Peak Power Management segment is expected to dominate the market during the forecast periods
A
significant surge in demand for renewable power sources is expected to drive
the Onshore Wind Energy market growth.
According
to TechSci Research report, “Global Onshore Wind Energy Market - By Region,
Competition, Forecast & Opportunities, 2028”, The Global Onshore Wind Energy Market is expected to
register CAGR of 10.02%. Most of the equipment and components, such as
roller bearings that connect to gearboxes and eventually allow the wind
turbines to keep spinning, were falling short in market demand as the shipping
industry was disrupted during the COVID-19 outbreak. This, in turn, has led to
the restrained growth of the market due to project delays and lack of
investments during the pandemic. However, factors such as favorable government
policies, the increasing investment in upcoming wind power projects, and the
reduced cost of wind energy, which has led to increased adoption of wind
energy, are expected to drive the market during the forecast period. The
increasing adoption of alternative energy sources such as gas-based power and
solar power is likely to hinder the market growth.
As
of 2020, onshore wind power emerged as one of the most valued renewable energy
sources worldwide. However, the offshore wind sector has been gaining momentum
in the wind power market, and it is expected to witness significant growth in
the near future.
The
emerging markets in Africa and Most of the equipment and components, such as
roller bearings that connect to gearboxes and eventually allow the wind
turbines to keep spinning, were falling short in market demand as the shipping
industry was disrupted during the COVID-19 outbreak. This, in turn, has led to
the restrained growth of the market due to project delays and lack of
investments during the pandemic. However, factors such as favorable government
policies, the increasing investment in upcoming wind power projects, and the
reduced cost of wind energy, which has led to increased adoption of wind
energy, are expected to drive the market during the forecast period. The
increasing adoption of alternative energy sources such as gas-based power and
solar power is likely to hinder the market growth.
Browse
over xx market data Figures spread through 180 Pages and an in-depth TOC on " Global Onshore Wind Energy Market.”
On
basis of region Asia pacific is dominations, as Other leading countries in the
region include India, which, by the end of 2020, had an installed wind capacity
of around 38.62 GW, and it added around 1.11 GW in the same year. The Indian
government has set a target of 60 GW by 2022. To achieve the target, the number
of projects during the next two years is expected to increase drastically, thus
driving the demand for wind power in the country. Therefore, large-scale wind
power installations and upcoming projects and plans to expand the offshore wind
power segment are expected to help Asia-Pacific dominate the market during the
forecast period.
As
a result, offshore wind power is expected to grow at a faster pace in the
coming years. In 2020, the United States Bureau of Ocean Energy Management
(BOEM) was in the planning stages for leasing areas off the coast of New York,
South Carolina, California, and Hawaii, and it expects to hold lease auctions
for new California and New York Bight lease areas. Countries like the United
States have plans to build seven major offshore wind projects, which are likely
to power 10 million homes by 2030. Further, India has a target to achieve 30 GW
of offshore wind power by 2030.
Hence,
with such a scenario, the offshore wind power market is expected to witness
significant growth during the forecast period.
Key market players in the Global Onshore Wind Energy Market
include:
- Siemens Energy
- Vestas Wind Systems
- Siemens Gamesa Renewable Energy
- General Electric (GE) Renewable Energy
- Goldwind
- Envision Energy
- Nordex SE
- Suzlon Energy
- Orsted
- NextEra Energy Resources
- China Guodian Corporation (China
Energy)
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this report.
“As
of 2020, onshore wind power emerged as one of the most valued renewable energy
sources worldwide. However, the offshore wind sector has been gaining momentum
in the wind power market, and it is expected to witness significant growth in
the near future. The
emerging markets in Africa and South America offer a robust business
opportunity for the wind power project operators and equipment suppliers as
countries, including Brazil, South Africa, Chile, etc., are on the cusp of
development. There is also an increased demand for electricity, which is
expected to provide market opportunities for wind power development in the near
future. The massive wind power potential and a decline in the cost of the same
are likely to provide widespread business opportunities to the market in the
coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
Onshore Wind Energy Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented By Application (Peak Power Management, Power
Storage, Demand Response, Frequency Response, And System Stability), By
End-User (Industrial, Commercial, and Residential), By Grid Connectivity
(Off-Grid And On-Grid), By Wind Capacity (High Wind Speed, Medium Wind Speed,
And Low Wind Speed), By Region, Competition 2018-2028 “ has evaluated the future growth
potential of Global Onshore Wind Energy Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Onshore Wind Energy Market.
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