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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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