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
Browse full research report on Wind Power Market: 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.
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Research: 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
• 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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By Grand View Research: http://www.grandviewresearch.com/press-release/global-wind-power-market
About Grand View Research
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