Land-Based Wind Market Size, Share, and Industry Analysis, By Component Type (Turbine, Support Structure, and Others), By Power Rating (Less Than 500 KW, 500 KW to 2 MW, and More Than 2 MW), By Application (Utility and Non-Utility), and Regional Forecast till 2032

The global land-based wind market is witnessing significant growth due to the rising inclination from fossil fuel-based energy toward renewable energies. The governments of the different nations have also taken numerous stringent initiatives and set targets to increase the share of renewable energy in the energy mix, further driving the market growth.

• The revised Renewable Energy Directive (EU/2023/2413) sets a new binding goal for the EU to get at least 42.5% of its energy from renewable sources by 2030, up from the previous target of 32%. The EU also aims to reach 45%. This directive took effect in all EU countries in November 2023.


• Under President Biden's Executive Order 14008, the U.S. Department of the Interior is working with other federal agencies to boost renewable energy on public lands and waters. Their goal is to permit at least 25 gigawatts of onshore renewable energy by 2025.

Land-Based Wind Market Driver

Rising Demand for Renewable Energy Solutions to Impede the Market Growth

The rising demand for renewable energy solutions has been one of the factors leading to market growth. The governments of several nations have been putting strong efforts to increase the deployment of renewable energy, with land-based wind energy being one of the prominent sources.

• According to the International Renewable Energy Agency (IRENA), in 2023, renewable energy capacity grew by a record 473 GW, increasing global renewable power by 13.9%. Renewables made up 86% of global power additions, with wind energy adding 116 GW.

Land-Based Wind Market Restraint

Fluctuating Wind Speeds to Restrain the Market Expansion

Wind energy relies on wind speeds, which can be inconsistent. This variability means that wind power generation can fluctuate, further impacting the supply of electricity. Thus, the intermittency of wind energy acts as a barrier to the growth of the land-based wind market.

Land-Based Wind Market Opportunity

Grid Modernization Initiatives to Open Doors to Lucrative Avenues

Grid Modernization, including advancements in grid technology and energy storage solutions, is making it easier to integrate variable renewable energy sources such as wind power into the energy mix.

• In June 2024, Ørsted approved a battery energy storage system to stabilize the U.K. energy supply and reduce price fluctuations. The Tesla battery system will be installed alongside the onshore converter station for Ørsted’s Hornsea 3 Offshore Wind Farm in Swardeston, near Norwich. With a capacity of 600 MWh and a power rating of 300 MW, it can store enough energy to power 80,000 U.K. homes for a day.

Segmentation

By Component Type	By Power Rating	By Application	By Geography
Turbine Support Structure Others	Less Than 500 KW 500 KW to 2 MW More Than 2 MW	Utility Non-Utility	North America (U.S. and Canada) Europe (U.K., Germany, France, Spain, Italy, Russia, and the Rest of Europe) Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific) Latin America (Brazil, Mexico, and the Rest of Latin America) Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Countries


• Latest Technological Advancement


• Insight on Regulatory Landscape


• Porters Five Forces Analysis


• Impact of COVID-19 on the market 

Analysis by Component Type

Based on component type, the market is divided into turbine, support structure, and others.

Turbines hold the maximum share in the market as they convert the kinetic energy of wind into mechanical energy through their rotor blades. This mechanical energy is then transformed into electrical energy via a generator. The efficiency and output of a wind turbine depends on its design, size, and wind conditions. Additionally, the high cost of the wind turbine has also resulted in its high share in the market.

• The cost of a land-based wind turbine ranges from USD 2.5 million to USD 4 million per turbine, with an average of about USD 1 million per megawatt (MW) of capacity.

Analysis by Power Rating

Based on power rating, the market is subdivided into less than 500 KW, 500 KW to 2 MW, and more than 2 MW.

More than 2 MW holds the major share in the market due to the growing large-scale wind projects across the globe. More than 2MW are favored for their efficiency and cost-effectiveness in large-scale projects.

• In August 2024, Masdar and Infinity Power signed an agreement with the Egyptian Electricity Transmission Company for a 200 MW onshore wind farm in Ras Ghareb, Gulf of Suez. The project is expected to generate 810,000 MWh per year and prevent 403,672 tons of CO2 emissions annually, supporting Egypt’s sustainability goals.

Analysis by Application

Based on application, the market is fragmented into utility and non-utility.

Utility-scale wind farms, which typically generate more than 100 MW, dominate the market, accounting for the vast majority of global capacity due to their ability to supply large amounts of power to grids. In addition, wind energy deployment consists of high installation costs and is mainly desirable for utility sectors, therefore leading to higher market share.

• In January 2024, Copenhagen Infrastructure Partners (CIP) made a final investment decision on a 300 MW onshore wind project in partnership with Indian developer Viviid Renewables in Hatalageri, Gadag district, India.

Regional Analysis

Based on region, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific accounted for the largest share of the global land-based wind market in 2023. The growth of the market in the region is attributed to rising government initiatives toward clean and renewable energy. Additionally, the decommissioning of fossil fuel-based power plants to limit carbon emissions is also fueling the installation of wind turbines, further enhancing the market growth.

• In April 2024, the Orissa High Court emphasized balancing environmental concerns with industrial realities while issuing a stay on the State Pollution Control Board’s order to close Jindal India Thermal Power's plant in Angul, India.

Europe is the second-largest market based on the demand for land-based wind. The government is increasing efforts to control carbon emissions and reduce carbon emissions by 90% by 2040. The country-wise government initiatives, coupled with the European Union's stringent measures, are also augmenting the deployment of wind farms.

• In 2023, Europe installed 18.3 GW of new wind power capacity, with the EU-27 contributing 16.2 GW. Of the total, 79% was onshore wind.

Furthermore, various initiatives and investments are being made in other regions, such as North America, the Middle East & Africa, and Latin America, which will provide a positive outlook to the global land-based wind market.

Key Players Covered

The global market is fragmented due to the presence of a large number of group and standalone providers. In the U.S., the top 5 players account for only around 16% of the market.

The report includes the profiles of the following key players:

• Orsted A/S (Denmark)


• GE Vernova (U.S.)


• Hitachi (Japan)


• Vestas (U.S.)


• Goldwind (Japan)


• Dongfang Electric Corporation (Japan)


• ENERCON GmbH (U.K.)


• Nordex SE (U.K.)


• Sinovel (India)

Key Industry Developments

• In August 2024, Energia Group started commercial operations at the Drumlins Park wind farm, a 49 MW facility near Newbliss, Co Monaghan, Ireland. It has eight wind turbines from GE Renewable Energy and a power purchase agreement has been signed with Microsoft.


• In March 2024, RWE and Nordex signed a multi-year deal for 800MW of wind turbines, with RWE set to buy around 120 turbines over the next 2.5 years for its European markets. RWE aims to increase its onshore wind capacity from 8.6GW to 14GW by 2030. The agreement with Nordex strengthens their supply chain and supports their growth targets.