Global Wind Energy Market: Insights, Market Size, Share, Growth, Trends Analysis and Forecast to 2021
Wind energy is produced by the flow of air into turbines that convert the kinetic energy into mechanical energy which can be later used by generator to convert into electricity. Wind energy market has gathered considerable share globally due to its technology and low generation cost compared to other renewable resources. After sluggish growth in 2013 the wind energy market has strongly rebounded in the year 2014. According to the Global Wind Energy Council (GWEC), the global wind energy market is expected to recover and double total installations by 2018. The market can be segmented on the basis of end users as industrial, residential and commercial.
Wind energy is a reliable power source and huge demand for energy from developing countries and increase in price of non-renewable energy sources are factors augmenting the global wind energy market in the foreseeable future. Other factors driving the global wind energy market is its contribution to energy security, cost-competitiveness and latest technological trends. Wind energy is an essential part of electricity market in several countries however to meet full potential of the wind energy, the governments have to come up with strong climate change policies. Favourable government regulations to increase the investment in emerging economies such as China and India likely to present huge opportunity for wind energy market in coming future.
Improved & new technological trends, increased offshore wind farm projects and huge investments in wind power are expected to give twofold growth in the global wind energy market over the forecast period.
The two dominating regions in the global wind energy market are the U.S. and China. Moreover, growing electricity consumption in developing countries such as Russia, Brazil and India has propelled the alternative domestic resources of energy. Key players and component manufacturers in the global wind energy market include Vestas Wind Systems A/S, Siemens Wind Power, Goldwind Science & Technology Co. Ltd., GE Wind Energy, Enercon GmbH, Suzlon Energy Limited, Gamesa CorporaciÃ³n TecnolÃ³gica SA, China Ming Yang wind Power Group Limited, Nordex SE, Dongfang Electric Corporation Limited, CSIC Haizhuang Windpower Equipment Co. Ltd. and others.