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.
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The growing awareness about offshore wind energy
farms is likely to be a key driver for the global wind power market. While the
wind power market has exhibited steady growth over the last few decades, the
use of wind turbines on land is complicated by several factors, including the
resistance to the construction of windmills from nearby residents, who are
affected by constant noise coming from the structure, and issues regarding land
ownership. As a result, the growing prospects of the wind power market are
likely to be centered on the offshore wind energy sector over the forecast
period. Offshore wind energy plants can be much larger than onshore wind farms,
and while they do suffer from technological issues such as the difficulties in
constructing and anchoring complicated structures like windmills in the open
ocean, the offshore wind power sector is likely to play a key role in the
development of the global wind power market 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.
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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.
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