San Francisco, 30 October 2018 , Global wind power market is
expected to reach 760.35 GW by 2020 on account of increasing regulatory support
from governments particularly in Europe in order to reduce carbon emissions.
Furthermore, financial incentives and tax benefits in countries such as U.K.,
Italy, Brazil, Spain, U.S. and China have fuelled growth leading to a
significant market share in overall electricity generation.
Industrial applications accounted for more
than 40% of the total market in 2014 and hence dominated the global market. In
addition, industrial application is expected to witness fastest growth, growing
at over 13% CAGR from 2015 to 2022.
Rising energy needs in countries such as
China, Brazil and India, owing to rapid industrialization is expected to have a
positive impact on wind power generation industry. Wind power finds extensive
use in various sectors including commercial heating/lighting applications and
residential.
Europe had a cumulative installed capacity
of 130.85 GW in 2014 and was the leading market for wind power. Europe’s
framework legislation and its target to reduce carbon footprint by 2020 is
expected to ensure continuous growth of the industry over the forecast period.
Furthermore, large investment opportunities in countries including Ukraine and
Russia are expected to have a positive impact on market growth. Growing demand
from countries including Spain, France, U.K., Italy, and Germany is expected to
drive market growth over the forecast period. However, market saturation is a
major restraint for the region and is expected to hamper growth over the next
six years.
Asia Pacific is expected to witness fastest
growth going forward till 2022. Rising government initiatives undertaken by
government of India and China to develop wind power generation as means to
increase their renewable energy portfolio is likely to propel demand. Asia
Pacific accounted for more than 34% of total installed capacity in 2012. Middle
East and Africa is projected to be the fastest growing regional market at a
CAGR more than 43%.
North America was the third largest wind
power market in 2012. Regional market is expected to grow on account of
extension of Production Tax Credit as a part of fiscal cliff package by the
U.S. Congress. U.S added a large capacity for wind power generation in 201 and
emerged as the largest source of new electricity generation by accounting for
over 40% of capacity added.
Global wind power market is highly
fragmented. Some of the major players operating in the global wind power
industry include Gamesa, Sinovel, GE Wind, Vestas, Mingyang, Enercon, Goldwind,
Suzlon Group, United Power and Siemen
Full
Research Report On Wind Power Market Analysis:
www.grandviewresearch.com/industry-analysis/wind-power-industry
www.grandviewresearch.com/industry-analysis/wind-power-industry
Further Key findings from the study suggest:
·
Europe emerged as the leading market for
wind power with a cumulative installed capacity of 109.80 GW of the total
market in 2012. Europe’s framework legislation and its target to reduce carbon
footprints by 2020 are expected to ensure continuous growth of wind power
market in the region
·
Germany, UK, Italy, Spain and France
represent some of the leading markets in Europe. However, huge investment
opportunities exist in the Eastern European countries such as Russia, Ukraine
etc.
·
Owing to rapid strides taken by India and
China to develop wind power generation, Asia Pacific is expected to overtake
Europe to lead the global market by 2020. Asia Pacific accounted for 35.6% of
the total installed capacity in 2012. Wind power accounted for a 2% of the
total electricity produced in China up from 1.5% in 2011.
·
North America emerged as the third largest
wind power market in 2012. Extension of Production Tax Credit as a part of
fiscal cliff package by the U.S. Congress is expected to be a key factor
driving the regional market for wind power. The U.S. saw a record number of
capacity addition in 2012 as wind power emerged as the largest source of new
electricity generation by accounting more than 40% of new capacity added.
·
Some of the key companies operating in the
global wind power market include GE Wind, Vestas, Siemens Wind Power, Enercon,
Suzlon Group, Gamesa, Goldwind, United Power, Sinovel and Mingyang.
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More Reports Of This Category By Grand View Research At: www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the global wind power market on the
basis of application and region:
Wind Power Application Outlook
·
Industrial
·
Residential
·
Commercial
Wind Power Regional Outlook
·
North America
o
U.S.
·
Europe
o
UK
o
Spain
o
Germany
o
France
o
Italy
·
Asia Pacific
o
India
o
China
o
Japan
·
RoW
o
Brazil
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