WILMINGTON, DE / ACCESSWIRE / August 22, 2022 / Transparency Market Research Inc. - TMR estimates the wind power market to rise at a CAGR of 10% during the forecast period from 2021 to 2031. Emergence of wind power as one of the fastest-growing renewable energy technologies due to key economic and environmental benefits is fuelling the growth of wind power market.
Economic advantages of wind energy among other renewable energy sources, is attracting investments for the establishment of wind power plants. Wind power generation offers advantage of low air pollution and zero water consumption. Wind energy is also the cheapest source of power generation. Wind turbines display long lasting operational efficiency of around 20 years without releasing harmful emissions. This has led to the evolution of wind energy uses, from grinding grain and pumping water to commercial electricity generation, underpinning massive revenue potential for the wind power market.
Depleting fossil fuel resources, and their carbon footprint is leading governments to increasingly complement renewable sources of energy such as wind power and solar PV. Government policies of several countries to limit carbon dioxide emissions, along with incentives to adopt renewable sources of energy are favorable to the growth of wind power market.
According to the International Energy Agency, renewable electricity generation increased by 5% in 2020 for the share of renewable electricity generation to be nearly 30% in the year. Wind power generation and solar PV technologies contribute substantially. The Global Wind Energy Council estimates wind power capacity to reach more than 400 GW by 2030.
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Wind Power Market - Key Findings of the Report
- Large exploitable wind power generation capacity of 200 GW in sea and 2380 GW on land in China demonstrates tremendous potential for efficiency of wind power to increase in the upcoming years
- Growing demand for electricity in China, due to steady economic growth and rise in industrial demand is necessitating to develop alternate energy sources. In 2019, China consumed 6,510 Twh of electricity, increasing by 4% from the previous year. This is compelling the government to develop alternate sources of energy such as wind power
- Rise in foreign direct investment, creating employment opportunities has led to rise in rate of urbanization and industrialization in China. The mounting demand for electricity, is fuelling the wind power market, in turn.
- China accounted for leading wind energy installation capacity of around 73,000 MW in 2020, and is expected to reach 400 GW by 2030. Industry players are cautiously weighing in the advantages and disadvantages of installing wind power units in various regions/countries before making (capital) investments
- Emergence of distributed generation that enables wind turbines to be operated in a decentralized manner, as compared to conventional power plant is projected to stimulate the wind power market in China
- Increasing capacity of wind turbines ranging from 5KW for household applications, to mega-watt capacity ones for industrial applications to be connected to local distributed systems is favorable to the growth of wind power market.
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Wind Power Market - Growth Drivers
- Government policies for the development of renewable sources of energy, to limit the carbon emission associated with fossil fuels propels wind power market
- Contribution of wind power electricity generation for the significant rise in renewable electricity generation accentuates growth curve
Wind Power Market - Key Players
Some of the key players operating in the wind power market are;
- HZ Windpower NA
- Sinovel Wind Group Co. Ltd.
- ENVISION GROUP
- Siemens Gamesa Renewable Energy
- GENERAL ELECTRIC
- CRRC Corporation Limited
- GOLDWIND
- Mingyang Smart Energy
- Vestas
- Suzlon Energy Limited
- Dongfang Electric Co. Ltd.
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The wind power market is segmented as follows;
Wind power Market, by Component
- Turbine
- Up to 03 MW
- 03 - 06 MW
- Above 06 MW
- Blade
- 58 Meters
- 74 Meters
- 67 Meters
- 108 Meters
- Others
- Tower
- 100 Meters
- 125 Meters
- 140 Meters
- Others
- Nacelle
- Up to 03 Mw
- 03 MW - 06 MW
- Above 06 MW
Wind power Market, by Location
- Onshore
- Offshore
Wind power Market, by Application
- Utility
- Industrial
- Residential & Commercial
Wind power Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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