The global wind power market will experience significant growth in the future owing to the increased installation of wind power farms across the globe. Consequently, the emerging demand for clean, affordable, and reliable power is the foremost factor influencing wind power market growth, as per the findings of a recent business intelligence study from IndustryARC. The report evaluates the global wind power market size to be $95.27 billion in 2018 and projects the demand to grow with a healthy compound annual growth rate (CAGR) of 8.41% during the forecast period of 2019 to 2025. The report is titled “Wind Power Market: By Installation (Onshore, Offshore & Airborne); By Component (Turbines, Towers, Rotor Blades, Towers & Others); By Wind Turbine Capacity ( 30 kW; 30-500 kW & others); By Connectivity (On Grid & Off Grid); By Technology (Horizontal, Vertical, & Experimental); By End Users (Energy & Power, Chemical, Commercial & Others); By Geography - Forecast(2018-2023).” 

Browse through 153 slides and an in-depth TOC “Wind Power Market (2019 - 2025)”

Global Wind Power Market: Leading Segments

The IndustryARC report highlights that APAC is the key region with a share of 62.81% in 2018. Also, as per the International Energy Agency, onshore wind capacity is expected to grow by 323 GW during the period of 2018 to 2022, and it will translate to 839 GW by 2023 in which China leads the growth followed by India. Additionally, the global offshore generation would increase by nearly 65% during the forecast period of 2018 to 2023. Wind power converts kinetic energy into mechanical power. The power is used for generating electricity via wind power generator, grinding grain, and pumping water. The key applications in the wind power market is energy and power which is projected to grow with a CAGR of 6.95% through to 2025.

As per the report by the International Energy Agency (IEA), the cumulative grid-connected wind capacity reached 515 GW in 2017 which includes 18GW offshore wind and 497 GW onshore wind. Wind power helped in generating almost 4% of global electricity. Wind energy is renewable energy and practically, it is available everywhere on the planet. Wind power reduces the use of fossils fuels, which means it doesn’t produce greenhouse gases that cause global warming.

Furthermore, producing electricity through wind energy is an efficient way to contribute to the sustainable development goals of the United Nations (UN). Moreover, it also contributes in reducing the energy imports and creates wealth and local employment. Such factors are the primary reason for increased installation of wind power plants worldwide.

Global Wind Power Market: Trends

The automation in wind power plants with smart grid integration, energy loss reduction, wireless sensors, real time data analysis and sharing, energy loss reduction, rotors, tower design, and energy storage are influencing the wind power market. New integrated wind turbines provide several benefits over traditional approach that is boosting the growth of the wind power market.

Land space is a major concern for installation of onshore wind turbines, and so, the installation of wind turbines offshore has become increasingly attractive option due to massive energy potential connected with the vast offshores areas. Also, floating structures are gaining traction from marine and offshore oil industries.

Airborne turbines float thousands of feet in the air and convert high altitudes winds into electricity and send it down by a way of tether. These turbines are responsible for capturing maximum energy that is influencing the demand for such turbines in the wind power market.

Worldwide, the governments are taking initiatives towards installation of wind power to safeguard stability and security of clean energy. The policies and the regulatory framework are supporting wind power in various regions by providing electricity has led to substantial development in the global wind power industry.

In the wake of growing energy security, increase in power supply, and decreased carbon emissions, most nations are anticipated to provide wind power support mechanisms. This will help the global wind power industry to sustain growth in the coming years.
Under the Migratory Bird Treaty Act (MBTA), the Endangered Species Act, and Bald and Golden Eagle Protection Act, harming birds even unintentionally is against the law.

Manufactures of wind power discovered various solutions such as bladeless wind power.

Bladeless plants are gaining traction from various industries.

The growth of maglev wind turbines with magnetic levitation is expected to instill developments in the wind power market. These turbines are highly efficient in transferring kinetic energy to generate electricity. Due to the exuded efficiency of turbines and faster rate spin, the demand for such turbines is projected to grow in a near future.

Global Wind Power Market: Competitive Landscape

Some of the major keyplayers 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.

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The global wind power systems market is expected to display higher growth rate over the next five years. Rapid surge in the wind power system market is credited to rising energy demand and shifting trend towards renewable energy. Growing demand to substitute conventional sources of energy with renewable energy is expected to drive the growth of the market over the forecast period. Globally, market is predicted to generate massive revenue over next five years, providing numerous opportunities for market players to invest for research and development in the wind power systems market.

Favorable government policies to promote use of renewable energy sources such as solar power, hydropower, wind power and biomass is anticipated to offer lucrative growth opportunities for market players over the forecast period. Implication of various regulatory reforms to limit carbon footprints and reduce dependency on conventional energy sources is promoting power generation with the help of wind turbine systems. However, higher initial cost of generating electricity from renewable energy sources in comparison with conventional sources is predicted to restrain market growth to a certain extent. Yet, rise in number of research & development activities to develop cost efficient solution, particularly in European and Asia Pacific region is fostering industry expansion in the past few years.

European region has emerged as the leading market for wind power systems due favorable government policies via tax cuts, subsidies and discounts, majorly in EU-27 economies. Great efforts are made to limit carbon footprints with the help of regulatory framework and new legislations, to ensure sustainable growth of wind power systems market in the region.

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The market is broadly categorized into major segments based on application type such as industrial sector, residential sector and commercial sector. Industrial segment is growing rapidly in the wind power systems market with substantial revenue generation in the last few years. Growing popularity of wind power systems in industrial segment is attributed to the strong regulatory support for sustainable energy for industrial applications.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in power & energy generation sector, surge in research & development activities in the region and existence of well-established industrial infrastructure. The market is expected to gain a higher momentum in European region due to favorable government laws & regulation and shifting trend towards renewable energy generation.

Asia-Pacific region is estimated to hold major share in the wind power system market with massive growth in forecast period. Countries such as India, South Korea, Japan, Australia, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising energy demands, growing concerns related to air pollution, limited availability of natural gas reserves, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the wind power systems market are General Electric Company, Nexans S.A., Prysmian Group, Inc., Siemens Gamesa Renewable Energy S.A., Vestas Wind Systems A/S, Xinjiang Goldwind Science & Technology Co., Ltd., Suzlon Group Ltd., Goldwind, Inc., and United Power, Inc.

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Kenneth' latest market research report titled Wind Power Market in India 2014 analyses how the renewable energy sector is gaining importance in India and how wind energy has become an indispensable part of this sector. With the gap in demand and supply of energy increasing at a steady pace, it has become necessary to look beyond conventional sources for generating energy. This has led to a shift in focus from thermal power plants to renewable sources of energy. With wind energy related equipment being the easiest and least expensive to set up among the various types of renewable energy, the latter has emerged as the fastest growing segment.

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 The high prices and lack of easy availability of raw materials for generating electricity through thermal plants is also driving growth in the market. However, the central government's decision to withdraw the Accelerated Depreciation Scheme and withdrawal of the Generation-Based Incentive scheme, before it was reinstated in Aug 2013, led to considerable decline in market growth during the previous year. The market is, however, expected to become stable and once again start exhibiting steady growth.

Several government and industry bodies are working towards developing the market and wind energy producers are being provided various incentives. Majority of the players operating in the market are foreign companies and there is stiff competition among these players. New trends such as off-shore wind energy generation, hybrid generators that include solar photovoltaic and wind, and wind and diesel, and the advent of small wind turbines comprise crucial future driving factors for this market.

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