Global onshore wind market is expected to grow at a faster pace shortly, the main reasons being increased context of energy supply, and demand and rising demand for renewable energy in electricity generation mix. Global Wind Energy Council has estimated that there has been an increase of wind power from 92.4 GW in 2007 to 494.6 GW in 2017. This proves the promising future of wind power in the near future. Besides the increasing projects in the construction of wind farms and wind parks is driving the market for onshore wind energy market. More wind farm projects from U.S. and China are witnessing the growth of wind power. However, higher outputs from offshore wind farm and more focus on offshore wind projects, is restraining the onshore wind energy market.
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The demand for clean energy resources is increasing owing to the increased demand for electricity, and upcoming regulations unfavourable to conventional sources of energy. The continuous exploitation of renewable energy source has resulted in a higher number of wind energy projects around the globe. Innovation in the technology of wind turbines and wind parks has also added value to the onshore wind energy market. The large scale projects of power generation through wind farms and wind parks is expected to boost the onshore wind energy market.
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Global onshore wind energy market has been segmented on the basis of end-use, application, grid connectivity, power capacity, wind capacity and region.
Based on end-use, the market is further segmented into utilities, commercial & industrial, hybrid power and others. Among these, the utilities segmented are expected to hold major market share. Since utilities are responsible to provide the electricity supply from the demanding sectors. There has been sharp increase in demand for electricity from last decade from the growing economies, thus utilities require more and more power to match the demand. Peak power management segment commands the largest market share by application type, the main reason being shortage of electricity during peak hours. Industries and factories need electricity during fixed working hours, which creates demand for energy during those hours. Onshore wind energy helps manage the power distribution at those hours making it the most dominating segment. Onshore wind energy generated is both off grid and on grid. Between these, on-grid segment is more dominating due to the fact that most electricity connections are connected to grid as power infrastructure is increasing at an exponential growth. The market is segmented as high wind speed, medium wind speed and low wind speed on the basis of wind capacity. The high wind speed project accounts for the largest number of projects as they are capable of generating power of high capacity.
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