Onshore Wind Energy Market Overview
South Africa's onshore wind energy market is experiencing significant growth, supported by favorable wind resources and government initiatives to diversify the energy mix and reduce reliance on coal. The country's Renewable Energy Independent Power Producer Procurement Program (REIPPPP) has been instrumental in attracting investment and driving the development of onshore wind projects. With abundant wind resources along its coastline and inland areas, South Africa has the potential to emerge as a key player in the African onshore wind energy market, contributing to both economic growth and environmental sustainability.
The onshore wind energy market was estimated to be worth USD 50.88 billion in 2022. According to projections, the onshore wind energy market is expected to increase at a compound annual growth rate (CAGR) of 4.8% from USD 52.10 billion in 2023 to USD 75.64 billion by 2030.
Unlike offshore wind turbines, which are situated in bodies of water like lakes or oceans, onshore wind energy refers to the production of electricity utilizing wind turbines that are situated on land. Because it is inexpensive and emits no greenhouse gases, onshore wind energy is becoming a more and more well-liked renewable energy source. The market for onshore wind energy has seen differing effects from the COVID-19 epidemic. On the one hand, the pandemic has slowed down the development of new wind farms by upsetting the world's supply chain.
Additionally, the economic downturn caused by the pandemic has led to a decrease in demand for electricity, which has in turn decreased the demand for new wind energy projects.
Regional Analysis
The onshore wind energy market is dominated by a few key regions, including Europe, North America, and Asia Pacific.
Europe is the largest market for onshore wind energy, with countries such as Germany, Spain, and the United Kingdom leading the way in terms of installed capacity. The European Union has set a target of achieving 60% renewable energy by 2030
The United States is the largest market for onshore wind energy in North America, with states such as Texas, Iowa, and Oklahoma having significant installed capacity. The Biden administration has set a target of achieving 100% clean electricity by 2035, which is expected to boost demand for onshore wind energy in the coming years.
China is the largest market for onshore wind energy in the Asia Pacific region, with other countries such as India, Japan, and Australia also seeing significant growth in the sector.
Market Segmentation
The Global Onshore Wind Power market has been segmented into End-use, Application, Power Capacity, Wind Capacity and Grid Connectivity.
Based on End-use: Utilities, Commercial & Industrial and Hybrid Power
Based on Application: Peak Power Management, Power Storage, Demand Response, Frequency Response and System Stability
Based on Power Capacity: Less Than 500 KW, 500 KW To 2 MW and More Than 2 MW
Based on Wind Capacity: High Wind Speed, Medium Wind Speed and Low Wind Speed
Based on Grid Connectivity: Off-Grid and On-Grid
Key Players
- 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 Wind Turbines (U.K.)
- Clipper Wind Power (UK), among others
Regional Analysis:
Using data from four market sectors across four geographical areas, this study provides an overview of the global Oil and Gas Waste Heat Recovery industry. The study of key market participants includes a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC), and the rest of the world (ROW). The research also includes a prediction, concentrating on the market prospects for each region over the following five years.
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