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
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/wind-power-industry
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.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/renewable-energy
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
• U.S.
• Europe
• UK
• Spain
• Germany
• France
• Italy
• Asia Pacific
• India
• China
• Japan
• RoW
• Brazil
