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.
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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