Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Wind Power Market Analysis/ Wind Power Market Trends
The global wind power industry is highly lucrative and predicted to witness significant growth at a healthy 10.37% CAGR over the forecast period (2019- 2026), reveals the Market Research Future (MRFR) report. Wind power, simply put, is a process where the wind is used for generating electricity. It uses air flow through turbines to create a clean energy source across the globe. Wind power helps in converting kinetic energy into mechanical power with the help of turbines. Wind turbines help in turning energy in the wind into electricity through the aerodynamic force that is created by the generator’s rotor blades. The aerodynamic force rotates the generator to create electricity. Wind power is in great demand for a rise in pollution and increasing health and environmental issues. Generally, wind power is used in wind electricity generators, wind battery chargers, wind pumps, and others.
Fascinating Features that Spur Market Growth
As per the Market Research Future report, there are numerous factors that are propelling the wind power market size. These include the depletion of fossil fuel reserves, growing awareness of renewable energy sources, the need to replace conventional energy source with renewable energy source, the urge for clean, cheap, and dependable power, and favorable regulatory framework and policy structure by the governments to promote the generation of renewable power. Additional factors adding to the wind power market revenue include the growing demand for wind energy sources, rising investments in offshore infrastructure, and increasing demand for energy in the coastal areas.
On the contrary, pollution and noise caused by turbines and the growing adoption of alternate sources of energy like solar power and gas-based power may have a negative impact on the wind power market outlook.
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COVID-19 Analysis
The global wind power market is no exception to the impact of the COVID-19 outbreak across the globe. The damage is done to the execution of the project and the flow of the supply chain where it is predicted that there is likely to be a delay in the on-going as well as future wind power installation projects. The reduction in the accessibility of human capital coupled with the halt in the wind farm construction project has impacted the market growth. The lockdown has delayed wind power projects worldwide and has also delayed the installation of wind turbines and the construction of wind farms. China is the largest onshore and offshore market for wind power. The spread of the novel coronavirus from China led to a disruption in supply chains, which hampered the market growth. Despite the downturn in the economy, the growth of the market is likely to show some positive pattern in 2021, with the GDP growth of the countries bouncing back to normalcy and wind development projects beginning again.
Market Segmentation
The MRFR report offers an inclusive analysis of the wind power market based on turbine capacity, installation, and application.
By application, the wind power market is segmented into industrial, commercial, and residential. Of these, the residential segment will lead the market over the forecast period.
By installation, the global wind power market is segmented into offshore and onshore. Of these, the onshore segment will dominate the market over the forecast period.
By turbine capacity, the global wind power market is segmented into above 3MW, 1MW to 3MW, 500KW to 1MW, 100KW to 500KW, and less than 100KW. Of these, the 1MW to 3MW segment will spearhead the market over the forecast period.
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Regional Segmentation
North America to Spearhead Wind Power Market
By region, the global wind power market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, the Middle East and Africa (MEA), and South America. Of these, North America will spearhead the market over the forecast period. Increasing domestic system production, falling component costs, declining component prices, strict emission standards, and growing expenditure are adding to the global wind power market value in the region.
The global wind power market in the APAC region is predicted to have healthy growth over the forecast period. Ongoing investments and initiatives undertaken by the government in China, steady rise in the onshore wind power industry in China, and the government encouraging the expansion of renewable infrastructure to reduce the stake of thermal power as well as reduce pollution, are adding to the global wind power market share in the region.
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Competitive Landscape
The prominent players profiled in the global wind power market report include.
- Bergey Wind Power (US)
- Goldwind (China)
- Siemens Gamesa Renewable Energy SA (Spain)
- DNV GL (Norway)
- Indowind (India)
- Orient Green Power Company Limited (India)
- Wind World Limited (India)
- Senvion SA (Germany)
- General Electric (US), and
- Vestas (Denmark), among others.
The global wind power market is highly fragmented and competitive with the presence of several well-established international and domestic players. These players have encompassed several strategies to stay at the forefront and also strengthen their position in the market, including extensive research & development activities, geographical expansions, mergers and acquisitions, new product launches, partnerships and collaborations, and others.
Industry Updates
- February 2021- Denmark will soon build an island in the North Sea, which will gather as well as distribute electricity from the wind energy farm. This will be the biggest construction project in Danish history. The goal is to use electricity from renewable sources such as wind to fuel trucks, planes, and ships.
- February 2021- Siemens Gamesa Renewable Energy has provided the nod to install and supply turbines for $9 billion East Anglia Hub, a leading offshore wind development planned for waters off the England east coast.
- February 2021- Vietnamese Quang Tri Province has approved wind power projects.
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