Global
onshore wind market is expected to grow at a faster pace shortly, the main
reasons being increased context of energy supply, and demand and rising demand
for renewable energy in electricity generation mix. Global Wind Energy Council
has estimated that there has been an increase of wind power from 92.4 GW in
2007 to 494.6 GW in 2017. This proves the promising future of wind power in the
near future. Besides the increasing projects in the construction of wind farms
and wind parks is driving the market for onshore wind energy market. More wind
farm projects from U.S. and China are witnessing the growth of wind power.
However, higher outputs from offshore wind farm and more focus on offshore wind
projects, is restraining the onshore wind energy market.
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The
demand for clean energy resources is increasing owing to the increased demand
for electricity, and upcoming regulations unfavourable to conventional sources
of energy. The continuous exploitation of renewable energy source has resulted
in a higher number of wind energy projects around the globe. Innovation in the
technology of wind turbines and wind parks has also added value to the onshore
wind energy market. The large scale projects of power generation through wind
farms and wind parks is expected to boost the onshore wind energy market.
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Segmentation
Global
onshore wind energy market has been segmented on the basis of end-use,
application, grid connectivity, power capacity, wind capacity and region.
Based
on end-use, the market is further segmented into utilities, commercial &
industrial, hybrid power and others. Among these, the utilities segmented are
expected to hold major market share. Since utilities are responsible to provide
the electricity supply from the demanding sectors. There has been sharp
increase in demand for electricity from last decade from the growing economies,
thus utilities require more and more power to match the demand. Peak power
management segment commands the largest market share by application type, the
main reason being shortage of electricity during peak hours. Industries and
factories need electricity during fixed working hours, which creates demand for
energy during those hours. Onshore wind energy helps manage the power
distribution at those hours making it the most dominating segment. Onshore wind
energy generated is both off grid and on grid. Between these, on-grid segment
is more dominating due to the fact that most electricity connections are
connected to grid as power infrastructure is increasing at an exponential
growth. The market is segmented as high wind speed, medium wind speed and low
wind speed on the basis of wind capacity. The high wind speed project accounts
for the largest number of projects as they are capable of generating power of
high capacity.
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