The Global Market for Wind Power is Forecast to Exceed 1045 Gigawatts (GW) by 2024
Escalating Climate Change
and the Resulting Renewable Energy Revolution Drives Strong Market Growth for
Wind Power, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Wind Power market. The global market for Wind
Power is forecast to exceed 1045 Gigawatts (GW) by 2024 in terms of cumulative capacity installations, driven by growing
prominence of affordable, reliable, and low-carbon renewable energy; and
technological breakthroughs and advancements that enable easy accessibility and
cheaper adoption of wind power.
Wind
energy holds the promise of cleaner and sustainable future for the global power
generation industry. Myriad benefits of wind energy that are driving its
widespread adoption across the world include eliminating exposure to
radioactive emissions; entailing non-emission of hazardous greenhouse gases;
non-contamination of underground water reserves; minimal unsettling of
terrestrial settlements, and non-interference with marine and terrestrial
eco-systems in addition to boosting new employment prospects and promotion of
energy self-sustenance by conserving fossil fuel reserves. Various other
benefits of wind power include its renewable nature, abundant availability, cost-effectiveness
in relation to gas-fired power, reduced operational costs, and elimination of
vulnerability to power fluctuations and price hikes. Of all the comparative
advantages, wind energy’s ability to cushion the imminent energy squeeze holds
prominence, and is the overriding factor in capturing the attention of various
governments. The sector is also garnering significant interest from
environmental activists due to its exceptional ‘environmental benignity’.
Strong
growth is projected for wind power in the coming years driven by rising demand
for cost effective, reliable and clean power. Developing renewable energy
sources such as wind power and also making them mainstream is now being seen as
the only way for ensuring an energy future that is fully sustainable. Significant
attention received by offshore wind farms in recent years with the associated
innovations outpacing the developments made in the onshore sector represents
another important growth driver. While broader adoption of 3MW and 4MW units in
offshore wind market and growth in the offshore wind market are driving turbine
capacity, increasing penetration of turbines with high capacity factor in low
wind regions is pushing up rotor diameters. Other important growth drivers
include major drop in wind energy costs over the years; spiraling electricity
appetite from ballooning global population; promising outlook for renewable
energy in both developed and developing countries; surging renewable energy investments in the
developing countries; and growing share of wind energy in the global energy
mix. Few of the innumerable technological advancements that are enhancing the
reliability and performance of next-generation wind technologies include drones
for efficient wind turbine inspections, air-borne wind turbines in place of
traditional wind turbines, bladeless wind turbines, ‘EnergySails’ that enable
ships to leverage wind and solar energy simultaneously, and larger wind
turbines with a height of over 260 meters and rotors of 220 meters in diameter.
As
stated by the new market research report on Wind Energy, Asia-Pacific represents
the largest market worldwide in terms of cumulative wind power capacity
installations and annual capacity installations. Rapid industrialization;
massive wind power investments; expanding population and energy needs; steady
economic development, and liberalization and privatization of the electricity
sector in major countries such as China and India represent key growth drivers
in the region. China has emerged as the
single largest market worldwide, ousting the erstwhile dominant United States,
spurred mainly by the huge appetite for electricity resulting from a decade of
robust GDP growth and rapid industrialization. With long coastlines and vast
land mass, wind power represents a chief component of China’s economic growth. Denmark, Portugal, Germany,
Ireland and Spain represent other major countries in the world with high wind
electricity penetration rates.
Key
players in the wind power ecosystem include ABB Limited, China Longyuan Power
Group Corporation Limited, DeWind Inc., Dongfang Electric Corporation Limited,
Enel Green Power S.p.A., ENERCON GmbH, Envision Energy Limited, Eurus Energy
Holdings Corporation, GE Renewable Energy, Guodian United Power Technology
Company Limited, Ming Yang Smart Energy Group Ltd., NextEra Energy Resources,
LLC, Nordex SE, ACCIONA Windpower S.A., Senvion S.A., Siemens Gamesa Renewable
Energy, S.A., Suzlon Energy Limited, Vestas Wind Systems A/S, MHI Vestas
Offshore Wind A/S, and Xinjiang GoldWind Science & Technology Co., Ltd.,
among others.
The
research report titled “Wind
Power: A Global Strategic Business Report” announced by Global Industry
Analysts Inc., provides a comprehensive review of market trends, growth
drivers, mergers, acquisitions and other strategic industry activities of major
companies worldwide. Market estimates and projections are provided in terms of
cumulative installed capacity and annual capacity additions in Megawatts (MW)
for major geographic markets including the United States, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia, Austria, Denmark, Greece, The
Netherlands, Portugal, and Rest of Europe), Asia-Pacific (Australia, China,
India and Rest of Asia-Pacific), Middle East & Africa, and Latin America
(Brazil, Mexico and Rest of Latin America).
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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