Onshore wind energy industry to expand at 29.6% CAGR by 2020

A recent market research report recently published by Transparency Market Research (TMR) presents a detailed overview of the global onshore wind energy market. As the issue of global warming and the environmental degradation owing to the escalating emissions by the conventional power generation industry becomes increasingly critical, the demand for cleaner energy sources and production methods is anticipated to rise on the global front. Wind energy, one of the most popular and most widely adopted forms of clean energy sources currently harnessed by the mankind, is acquiring an increasingly larger share in the global energy mix.

For ease of analysis, the global market has been segmented into five regions and 36 countries. On the basis of regions, the market is segmented into Asia Pacific, North America, South & Central America, Europe, and the Middle East & Africa. Onshore wind energy installations across 36 countries in these five regions are also closely examined so as to give readers a better idea of the market on a much finer level of segmentation.

Regionally, Asia Pacific is currently the leading investor in the global market, with India and China emerging as the market leaders in the past few years. Governments are encouraging the use of wind energy through subsidies and financial incentives for installation. They also have set ambitious renewable energy installation targets. These are the key factors that are currently driving the increased adoption of onshore wind energy in Asia Pacific. China is the global leader in terms of wind energy market, with installation of over 16030 MW in 2013.

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The report published by TMR states that the global onshore wind energy market will expand at an impressive 29.6% CAGR over the period between 2014 and 2020. At this pace, the market, which had a valuation of US$89.3 bn in 2013, will rise to US$898.0 bn by 2020.The report is titled “Onshore Wind Energy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”

The report also presents a detailed analysis of the competitive landscape of the global onshore wind energy market. The report presents detailed business profiles of some of the key companies in the market, a detailed SWOT analysis of each of these companies, details regarding financial and business strategies adopted by  these businesses in the past years, and recent developments in the market.

The report places a primary focus on the developers of wind turbines in the competitive landscape as they form a crucial part of the onshore wind energy market’s value chain. Forecasts and projections about turbine costs are also given in the report and have been considered for calculating revenue figures. Details about share of these manufacturers in the overall market have also been included in the report, which have been gathered with respect to turbine capacities supplied by these manufacturers in the global market in 2013.

Some of the key companies in the global onshore wind energy market are Goldwind Science and Technology Co., Ltd., Nordex SE, Sinovel Wind Group Co., Ltd., Gamesa Corporacion Tecnologica SA, Vestas Wind Systems A/S, China Ming Yang Wind Power Group Limited, Enercon GmbH, Dongfang Electric Corporation Limited, GE Wind Energy, and Siemens Wind Power.