Wind Power Market is expected to grow at a robust CAGR of 13.09%
Global
Wind Power Market is expected to grow owing to growing awareness of
environmental issues and the importance of reducing carbon footprints
throughout the forecast period.
According
to TechSci Research report, “Wind
Power Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast 2018-2028”, the Global Wind Power Market is expected to
register robust growth during the forecast period. Continuous advancements in wind turbine
technology contribute to increased efficiency and reduced costs, making wind
power more competitive with traditional forms of energy generation. Larger
rotor diameters, improved materials, and sophisticated control systems enhance
the performance of wind turbines. As a result, the levelized cost of
electricity (LCOE) for wind power has steadily decreased, making it
economically viable and attractive for both utilities and independent power
producers.
One
significant opportunity in the global wind power market is the potential for
substantial capacity expansion. Governments and energy stakeholders worldwide
are setting ambitious renewable energy targets and transitioning towards a
low-carbon future. Wind power, with its proven track record of reliability and
scalability, is well-positioned to play a central role in meeting these
targets. Opportunities exist for both onshore and offshore wind projects to
contribute to the expansion of global wind power capacity, replacing
traditional fossil fuel-based generation.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global
Wind Power Market."
Based
on application, the
Industrial segment is expected to dominate the market during the forecast
period. While the industrial sector benefits from the adoption of wind power,
it also faces regulatory challenges and uncertainties. Policy frameworks and
regulatory environments vary across regions, impacting the feasibility and
attractiveness of wind power investments for industries. Inconsistencies in
incentive structures, permitting processes, and grid integration policies can
pose barriers to widespread adoption. Governments play a crucial role in
fostering a supportive regulatory environment by offering clear and stable
policies, financial incentives, and streamlined approval processes for
industrial wind projects. The industrial sector's reliance on a stable and
resilient energy supply is driving considerations of supply chain resilience.
Wind power contributes to a diversified energy portfolio, reducing
vulnerability to supply chain disruptions associated with traditional energy
sources. Industries are increasingly viewing wind power as a strategic asset
for ensuring business continuity and mitigating risks associated with energy
supply chain disruptions, geopolitical tensions, and resource uncertainties. In
conclusion, the industrial segment of the global wind power market is
witnessing significant growth driven by a combination of economic,
environmental, and technological factors. As industries continue to prioritize
sustainability, cost competitiveness, and energy security, wind power is poised
to play a pivotal role in shaping the future energy landscape for the
industrial sector. However, addressing regulatory challenges and ensuring a
supportive policy environment will be essential for unlocking the full
potential of wind power adoption in the industrial segment.
Based
on installation, the Onshore segment is projected to dominate the market
throughout the forecast period. Onshore wind power's integration into existing
electrical grids poses both opportunities and challenges. As the share of
onshore wind capacity increases, grid integration becomes a key focus to ensure
stable and reliable electricity supply. Upgrading and expanding the grid
infrastructure, implementing smart grid technologies, and enhancing
interconnection capabilities are essential to accommodate the variable nature
of onshore wind power. Governments and utilities are investing in grid
modernization efforts to facilitate the seamless integration of onshore wind
energy into the broader energy landscape. The growth of the onshore wind power
segment is significantly influenced by supportive government policies and
regulatory frameworks. Many countries have implemented incentives such as
feed-in tariffs, tax credits, and renewable portfolio standards to encourage
the development of onshore wind projects. Long-term policy stability is crucial
for attracting investments and providing developers with the confidence needed
for project planning and execution. A consistent regulatory environment also
contributes to reducing perceived risks, making onshore wind projects more
attractive to investors. While onshore wind power is considered a clean energy
source, the development of wind farms may have environmental implications. The
impact on local ecosystems, including bird and bat populations, is a
consideration in onshore wind project planning. Mitigation measures,
environmental impact assessments, and adherence to best practices in siting and
operation are essential to minimize the ecological footprint of onshore wind
farms. In conclusion, the onshore segment of the global wind power market
continues to be a vital contributor to the transition to renewable energy. The
combination of technological advancements, community engagement, grid
integration, and supportive policies will play a crucial role in shaping the future
growth and sustainability of onshore wind power. As the world seeks to address
climate change and increase energy security, onshore wind power will likely
remain a cornerstone of the global renewable energy landscape.
Key
market players in the Global Wind Power Market are: -
- Vestas
Wind Systems
- Siemens
Gamesa Renewable Energy
- General
Electric (GE) Renewable Energy
- China
Three Gorges Corporation (CTG)
- Nordex
SE
- Enel
Green Power
- Enercon
GmbH
- Suzlon
Energy Limited
- EDF
Renewables
- Ørsted
A/S
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“The
Global Wind Power Market in North America is poised to be the dominant force in
the industry. Onshore wind power projects have been the primary driver of
growth in North America. The U.S. has seen a significant increase in onshore
wind installations, supported by favorable wind conditions and state-level
renewable energy targets. The Production Tax Credit (PTC) and Investment Tax
Credit (ITC) in the U.S. have played a crucial role in incentivizing wind power
development. As technology continues to advance, larger and more efficient
onshore turbines contribute to increased capacity and competitiveness.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Wind
Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Application (Residential, Commercial and Industrial), By
Installation (Onshore and Offshore), By Turbine Capacity (100 KW, 100 KW to 500
KW, 500 KW to 1 MW, 1MW to 3 MW and Less than 3 MW), By Region, and By
Competition”
has evaluated the future growth potential of Global Wind Power Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Wind Power Market.
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