Global Onshore Wind Power Systems Market Will Grow at a CAGR of 6% During 2019-2023 | Technavio

The global onshore wind power systems market will grow at a CAGR over 6% during 2019-2023 (Graphic: Business Wire)

LONDON--()--Technavio has announced the release of their research report on the global onshore wind power systems market for the forecast period 2019-2023. This onshore wind power systems market analysis report segments the market by technology (wind turbine, T&D, and others) and geography (APAC, EMEA, North America, and South America).

Global onshore wind power systems market size will grow by USD 26.81 billion during 2019-2023, at a CAGR over 6%. To improve the efficiency of equipment and optimize the installation process to reduce the cost of power generation, companies are increasing their investments in R&D activities on renewable energy sources. As a result, onshore wind energy is witnessing technological advancements across the value chain, which is improving the efficiency and reliability of this energy source.

The rising height and capacity of wind towers

The wind tower height has increased over the past few years as the wind blows more steadily at higher altitudes. Moreover, in inland areas where wind turbulence is high, a greater hub height can lead to better wind yield as wind turbulence declines at higher altitudes. The rise in the height of wind towers also reduces the total number of turbines required on a wind farm as the high wind towers can produce more power from a single turbine. Taller turbines have better energy conversion rates, which can increase the annual energy production (AEP) of such wind energy projects. Also, the size of the rotors and blades has also increased, which has led to significant growth in the power generating capacity of wind turbines. Therefore, the rise in the height and capacity of wind towers will fuel the growth of the onshore wind power systems market during the forecast period.

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“Various governments across the world are supporting the adoption of renewables such as wind energy by providing incentives, subsidies, and tax benefits to consumers and producers. For instance, the government in the US offers incentives to onshore wind facilities under the Renewable Electricity Production Tax Credit (PTC). The implementation of such policies is encouraging members of the value chain to increase investments in R&D towards the development of technologies that will eventually lead to a reduction in the overall cost of electricity generation,” says an analyst at Technavio.

View a snapshot of the report for a more detailed overview of the market and the segmentation covered in this report

This onshore wind power systems industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several printed carton manufacturers including –

  • Siemens Gamesa Renewable Energy, S.A.
  • Vestas
  • Xinjiang Goldwind Science & Technology Co., Ltd.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base includes enterprises of all sizes, including more than 100 Fortune 500 companies.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Release Summary

The global onshore wind power systems market will grow at a CAGR over 6% during 2019-2023


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200