The declining cost of wind power generation has propelled the growth of the onshore wind power market in Europe!
- Himanshu Patni
- July 13, 2023
- ENERGY & POWER, NEWS
- Onshore Wind Power Market, Onshore Wind Power Market Growth, Onshore Wind Power Market Share, Onshore Wind Power Market Size, Onshore Wind Power Market Trends
- 0 Comments
The increasing use of onshore wind power in Europe is driving the market value. Factors such as government policies and regulations such as renewable energy targets and incentives, are encouraging investment in onshore wind power. The decreasing cost of technological benefits and the major support of the public for implementing such methods are making its increasing demand beneficial for everyone. Additionally, Europe has many suitable sites for installing onshore wind power development areas.
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Further, the Europe Onshore Wind Power Market is expected to grow at a significant CAGR of 5% during the forecast period (2022-2030). 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, in which 87% of the new wind installations done in Europe last year being onshore wind.
Based on 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. This is mainly due to the turbines that are solely providing the power supply of around 2-3MW and are expected to have a high wind speed to produce more and more wind energy. Additionally, turbine towers are becoming taller to capture more energy, since winds generally increase as altitudes increase. Wind shears are the changes in wind speed with altitude. Wind may move more freely at elevated altitudes above ground, with less friction caused by obstacles on the surface of the Earth such as trees or other vegetation, buildings, and mountains. Most wind turbine towers taller than 100 meters tend to be concentrated in the Midwest and Northeast, two regions with higher-than-average wind shear.
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. This is mainly owing to the reason that onshore wind power is considered one of the most mature and cost-friendly forms of renewable energy and it has been growing significantly across the globe. In addition, it is expected to grow over time as increasing the number of projects is growing along with the global transitions of renewable energy acceleration.
For a detailed analysis of the Global Onshore Wind Power Market browse through – https://univdatos.com/report/onshore-wind-power-market/
Global Onshore Wind Power Market Segmentation
Market Insight, by Capacity
· Below 500 KW
· 500 KW – 2 MW
· Above 2 MW
Market Insights, by Wind Capacity
· High
· Medium
· Low
Market Insights, by Grid Connectivity
· Off-grid
· On-Grid
Market Insights, by End-User
· Residential
· Commercial
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe
· APAC
o China
o India
o Japan
o Rest of APAC
· Rest of the World
Top Company Profiles
· Siemens Gamesa Renewable Energy, S.A.
· Suzlon Energy Limited
· Vestas
· NORDEX SE
· Mingyang Smart Energy
· GENERAL ELECTRIC
· Goldwind
· ENVISION GROUP
· Zhejiang Windey Co., Ltd.
· SANY Group
