The global wind power market demand is expected to reach 88.1 GW by 2027, expanding at a CAGR of 5.2%, according to a new report by Grand View Research, Inc. The market is driven due to increasing demand for clean and affordable energy. Governments across various nations have been supporting the use of renewable energy sources including solar power, hydropower, wind power, and biomass. Regulatory bodies are emphasizing on reducing carbon footprints and reduce reliance on conventional energy sources which in turn is promoting energy generation using wind turbines.
Increasing energy needs in countries such as India, China, U.K., and Brazil, owing to rapid industrialization is projected to have a positive impact on market. Wind energy finds wide use in numerous sectors such as commercial and residential. The onshore turbines have emerged as a valuable renewable energy source, across the world. The cumulative installed onshore turbine power capacity is projected to observe a count of 10.0% in 2019 as compared to the 2018 capacity. Though the offshore turbine sector has been gaining thrust in the market.
Regions such as South America and Middle East and Africa offer a robust business opportunity for the market and countries, such as Brazil, Chile, and South Africa, are expected to play vital role in the development of the market in these regions. Demand for electricity generation from green and clean source is increasing, which is likely to drive the market in coming years. Besides, the massive wind energy potential, coupled with a continuous decrease in the cost of installation, is expected to offer extensive business opportunities to the market in upcoming years.
The utility application segment held the largest volume share in the market in 2019. Easing of installation barriers for utility scale products and low installation cost are the factors driving the growth of the segment. Such projects are installed in large farms, which are connected to nation’s transmission system.
Click the link below:
Further key findings from the study suggest:
- Various government are focusing on reduction of carbon footprint which is expected to drive the renewable energy generation and thus the market
- The onshore location segment accounted for 92.1% market share in 2019
- Asia Pacific is projected to grow at a substantial rate throughout the forecast period. China is expected to account for the maximum market share in the region
- Wind power accounted for a 7.3% of the total electricity generation mix in U.S. in 2018
- North America is likely to display a moderate growth rate during the projected period.