About this market
The cost of generating onshore wind power is comparable to the cost of generating power from fossil fuels in many parts of the world. The decline in the LCOE has made wind-based power a reliable option for electricity generation for both utilities that are seeking to generate power from dean sources of energy as well as for consumers. Therefore, the increase in the number of wind turbine installations across the world is driving the growth of the global onshore wind power systems market. The growing electricity demand along with rising awareness of the need to reduce the carbon footprint in electricity generation is encouraging more countries to adopt wind energy, including onshore wind energy. Thus, the declining LCOE of wind power systems will increase the demand for additional onshore wind turbine installations, leading to the gradual growth of the global onshore wind power systems market. analysts have predicted that the onshore wind power systems market will register CAGR of about 6% by 2023.
Market Overview
Regulations pertaining to clean energy
Many countries are gradually moving toward renewable energy such as wind energy to achieve their carbon emission targets and to reduce their dependence on fossil fuels. Many end-users prefer alternative forms of energy and are slowly minimizing the amount of power generated from fossil fuels. These factors will significantly increase new wind farm installations and thus contribute to the growth of the global onshore wind power systems market.
Competition from alternative sources of energy
The growing dependence on alternative sources of energy such as solar and hydro, which is a challenge for the growth of the wind industry, which, in turn, will adversely affect the growth of the global onshore wind power systems market.
For the detailed list of factors that will drive and challenge the growth of the onshore wind power systems market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.