Global Wind Power Market Scenario
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. A detailed
analysis report of COVID-19
impact on Wind Power Market Share is provided
with the report.
Wind power is power derived from the kinetic energy of
the wind. Wind power has been one of the oldest sources of power used by
mankind, with windmills and other such applications going back hundreds of
years. In recent years, the wind power market has experienced a renaissance
with the growing public awareness about the need for renewable energy and the
growing government support for the renewable energy sector. Wind power is
derived by means of turbines, which are attached to turbines, which produce the
electricity. The global wind power market is likely to experience steady growth
over the forecast period due to the growing awareness about the importance of
renewable power.
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.
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.
Segmentation:
The global wind power market is segmented on the basis
of application, type, and region.
By application, the global wind power market is
segmented into residential, commercial, and industrial. Industrial applications
are likely to account for a major share in the global wind power market over
the forecast period.
By type, the global wind power market is segmented
into onshore and offshore. Onshore wind farms currently dominate the global
wind power market, but the demand for offshore installations is likely to grow
consistently over the forecast period.
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.
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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Market Research Future:
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