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
Browse full research report on Wind Power Market: https://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.
Browse more reports of this category
by Grand View Research: https://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
- U.S.
- Europe
- UK
- Spain
- Germany
- France
- Italy
- Asia Pacific
- India
- China
- Japan
- RoW
- Brazil
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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