.
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The global onshore wind turbine industry is driven by two primary factors: the depletion of natural resources and government initiatives to explore alternative energy sources. Environmental concerns are mounting, with countries striving to reduce carbon emissions. Consequently, there's a growing interest in renewable energy, fueled by a rising number of individuals who see climate change as the most pressing global issue. Thanks to technological advancements, the cost of wind-generated electricity is expected to decrease in the near future. When compared to fossil fuels like coal, oil, and natural gas, onshore wind power emerges as a significantly more environmentally benign energy source. As a result, wind energy is poised to play a more substantial role in the energy landscape in the coming years, with numerous countries adopting these well-established and increasingly popular solutions. The onshore wind energy equipment market is already generating billions of dollars worldwide.
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Now, shifting focus to the impact of COVID-19, this global pandemic has disrupted industries worldwide, except for a few critical sectors. Most countries have declared states of emergency to combat the pandemic's spread.
Considering the aftermath of the pandemic, the global onshore wind turbine market is projected to recover by 2022, experiencing gradual but steady growth. The demand for onshore wind turbines is anticipated to rise in the coming years due to their energy efficiency.
Several key factors are influencing this market:
- Introduction of large, advanced wind turbine devices, enabling vendors to provide more wind-generated electricity at reduced costs. However, their adoption is constrained by the technology required, transportation challenges, and installation complexities. The transition to these devices will be a gradual and consistent process.
- The shift toward renewable energy sources aligns with countries' sustainable development goals, promoting clean, reliable, secure, and cost-effective electricity generation. Environmental sustainability has become a global focus, further driving the worldwide wind turbine industry.
Market trends reveal significant growth:
- Expansion: Onshore wind energy capacity surged from 177,790 MW in 2010 to 594,253 MW in 2019, with onshore wind farms requiring less expensive infrastructure than offshore counterparts. Onshore wind energy is currently the most affordable form of renewable energy worldwide.
- Governments and international organizations are actively striving to reduce carbon footprints and greenhouse gas emissions, recognizing the critical need for alternative energy sources due to the finite nature of non-renewable resources and the escalating consequences of climate change.
- Rising electricity costs are driving the demand for cost-effective energy from renewable sources, propelling the wind turbine market forward.
- Offshore wind power locations offer substantial potential due to powerful wind speeds in remote areas, anticipating significant growth in this category over the forecast period.
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Key Benefits of the Report:
- This report provides an analytical overview of the onshore wind turbine industry, highlighting current trends and future investment opportunities.
- It offers insights into key drivers, constraints, and opportunities, along with a detailed analysis of market share.
- Quantitative analysis showcases the growth scenario of the onshore wind turbine market.
- Porter's five forces analysis sheds light on buyer and supplier dynamics in the market.
- The report offers a detailed analysis of the onshore wind turbine market's competitive landscape and its future evolution.
Regional Breakdown:
- North America: Including the United States, Canada, and Mexico.
- Europe: Encompassing France, Germany, Italy, Spain, the United Kingdom, Russia, and the rest of Europe.
- Asia-Pacific: Covering China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and the rest of the Asia-Pacific region.
- LAMEA: Spanning Brazil, South Africa, Saudi Arabia, the United Arab Emirates, Argentina, and the rest of the LAMEA (Latin America, Middle East, and Africa) region.
Capacity Segmentation:
- Less than 1MW
- 1MW to 3MW
- More than 3MW
Technology Classification:
- Electrically Excited Synchronous Generator
- Permanent Magnet Synchronous Generator
Key Market Players:
- Siemens Wind Power A/S
- Avantis Energy Group, S.A.
- ReGen Powertech Pvt. Ltd
- Leitwind AG
- GE Energy
- Northern Power Systems
- M. Torres Olvega Industrial
- Goldwind Science & Technology Co. Ltd
- Emergya Wind Technologies B.V
- Enercon
- Godecke Energy