Selbyville, Delaware,, Oct. 02, 2024 (GLOBE NEWSWIRE) --
The onshore wind energy market is predicted to reach USD 180.4 billion by 2032, as reported in a research study by Global Market Insights Inc. Onshore wind energy uses land-based turbines to generate electricity, making it a well-established form of renewable energy. State-level renewable energy mandates, federal incentives, and strong government policies, along with rising energy demands and renewable targets in developing economies, will drive market growth. Emerging markets like Brazil, Mexico, and Argentina, with favorable wind resources and supportive policies, will boost product deployment. Investments in grid infrastructure to support new wind capacity will further strengthen the industry.
The onshore wind energy market from the segments its components into turbines, support structures, electrical infrastructure, and others. Turbines are expected to surpass USD 44 billion by 2032. Renewable energy targets and mandates require efficient turbines, driving product adoption. Technological advancements in turbines and grid integration solutions are enhancing feasibility and efficiency. The development of larger turbines, exceeding 5 MW capacity, promises greater energy capture and efficiency. Feed-in Tariffs (FiTs) and Power Purchase Agreements (PPAs) ensure revenue for wind energy producers, boosting product penetration.
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The onshore wind energy market categorizes turbine ratings into ≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, and >12 MW. The >2 to 5 MW segment is anticipated to grow by over 8.5% by 2032 due to its efficiency, power output, and adaptability to diverse wind conditions. Advanced control systems are enhancing turbine performance and minimizing downtime. This turbine range balances cost and energy output, achieving a competitive levelized cost of electricity (LCOE) and reducing overall project costs. Their adaptability to moderate wind speeds further drives demand.
Asia Pacific's onshore wind energy market is projected to exceed USD 156 billion by 2032, driven by government policies, rising energy demands, and technological advancements. In countries like China, strong government policies and subsidies will boost product adoption. Initiatives such as competitive bidding and Renewable Purchase Obligations (RPOs) in emerging markets like India will enhance the industry landscape. Significant investments in new wind projects, especially in South Australia and Victoria, will further strengthen the business scenario.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.2 Base estimates & calculations
1.3 Forecast model
1.4 Primary research & validation
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 – 2032
Chapter 3 Onshore Wind Energy Market Insights
3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
Browse more wind energy industry reports @ https://www.gminsights.com/industry-reports/wind-energy/77
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
