Wind Power Market Overview:
Wind Power Market was worth 292.56 GW in the year of 2012 and is expected to reach approximately 1030.65 GW by 2022 while registering itself at a compound annual growth rate (CAGR) of 13.42% during the forecast period. The wind power has many individual wind turbines that convert mechanical power into electrical power by using air flow. Wind power is eco-friendly as it does not emit any detrimental gases. The wind turbines require less land and do not consume water in the process of transferring energy which is a superior characteristic. Along with these, the wind powers are far much better than those non-renewable resource power generators.
The wind powers are classified into two types such as onshore and offshore. Onshore wind powers are witnessing the high demand in the market due to their preferable properties like low carbon emission comparatively with the other. The wind power market is segmented into industrial, commercial and residential. The industrial segment is bifurcated into power generation, telecommunication and agriculture. The wind powers are widely used in the industrial sectors for generating power with renewable sources, which is cost effective and are profitable.
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Wind Power Market Drivers and Restraints:
The advanced technologies in manufacturing reliable and energy efficient wind powers which are mostly overcoming green house gas emissions are driving the market demand. Government initiatives in supporting the wind powers are largely focusing on the growth of this market. These require less manpower in the process of power generation that reduces the labor cost and also the parameter of self-starting turbines, propelling the wind power market growth. The coupling price ranges with wind power plants and wind turbines manufacturing industries are challenging factors for this market. However, the high cost for installation and vast changes in climate are hampering the wind power market demand.
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Wind Power Market Geographical Segmentation:
Geographically, the wind power market is segmented into Asia Pacific, North America, Middle East & Africa and Europe. Asia Pacific is accounting for the highest shares due to its large scale of industries, and agriculture sectors demand wind powers for beneficial results. Europe and North America are expecting to dominate the market shares in the future owing to implement the latest technology along with the government investments. Middle East & Africa are acquiring the demand by raising awareness across the region and witnessing the fastest growth in coming years.
Key Players in this Wind Power Market:
The key players in the wind powers market include Vestas, Gamesa Corporation Technological, Sinovel, Suzlon One Earth, GE Winds, Siemens Wind Power, China Ming Yang Wind Power Group Limited and Goldwind.
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