According to a new report published by UnivDatos Markets Insights, the Onshore Wind Power market was valued at USD 40 billion in 2021 & is expected to grow at a CAGR of 5% from 2022-2030. The analysis has been segmented into Capacity (Below 500 KW, 500 KW - 2 MW, and Above 2 MW); wind capacity (High, Medium, and Low); Grid Connectivity (Off-Grid and On-Grid); End-User (Residential and Commercial); Region/Country.
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The Onshore Wind Power market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Onshore Wind Power market. The Onshore Wind Power market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Onshore Wind Power market at the global and regional levels.
Key Market Dynamics
At present, there is a growing trend of renewable energy in the market is at its peak. Owing to this the use of various renewable energy such as solar, wind, and others are there which help in consuming the power generated using these energy methods in today’s scenario. Additionally, some government policies and regulations are in support of the development of increasing the use of renewable energy. This helps in decreasing the cost and improving the use of technology, growing demand for clean energy, availability of suitable sites with strong and consistent wind resources, and availability and capacity of grid infrastructure. Thus, such factors help in improving the impact of the economies of onshore wind power projects and overall demand for renewable energy making it a key part of increasing usage in the market. For instance, In Feb. 2023, World's largest onshore wind turbine': China's Envision launched a 10MW giant.
COVID-19 Impact
The COVID-19 pandemic has paralyzed industries and disrupted manufacturing. The pandemic has resulted in hasty closures of national and internal borders, resulting in operational inefficiencies, and disrupted value chains, resulting in damage and lost revenue. Also, it is anticipated that many people who work and study from home adopted the major use of renewable energy as it is a cost-effective technology. The use of renewable energy is increasing day by day which is increasing the market for onshore wind power in today’s scenario. Thus, the power generation done using onshore wind power is major used to support household chores across the globe.
The global onshore wind power market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on capacity, the market is segmented into Below 500 KW, 500 KW - 2 MW, and Above 2 MW. The above 2 MW category is expected to grow with a significant CAGR during the forecast period.
· On the basis of wind capacity, the market is categorized into high, medium, and low. Among these, the High is expected to grow with a significant CAGR during the forecast period.
· Based on grid connectivity, the onshore wind power market has been classified into off-grid and on-grid. The on-grid categories are expected to grow with a significant CAGR during the forecast period.
· On the basis of end-user, the market is categorized into residential and commercial. Among these, the residential is expected to grow with a significant CAGR during the forecast period.
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Onshore Wind Power Market Geographical Segmentation Includes:
· North America (U.S., Canada, Rest of North America)
· Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
· Rest of the World
Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly owing to the factor has Europe is becoming the global leader in renewable energy. Also, Wind power has played an important part to bring this success and will be key to achieving the EU’s renewable energy targets and make the EU carbon neutral by 2050. In addition, in 2022, Germany, Sweden, and Finland built the most onshore wind farms in Europe, 87% of the new wind installations done in Europe last year were onshore wind. Furthermore, according to Eurostat, wind accounted for over one-third (37%) of the total electricity generated from renewable sources in the EU in 2021. Moreover, many major companies are collaborating with other firms to increase their business portfolio. For instance, in Jul 2022, Ørsted acquired the German and French onshore wind platform Ostwind for USD 761.16 million.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Onshore Wind Power market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In July 2022, Ørsted acquired the German and French onshore wind platform Ostwind for USD 761.16 million.
· In January 2023, Mingyang launched an 8.5 MW onshore wind turbine to generate 200,000 kWh daily.
Full Report Description, TOC, Table of Figures, Chart, etc.-https://univdatos.com/report/onshore-wind-power-market/
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the onshore wind power market?
• Which factors are influencing the onshore wind power market over the forecast period?
• What are the global challenges, threats, and risks in the onshore wind power market?
• Which factors are propelling and restraining the onshore wind power market?
• What are the demanding global regions of the onshore wind power market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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