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
In depth research report on wind power market:
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.
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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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
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reports, please visit: http://www.grandviewresearch.com/
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