ID: MRFR/E&P/0982-HCR | February 2021 | Region: Global | 111 pages
Wind power is a process by which wind is used to generate electricity. Wind power uses air flow through turbines to create a clean source of energy across the globe. Wind power converts the kinetic energy into mechanical power through turbines. A wind turbine turns energy in the wind into electricity using the aerodynamic force created by the rotor blades of the generator. The aerodynamic force rotates the generator to create electricity. The demand for wind power market has increased due to the rise in pollution level in an environment and health issues among people. Wind power is generally used in wind pumps, wind battery chargers, wind electricity generators, etc.
The wind power market size is projected to reach USD 184.65 Billion by 2026, with a CAGR of 10.37% from 2019 to 2026. One of the factors driving the growth of the global wind power market is the depletion of fossil fuel reserves. According to the Energy Statistics Report published by Government of India, the crude oil reserves in India was 621.28 billion ton and 604.10 billion ton in the years 2018 and 2019 respectively.
Additionally, the global wind power market is projected to grow at a high rate due to the increasing awareness of renewable energy sources. According to the BP Statistical Review of World Energy report published in 2019, renewable power generation increased by 14% in 2019, which contributed to 9% of the total world’s electricity. The global wind power market is projected to grow due to the increasing demand for wind energy sources in America. For instance, according to the BP Statistical Review of World Energy report published in 2019, in South and Central America, the wind power generation increased with a growth rate of 17.3%.
Rising floating wind technology developers would act as an opportunity for the global wind power market. This would help to forecast weather conditions, lightning warnings, and tidal information. However, the turbines might cause noise and aesthetic pollution, that would hinder the market growth.
Key players in the global wind power market such as Vestas, General Electric, and Senvion SA are actively focusing on signing contracts and agreements with utilities and industries to supply wind power systems. Moreover, in 2019, Vestas signed a contract with Looft-Schmidt Projects Renewable Energies GmbH to supply V112-3.45 MW turbines. This would add to the growth of Wind Power Market by maximizing annual energy production and optimizing the levelized cost of energy.
The global wind power market has been segmented based on application, installation, turbine capacity, and region. On the basis of application, the global market has been segmented into residential, commercial, and industrial. The residential segment is expected to dominate the market worldwide. This is because the deployment of large turbines across this segment decreases the cost of turbines by 50% to 90%.
On the basis of installation, the global wind power market is divided into onshore and offshore. The onshore segment is estimated to dominate the market. This is because the onshore segment shows low carbon emission and economical cost structure as compared to other segments. On the basis of turbine capacity, the global market is divided into less than 100KW, 100KW to 500KW, 500KW to 1 MW, 1MW to 3 MW, and above 3 MW. The segment 1MW to 3MW is expected to drive the wind turbine market growth. Due to the parameters such as lightweight, fewer moving parts, lower emissions, etc., which raises the acceptance of these products in the market.
The global wind power market is expected to grow at a 10.37% CAGR during the forecast period.
The key players operating in the global Wind Power Market are Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), and Bergey Wind Power (US)
The global wind power market is expected to witness substantial growth during the forecast period owing to the growing need of utility aided renewable establishments, privately-owned wind farm projects, and technologies with advanced power generating stations to curb GHG emissions. According to the Government of China, the country introduced a new action plan to limit the emission level to 18% by 2020.
On the basis of region, the global wind power market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America holds the largest share in the wind power market. This is due to increasing domestic system production; decreasing component costs maintain the business landscape. The US market size is anticipated to achieve 7GW of annual installation by 2024. According to the US Department of Energy, in 2016, installation of these units grew by 11%, establishing over 20% of the newly added generation capacity across the nation. Europe market share is anticipated to witness growth over 6% on account of energy security initiatives, decarbonization reforms, and favorable directives. The Renewable Energy Directive introduced by the European Union states the policy for the production and promotion of sustainable energy sources in the region. This directive has laid the targets to achieve 20% sustainable energy integration in the overall energy scenario with wind energy accounting over 200GW installed capacity by 2020.
Frequently Asked Questions (FAQ) :
Global wind power market is predicted to grow at a 10.37% CAGR between 2019- 2026.
The wind power market is predicted to reach USD 184.65 Billion.
North America will lead the global wind power market.
Growing awareness of renewable sources of energy is driving the global wind power market growth.
Key contenders profiled in the global wind power market include Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), and Bergey Wind Power (US).