Innovations in turbine technology such as higher capacity onshore turbines, modular turbines, 3D printing, and additive manufacturing are bringing down the overall cost of onshore wind power. Leveraging technological advancements in data analytics and Internet of Things (IoT) is enabling the development of smart wind turbines with increased connectivity, operation optimization, and predictive capabilities. Another trend shaping the market is the continued decrease in the levelized cost of electricity of onshore wind in all regional markets, making wind power increasingly more competitive with conventional fuel sources.
China holds the largest share in the global onshore wind turbine market. Europe, North America, and India are other leading regional markets. Ambitious clean energy targets are driving the rapid expansion of the onshore wind power market in India. Mature markets in the UK, Germany, and the US are expected to generate demand as a result of increasing repowering or updating activities for aging wind power farms in the regions. Emerging markets in the onshore wind space include Brazil, Mexico, Australia, and South Africa.
The study assesses onshore wind turbine manufacturers active globally and discusses the market shares held by the companies in this market. The key participants in the global onshore wind turbine market include Vestas, General Electric, Siemens Gamesa, Enercon, Goldwind, and Nordex. Global companies with a strong presence in both mature and developing markets such as Vestas, Siemens Gamesa, and General Electric exhibit higher growth compared to companies restricted to regional markets.