The global wind power market size is projected to expand at a substantial CAGR of 7.7% during the forecast period, 2021–2028. The generation of electrical energy from winds is called wind power. This conversion of wind power into electrical energy is achieved by using wind turbines. These wind turbines are used to convert the kinetic energy of winds into electricity.
Wind power is a renewable energy resource like solar power. Traditionally, windmills were used to produce wind power, this wind power was then used to perform tasks like grinding grains, pumping water, and other activities. The commercial wind turbines of modern times generate electricity by using rotational energy. The turbines are made up of a blade and an enclosure called a nacelle.
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There are three main factors that influence wind power: speed of the wind, air density, and radius of the blade. Wind turbines need to be put up in areas that receive lots of wind on a regular basis so that an optimal amount of energy can be generated using them. Generally, these wind turbines are put up on huge wind farms. One of the important key elements about the selected land for wind farming is the characteristics of the local terrain.
Market Trends, Drivers, Restraints, and Opportunities
• Increasing demand for green and clean power source and reduced cost of wind energy is anticipated to drive market demand in the coming years.
• Growing environmental concerns, rising pollution levels, and green house gases are major factors pushing the market expansion during the forecast period.
• High cost of installation and maintenance of wind farms is expected to hinder the market growth during the forecast period.
• Lack of investments and halting of various wind power projects worldwide due to covid-19 pandemic is projected to restrain the market expansion in the coming years.
• Introduction of various favorable policies and regulatory framework by governments of various countries worldwide and advancements in wind power technology is expected to create significant opportunities for the market players.
Market Segment Insights
Onshore segment is projected to account for major market share
Based on location, the wind power market is bifurcated into onshore and offshore. The onshore segment is projected to constitute for major market during the forecast period. Onshore wind farms are relatively cheaper which allows for mass fields of wind turbines, shorter distance between the windmill and the consumers allows for less voltage drop off, and ease of installation and maintenance are the factors expected to drive the market growth during the forecast period. Onshore segment accounted for a market share of more than 90% in 2019.
On the other hand, the offshore segment is anticipated to grow at a substantial CAGR during the forecast period. Offshore wind energy facilities are installed in open water usually in the ocean and seas. Offshore wind energy facilities are constructed in the oceans where higher wind speeds are available.
Offshore wind farms have a relatively negative impact on the environment, they can be built larger and taller than their onshore counterparts which allows for more energy collection, and no barriers or physical restrictions which could block the wind flow making them more efficient. The offshore segment witnessed a significant increase of more than 25% in cumulative installed capacity compared to the previous year.
Residential segment is expected to register a robust growth rate
Based on applications, the wind power market is segmented into residential, commercial, and industrial. The residential segment is expected to register a robust growth rate during the forecast period due to increasing demand for clean renewable power source and growing environmental concerns worldwide. Decreasing costs of wind energy and implementation of various favorable policies by governments of different countries across the world are projected to drive market growth in the coming years.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the wind power market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to dominate the market during the forecast period. Asia Pacific accounted for largest market share with more than 40% in 2019 and is projected to grow at a significant CAGR in the coming years. The large market share is attributed to rapid development of renewable power energy sector in the region. Countries such as India and China are promoting the adoption of wind power technology at a significant pace in order to reduce the stake of thermal power and lower the pollution levels caused by power generation.
Key players competing in the wind power market include Duke Energy Corporation, Siemens Gamesa, General Electric, Wind World, Senvion SA, Goldwind, Vestas, and Bergey Wind Power.
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