Press release
Onshore Wind Turbine Market Share, Trends, Analysis, Demand, Growth, and Market Forecast 2023-2030
The market for onshore wind turbines is anticipated to be propelled by the aspirational renewable energy objectives and the increasing need for wind energy. The IEA reports that wind power generation increased by a staggering 265 TWh in 2022-a 14% increase-to exceed 2,100 TWh. As the wind energy industry develops to meet these difficulties, onshore wind turbines are expected to proliferate, enabling the extraordinary increase of wind electricity generation capacity and helping to ensure a sustainable energy future. The surge in demand has prompted the need for significant expansion.
Moreover, the increase in demand has prompted the necessity of significant expansion, since the Net Zero Emissions by 2050 Scenario seeks to generate 7,400 TWh of wind electricity by 2030.
Onshore Wind Turbine Market Size and Growth Analysis
The Global Onshore Wind Turbine Market reached US$ 51.9 billion in 2022 and is expected to reach US$ 72.6 billion by 2030, growing with a CAGR of 4.9% during the forecast period 2023-2030.
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Onshore Wind Turbine Market Dynamics and Trends
The swift growth of the worldwide wind energy sector is anticipated to propel the onshore wind turbine market. For example, the GWEC report states that wind turbine OEMs have achieved new installation records. Despite obstacles brought on by the COVID-19 epidemic and rising external prices, 30 wind turbine manufacturers installed 104.7 GW of additional wind generating capacity in 2022.
The European Union has stepped up its wind deployment efforts in response to the energy crisis, according to the IEA study. The EU increased its wind power capacity by 13 GW in 2022. Additionally, the United States has demonstrated its support for wind energy by generously subsidizing wind energy through the 2022 introduction of the Inflation Reduction Act (IRA).
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Onshore Wind Turbine Market Segment Analysis
By Capacity
By Axis
By Size
By Technology
By Region
Major Companies Covered
Vestas Wind Systems, Siemens Gamesa Renewable Energy, GE Renewable Energy, Goldwind, Nordex Group, Enercon GmbH, Suzlon Energy Ltd., Envision Energy, Senvion GmbH and Ming Yang Smart Energy Group.
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