The global wind power market will experience significant growth in the future owing to the increased installation of wind power farms across the globe. Consequently, the emerging demand for clean, affordable, and reliable power is the foremost factor influencing wind power market growth, as per the findings of a recent business intelligence study from IndustryARC. The report evaluates the global wind power market size to be $95.27 billion in 2018 and projects the demand to grow with a healthy compound annual growth rate (CAGR) of 8.41% during the forecast period of 2019 to 2025. The report is titled “
Wind Power Market: By Installation (Onshore, Offshore & Airborne); By Component (Turbines, Towers, Rotor Blades, Towers & Others); By Wind Turbine Capacity ( 30 kW; 30-500 kW & others); By Connectivity (On Grid & Off Grid); By Technology (Horizontal, Vertical, & Experimental); By End Users (Energy & Power, Chemical, Commercial & Others); By Geography - Forecast(2018-2023)
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Wind Power Market (2019 - 2025)”
Global Wind Power Market: Leading Segments
The IndustryARC report highlights that APAC is the key region with a share of 62.81% in 2018. Also, as per the International Energy Agency, onshore wind capacity is expected to grow by 323 GW during the period of 2018 to 2022, and it will translate to 839 GW by 2023 in which China leads the growth followed by India. Additionally, the global offshore generation would increase by nearly 65% during the forecast period of 2018 to 2023. Wind power converts kinetic energy into mechanical power. The power is used for generating electricity via wind power generator, grinding grain, and pumping water. The key applications in the wind power market is energy and power which is projected to grow with a CAGR of 6.95% through to 2025.
As per the report by the International Energy Agency (IEA), the cumulative grid-connected wind capacity reached 515 GW in 2017 which includes 18GW offshore wind and 497 GW onshore wind. Wind power helped in generating almost 4% of global electricity. Wind energy is renewable energy and practically, it is available everywhere on the planet. Wind power reduces the use of fossils fuels, which means it doesn’t produce greenhouse gases that cause global warming.
Furthermore, producing electricity through wind energy is an efficient way to contribute to the sustainable development goals of the United Nations (UN). Moreover, it also contributes in reducing the energy imports and creates wealth and local employment. Such factors are the primary reason for increased installation of wind power plants worldwide.
Global Wind Power Market: Trends
- The automation in wind power plants with smart grid integration, energy loss reduction, wireless sensors, real time data analysis and sharing, energy loss reduction, rotors, tower design, and energy storage are influencing the wind power market. New integrated wind turbines provide several benefits over traditional approach that is boosting the growth of the wind power market.
- Land space is a major concern for installation of onshore wind turbines, and so, the installation of wind turbines offshore has become increasingly attractive option due to massive energy potential connected with the vast offshores areas. Also, floating structures are gaining traction from marine and offshore oil industries.
- Airborne turbines float thousands of feet in the air and convert high altitudes winds into electricity and send it down by a way of tether. These turbines are responsible for capturing maximum energy that is influencing the demand for such turbines in the wind power market.
- Worldwide, the governments are taking initiatives towards installation of wind power to safeguard stability and security of clean energy. The policies and the regulatory framework are supporting wind power in various regions by providing electricity has led to substantial development in the global wind power industry.
- In the wake of growing energy security, increase in power supply, and decreased carbon emissions, most nations are anticipated to provide wind power support mechanisms. This will help the global wind power industry to sustain growth in the coming years.
- Under the Migratory Bird Treaty Act (MBTA), the Endangered Species Act, and Bald and Golden Eagle Protection Act, harming birds even unintentionally is against the law. Manufactures of wind power discovered various solutions such as bladeless wind power. Bladeless plants are gaining traction from various industries.
- The growth of maglev wind turbines with magnetic levitation is expected to instill developments in the wind power market. These turbines are highly efficient in transferring kinetic energy to generate electricity. Due to the exuded efficiency of turbines and faster rate spin, the demand for such turbines is projected to grow in a near future.
Global Wind Power Market: Competitive Landscape
Some of the major keyplayers in the wind power market are Senvion, Adwen, Siemens Gamesa, MHI Vestas Offshore Wind, Winwind, Sinovel, G.E, Doosan Heavy Industries, Ming Yang Smart Energy, Eew Group, A2 SEA, ABB, and Nexans.
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Small Wind Power Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024
Wind Turbine Composites Material Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2019 - 2024
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