The global wind power market is
expected to exhibit a high CAGR over the forecast period from 2016 to 2027,
Market Research Future (MRFR) reports in its latest research report. The global
wind power market is analyzed in detail in the new report from MRFR, which
takes a close look at the historical and current growth trends in the global
wind power market to gain an accurate idea of the market’s likely growth
prospects over the forecast period.
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.
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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.
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.
Regional Analysis:
Though the global
wind power market is likely to experience growth across the world over the next
few years, North America is likely to hold on to a leading share in the global
wind power market due to the earlier presence of advanced wind power facilities
in the region and the consequent establishment of the relevant infrastructure.
The growing demand for offshore wind power farms in North America could play a
key role in the growth of the wind power market in North America over the
forecast period.
Competitive Analysis:
Leading players in
the global wind power market include Aban Loyd Chiles Offshore Ltd., Indowind
Energy Limited, Orient Green Power Limited, GE Wind Energy Limited, Wind World
India Limited, Enercon India Pvt. Ltd., Blue Sky Energy Inc., DNV GL, and WS
Truepower LLC.
Industry Updates:
In May 2019, Mars
Inc. announced plans to source all its required power in Mexico from a wind
power farm in Yucatan. Such initiatives could prove to be a major turning point
for the global wind power market, as corporate entities such as Mars Inc. have
the capital to incorporate widespread use of wind power across their
operations.
In May 2019,
Siemens announced that it will shift its energy division to Siemens Gamesa
Renewable Energy, a separately listed wind turbine supplier, which now becomes
one of the largest players in the global energy market.
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