Wind
Energy Market - Overview
Looking at the current demand for renewable
and alternative sources of energy it can be confidently said that the global
wind power market will grow by leaps and bounds in the coming years. During the
forecast period of 2017-2027 the conversion rates of this market are expected
to increase dramatically. Furthermore, the CAGR rates too look encouraging and
bear witness to the above stated fact.
There are a lot of growth drivers
that work together to bring about success and development for the market. One
of the major ones happens to be the support from the government, this factor
can be termed as the chief growth factor for this industry. The government has
laid strict rules and regulations in respect to utilization of renewable energy
sources. Resultantly, the market gets benefitted. The rising demand for clean
sources of energy further fosters the growth of the market.
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Wind power is one of the most
beneficial renewable energy resources to be discovered till date. Since its
discovery it has become a hit amongst the masses and market players alike. It
is because wind is free and abundant and the energy produced through it is
precious. Over the years the graph of growth for the wind power market has only
gone up and it seems like this fact is not going to change anytime soon.
Industry
Trends
Over the years the global wind power
market has witnessed many industry trends that worked in its favor. However, at
present there are three main trends that seem to be governing the market. They
can be named as rise in fiscal benefits, government support and higher return
on investment.
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Market
Players & Growth Strategies
Some of the most renowned and
long-standing players of this market can be listed as Orient Green Power
Limited, WS Truepower, Aban Loyd Chiles Offshore Ltd, Enercon India Pvt limited
and GE Wind Energy Limited. The two major strategies used by these players are
strategic expansions and new product development.
Market
Segmentation
The worldwide wind power market has
been segregated into three distinct parts. They can be listed as types,
geographies and applications.
On the basis of types, the market has
been bifurcated into offshore and onshore.
Geographically, this market is spread
across various areas of the globe like North America, Europe Asia Pacific and
Rest of the World. Out of these areas, the one that takes the cake in terms of
market shares happens to be North America. The reason for this is that in
recent times this region has seen the entry of a lot of investors. Thanks to
these investors the research and development activities get boosted and hence
the market experiences tremendous growth in this region.
On account of applications, the
market has been divided into industrial, residential and commercial.
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