Global Onshore Wind Energy Market: Cost-effectiveness and Large-scale Production of Wind Energy Augur Well for Global Onshore Wind Energy Market, Reports TMR

The global onshore wind energy market has a fairly consolidated vendor landscape, with the top ten companies holding about 73.5% of the market in 2013. Among these, the top five players currently leading the market are Vestas Wind System A/S, Goldwind Science & Technology Co., Ltd., Siemens Wind Power, Enercon GmbH, and Suzlon Group.

Nevertheless, TMR forecasts the global onshore wind energy market to reach US$898 bn by the end of 2020, from a valuation of US$189.4 bn in 2014. The market is thus likely to exhibit a robust CAGR of 29.6% between 2014 and 2020. Regionally, Asia Pacific dominated the market with a share of 38.1% in 2014.

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For companies operating in China, the year 2013 has proven exceptionally good in terms of added capacity, which catapulted the China-based OEM companies to a better position in the global ranking. Goldwind for instance was able to capitalize on the country’s favorable environmental policies and reach to a higher installed capacity in 2013. However, a contraction in the western markets, primarily the US, pushed many turbine manufacturers down in the ranking list. Spurred by these factors, several industrial giants were compelled to cancel their expansion plans.

With Improved Cost-effectiveness, Onshore Wind Energy Market Emerging as Lucrative Business

In the last couple of years, the wind industry has improved its cost-effectiveness and has become a lucrative business. This, combined with the decreasing cost due to the large-scale production of wind equipment and the advent of innovative generator and turbine technologies will steer growth of the onshore wind energy market in the forthcoming years.

Meanwhile, as governments worldwide decide on aggressive renewable capacity addition targets for wind energy, the onshore wind energy market is likely to report simultaneous growth. Mandatory renewable energy targets are enforced on power utilities to enable governments purchase specific proportions of their energy sales from non-conventional sources within a specific time period. With nations increasing their wind energy targets, numerous organizations are prompted to accelerate their investment in the technology.

The aforementioned factors, compounded with low risk of technology failure, are boosting investors’ confidence on onshore wind energy.

Need for Sprawling Areas Creates Difficulties in Getting Construction Clearance, Thus Hinders Market’s Trajectory

“Low tolerance for noise and visual impact of wind turbines are inhibiting the market’s trajectory to an extent,” said a lead TMR analyst. Onshore wind energy firms are not built in a densely populated areas unlike other renewable energy plants. People living in close proximity of onshore wind firms often complain about noise pollution created by turbines. Furthermore, because of being spread across sprawling areas, developers often have to struggle with getting construction clearance compared to other renewable technologies such as biomass or solar energy. This poses significant challenge to the key players in the market.

Design Innovation Using Alternative Material Could Fuel Installation of Onshore Wind Energy Towers

As manufacturers explore alternative materials for producing vital components of wind technology, they are expected to improve efficiency of onshore wind turbines, besides ascertaining cost-effectiveness. If built using alternative materials, such as concrete, it could be possible to install towers more than 100-meter in height, enabling them take advantage of steadier and stronger wind, and finally boosting overall output.

The report segments the global onshore wind energy market as:

Global Onshore Wind Energy Market, By Geography:

• North America
• Asia Pacific
• Europe
• Middle East and Africa
• South and Central America

Growing Focus on Offshore Wind Energy Casts Shadow over Growth of Onshore Wind Energy Projects

The Paris Climate Conference in December last year brought together 195 countries to chalk out an action plan to limit global warming. The first-ever, legally binding global climate deal has aided the growth of the global onshore wind energy market. The market is anticipated to take a leap at a CAGR of 25% during the period between 2011 and 2016, and reach a valuation of US$93.1 bn by the end of 2016. This wind energy cumulative capacity accounted for 197,039 MW in 2010 and is projected to rise to 1,750,000 MW by 2030.

Onshore wind energy projects have gained confidence of investors owing to the low risk of technology failure. The growing focus on renewable sources of energy and the usage of wind energy to generate electricity at grid parity levels have led to increased investments in onshore as well as offshore wind energy projects. Furthermore, these projects have significantly supported the growth of the wind turbine market worldwide. The steady growth of the wind energy and wind turbine market can be attributed to the advancements in the modern wind technology.

How is the global onshore wind energy market evolving compared to its offshore counterpart?

In the global wind energy market, the onshore technology accounts for 95% of the market whereas the offshore technology registers a mere 5% market share. However, in the coming years, the offshore wind energy market is anticipated to surpass the growth of the onshore wind energy market. Higher wind speed at offshore wind energy projects generate more electricity and are hence, preferred by governments across nations. The current low market share of the offshore wind technology can be attributed to the high O&M costs. The low tolerance of noise, coupled with bad visual impact of onshore wind turbines has led to the increased preference for offshore wind turbines.

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Which are the key regions aiding the growth of the global onshore wind energy market?

In 2010, the U.S. emerged as the largest market for onshore wind energy, followed by Germany and China. The “Smart from the Start” initiative by the U.S. Department of Interior has supported a number of wind power projects. In the near future, China is anticipated to surpass the U.S. as the market leader for onshore wind energy. Prior to 2010, Europe was the largest region in the global onshore wind energy market.

The region is still lucrative for the market players with countries such as Germany and Denmark actively investing in onshore wind energy projects. Recently, Siemens has been chosen as a partner to supply wind turbines for the Naundorf onshore wind power plant in Germany. The U.K., too, is focusing on onshore wind energy projects; the recent MoU between CS Wind U.K. and Vattenfall is expected to boost the onshore wind projects in the country.