Wind Energy – An Insight
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.
In simple terms, wind power can be explained as the use of
air flow through wind turbines to mechanically power generators to produce
electricity. Wind power has many advantages, some of the major ones happen to
be it is an environment friendly alternative to burning fossil fuels, it is
readily available, it is clean and also it does not emit any harmful gases into
the atmosphere.
On the whole, it can be concluded that this form of energy is
quite beneficial and hence this market will not go out of business anytime
soon.
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Market Scenario
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.
Key Players
Some of the key players in the Wind Power Market are WS
Truepower, LLC, DNV GL, Blue Sky Energy, Inc., Enercon India Pvt limited, Wind
World India limited, GE Wind Energy Limited, Orient Green Power Limited,
Indowind Energy Limited, Aban Loyd Chiles Offshore Ltd
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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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