Market Research Future (MRFR) has published a report on the global onshore wind energy market is anticipated to expand at a robust CAGR of over 27% during the forecast period of 2018-2023. The increasing demand for renewable energy sources is majorly driving the global onshore wind energy market.
The rapid exhaustion and high emission rate of non-renewable energy sources such as fossil fuels are inducing elevated demand for alternatives for harvesting energy. The rising population and development in industrialization are causing the emergence of renewable energy sources, which in turn is fueling the expansion of the global onshore wind energy market.
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The advent in technology is leading to the introduction of advanced innovations in the wind turbine sector to increase the amount of energy that is being harvested by the wind farms. The benefits of wind energy such as zero emission of hazardous by-products, no requirement of any kind of fuel for functioning purpose and eco-friendly method of energy harvesting are fueling the growth of the global onshore wind energy market. However, the high installation cost and maintenance cost of wind farms and fluctuations in the supply of energy from these farms are acting as a restraint on the expansion of the global onshore wind energy market.
The global onshore wind energy market has been segmented on the basis of end-users, application, power capacity, wind capacity and grid connectivity. Based on end users, the onshore wind energy market is segmented into utilities, commercial and industrial, hybrid power and others. Based on application, the onshore wind energy market is segmented into peak power management, power storage, demand response, frequency response, system stability and others. Based on power capacity, the onshore wind energy market is segmented into less than 500 KW, 500 KW to 2 MW and more than 2 MW. Based on wind capacity, the market is segmented into high wind speed, medium wind speed and low wind speed. Based on grid connectivity, the market is segmented into off-grid and on-grid.
The global onshore wind energy market is segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The increasing concerns regarding the exhaustion of non-renewable energy sources and stringent government norms for conventional power generation are driving the onshore wind energy market in the North America region. The onshore wind energy market in the Europe region is project significant growth owing to the increasing inclination towards generation of clean energy. The Asia Pacific region is projecting substantial growth of the onshore wind energy market due to the increasing emphasis on renewable energy to fulfil the swelling demand for energy sources to overcome the energy crisis in developing economies and adoption of advanced technological in wind farms in this region. The strict environmental regulations and increasing awareness among the population are driving the onshore wind energy market in the rest of the world.
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The rapid development in the field of renewable energy sources to meet the swelling demand for energy in the world is inviting the players to invest in the onshore wind energy market. The increasing research and development expenditure for introducing innovative technologies is strengthening the competition among the players of the global onshore wind energy market. The highly competitive environment of the global onshore wind energy market is being fueled by the strategic mergers and acquisitions among the players of this market.
In July 2018, German utility EnBW has announced its plan to build its first wind farm in Sweden. The 11.2 MW project will be developed by EnBW Sverige, a newly established Swedish subsidiary, at Rammarehemmet in the municipality of Tidaholm.
Some of the major players in the global onshore wind energy market are Siemens AG (Germany), Envision energy (China), General Electric Wind Energy (U.S.), Suzlon (India), Vestas Wind System A/S (Denmark), Enercon GmbH (Germany) Mitsubishi Power Systems (Japan), Nordex S.E. (Germany), Repower (Switzerland), Gazelle
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