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
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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.
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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
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