The anticipated growth of the Global Wind Power Market is driven by a heightened awareness of environmental issues and the imperative to reduce carbon footprints. The forecast period is expected to witness robust expansion, as highlighted in the “Wind Power Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028” report by TechSci Research.
Continuous advancements in wind turbine technology contribute to increased efficiency and reduced costs, making wind power more competitive with traditional forms of energy generation. Larger rotor diameters, improved materials, and sophisticated control systems enhance the performance of wind turbines, resulting in a steady decrease in the levelized cost of electricity (LCOE) for wind power. This makes wind power economically viable and attractive for both utilities and independent power producers.
The global wind power market presents a significant opportunity for substantial capacity expansion, aligning with ambitious renewable energy targets set by governments and energy stakeholders worldwide. Wind power, renowned for its reliability and scalability, is well-positioned to play a central role in meeting these targets. Opportunities abound for both onshore and offshore wind projects to contribute to the expansion of global wind power capacity, replacing traditional fossil fuel-based generation.
1. Industrial Segment Dominance
The Industrial segment is expected to dominate the market during the forecast period. While benefiting from wind power adoption, the industrial sector faces regulatory challenges and uncertainties. Policy frameworks and regulatory environments vary across regions, impacting the feasibility and attractiveness of wind power investments for industries.
Inconsistencies in incentive structures, permitting processes, and grid integration policies can pose barriers to widespread adoption. Government support in the form of clear and stable policies, financial incentives, and streamlined approval processes is crucial for fostering a supportive regulatory environment for industrial wind projects.
Wind power is increasingly viewed as a strategic asset for ensuring business continuity and mitigating risks associated with energy supply chain disruptions, geopolitical tensions, and resource uncertainties.
2. Onshore Segment Projection
The Onshore segment is projected to dominate the market throughout the forecast period. As onshore wind capacity increases, grid integration becomes a key focus to ensure stable and reliable electricity supply.
Grid modernization efforts by governments and utilities are crucial for facilitating the seamless integration of onshore wind energy into the broader energy landscape. Supportive government policies, such as feed-in tariffs, tax credits, and renewable portfolio standards, significantly influence the growth of the onshore wind power segment.
Addressing environmental implications, such as the impact on local ecosystems, requires mitigation measures and adherence to best practices in siting and operation.
3. Dominant Market Players
Key market players in the Global Wind Power Market include Vestas Wind Systems, Siemens Gamesa Renewable Energy, General Electric (GE) Renewable Energy, China Three Gorges Corporation (CTG), Nordex SE, Enel Green Power, Enercon GmbH, Suzlon Energy Limited, EDF Renewables, and Ørsted A/S.
4. Regional Dominance – North America
North America is poised to be the dominant force in the Global Wind Power Market, with onshore wind power projects driving growth. The U.S. has seen a significant increase in onshore wind installations, supported by favorable wind conditions and state-level renewable energy targets.
The report, titled “Wind Power Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Application (Residential, Commercial and Industrial), By Installation (Onshore and Offshore), By Turbine Capacity (100 KW, 100 KW to 500 KW, 500 KW to 1 MW, 1MW to 3 MW and Less than 3 MW), By Region, and By Competition,” aims to provide cutting-edge market intelligence to help decision-makers make informed investment decisions. It identifies and analyzes emerging trends, drivers, challenges, and opportunities in the global wind power market.
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