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Wind Power Market to be Worth US$ 1.5 Trn by 2031: TMR Study

Monday, 22 August 2022 10:03 AM

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.

Transparency Market Research inc., Monday, August 22, 2022, Press release picture

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.
  • Siemens Gamesa Renewable Energy
  • CRRC Corporation Limited
  • 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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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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SOURCE: Transparency Market Research inc.

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