The wind power market is growing owing to its high demand from the European and Asia Pacific region. In the year 2018, the wind power market size reached a massive $95.27 billion mark. During the forecast period of 2019-2025, the demand for the wind power market will be experiencing burgeoning growth with a compound annual growth rate (CAGR) of 8.41%.
Wind Power Market
According to US Energy Information Administration’s report, the world’s energy usage is expected to increase by 28% by the year 2040. Most of the demand will come from Asia Pacific region due to two of the most populous countries- India and China residing in the continent of Asia. This severity of power consumption requires alternative energy resources for producing power that not only meets the needs of people but also contributes to environmental conservation at the same time. Wind power is one such resource that can highly impact the production and distribution of power to the world.
The wind power market is growing owing to its high demand from the European and Asia Pacific region. In the year 2018, the wind power market size reached a massive $95.27 billion mark. During the forecast period of 2019-2025, the demand for the wind power market will be experiencing burgeoning growth with a compound annual growth rate (CAGR) of 8.41%.
India and China, the world’s most important developing countries have made commendable efforts in the field of renewable energy. China has become the world’s first renewable energy superpower while India has become the leader in renewable energy according to Emerging Markets Outlook 2018 released by BloomsbergNEF. These factors have contributed to the growth of APAC region in the wind power market, which is why it led the global market geographically in the year 2018 with a regional share of 62.81%.
Wind Power Market Outlook:
Planet Earth is blessed with a number of renewable energy resources such as wind, water, light and others. Wind is one of the most imperative ones since it is directly impacted by the climate and can be harnessed easily for powering up a village or a city. Humans have used wind flow for an increasing amount of time in menial activities such as flying a kite, but now wind generation plants are being used for generating wind power. Using the principle of aerodynamic force created by rotor blades in wind turbines, wind power generators are fired up to produce this energy which is a hundred percent renewable. The wind power market has many important segments with end user industry being the most significant one. By end-users, the market can be fragmented into energy and power, chemical, and commercial. Energy and power is the most important end user industry for wind power because of expanding population and the incessant diminishment of fossil fuels. This application segment will grow with a noticeable CAGR of 6.95% during the forecast period of 2019-2025.
Wind Power Market Growth Drivers:
- The Eventual Depletion Of Fossil Fuels
The fossil fuels are getting depleted with an extraordinary rate, one that humans have lost all control over. According to United Nations secretary Antonio Guterres, the current consumption of fossil fuels in human life is ‘a direct existential threat’ and will lead to erratic forms of climate change in the upcoming years. Fossil fuels are not only getting depleted but also pollute the environment massively. This is the reason why renewable resources of power generation that do not result in environmental pollution is the need of the hour. This is majorly driving the wind power market especially in countries such as the Netherlands where wind power generation has always been a primary industry for eons.
- Expanding Global Population
The global population is experiencing exponential growth and will continue to expand in the same way in the absence of any proper population control strategies. According to the Department of Economic and Social Affairs, the world population is predicted to reach 9.8 billion in 2050 and 11.2 billion in 2100[3]. A population of this magnitude along with increasing urbanization demands prolific sources of power to run electrical sources for residential and non-residential use. This generates demand in the wind power market and provides impetus to it. Wind power for its safe and effective use of wind, an ever present resource will continue to fuel market growth.
Wind Power Market Challenges:
Generation of wind power has encountered many challenges in the past but most of these are resolvable using the advancement of technology. One of the primary challenges faced by this market is the environmental damage in the form of noise pollution and reduction in wildlife caused by wind turbines. Additionally, since wind farms are situated far away from the city, they require extra transmission lines in their vicinity. The US Department of Energy has made consistent efforts in resolving these issues by their Wind Energy Technologies Office (WETO) which has dedicated teams for improving wind power technology in accordance with environmental conservation.
Wind Power Market Key Players Perspective:
Some of the key market players in the wind power market are Senvion, Adwen, Siemens Gamesa, MHI Vestas Offshore Wind, Winwind, Sinovel, G.E, Doosan Heavy Industries, Ming Yang Smart Energy, Eew Group, A2 SEA, ABB, and Nexans.
Senvion, a Germany company specializing in the production of wind power products has invented a series of wind turbines titled as the XM series. This series makes use of modular technology, customizable heights, rotor diameters, and yields that can be optimized.
Wind Power Market Trends:
Because the demand for wind power is expanding with every passing day, the market for it is experiencing an increasing number of innovations.
- Typhoon Turbines-
Many coastal areas regularly experience storms and tornadoes which have can be tapped for massive Wind Power contained inside them. However, a usual wind turbine is not strong enough to handle a storm, which is why Atsushi Shimizu, a Japanese designer developed the world’s first typhoon turbine that has the robustness for standing still during a storm and harnessing the energy stored inside it. According to Shimizu, if the energy contained inside a single typhoon be tapped properly, it could power a country like Japan for approximately 50 years.
- Improving Wind Farms Aesthetically-
Abu Dhabi, the world’s second most populous city have been reported to have envisioned a city with clean energy that is not only used for power purpose but also enjoyed aesthetically to earn more market revenue. Atelier DNA, a New York based company that combines architecture with art have designed wind turbines called Windstalks that are LED-lit and sway in the wind appearing like stalks of wheat from a distance. The turbines are bladeless, therefore protecting the birds from being trapped and killed on the spot. City planners expect that with reduction of noise from turbines of this kind, and enhanced aesthetic appearance, residents would want to live in and around the forms thus boosting the wind power market growth exponentially.
Wind Power Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Wind Power Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Wind Power Market, and their specific applications in different areas.
Wind Power Market Report: Industry Coverage
The wind power market can be segmented on the basis of installation, component, wind turbine capacity, connectivity, and end users. Based on installation, the market can be bifurcated into onshore, offshore and airborne. On the basis of component, the market can be divided into turbines, towers, rotor blades, towers, and others. By wind turbine capacity, the market can be segmented into < 30 kW, > 30 kW and < 500 kW, > 500 kW and < 2 MW, and > 2 MW. On the basis of connectivity, the market is divided into on-grid and off-grid. And by end-users, the market can be fragmented into energy and power, chemical, commercial, and others.
The Wind Power Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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