Wind Power Market Surge Valuation Of 760.35 GW By 2020: Grand View Research, Inc.
Global wind power market is expected to reach 760.35 GW
by 2020 on account of increasing regulatory support from governments
particularly in Europe in order to reduce carbon emissions. Furthermore,
financial incentives and tax benefits in countries such as U.K., Italy, Brazil,
Spain, U.S. and China have fuelled growth leading to a significant market share
in overall electricity generation.
Industrial
applications accounted for more than 40% of the total market in 2014 and hence
dominated the global market. In addition, industrial application is expected to
witness fastest growth, growing at over 13% CAGR from 2015 to 2022.
Rising
energy needs in countries such as China, Brazil and India, owing to rapid
industrialization is expected to have a positive impact on wind power
generation industry. Wind power finds extensive use in various sectors
including commercial heating/lighting applications and residential.
Europe had a
cumulative installed capacity of 130.85 GW in 2014 and was the leading market
for wind power. Europe’s framework legislation and its target to reduce carbon
footprint by 2020 is expected to ensure continuous growth of the industry over
the forecast period. Furthermore, large investment opportunities in countries
including Ukraine and Russia are expected to have a positive impact on market
growth. Growing demand from countries including Spain, France, U.K., Italy, and
Germany is expected to drive market growth over the forecast period. However,
market saturation is a major restraint for the region and is expected to hamper
growth over the next six years.
Asia Pacific
is expected to witness fastest growth going forward till 2022. Rising
government initiatives undertaken by government of India and China to develop
wind power generation as means to increase their renewable energy portfolio is
likely to propel demand. Asia Pacific accounted for more than 34% of total
installed capacity in 2012. Middle East and Africa is projected to be the
fastest growing regional market at a CAGR more than 43%.
North
America was the third largest wind power market in 2012. Regional market is
expected to grow on account of extension of Production Tax Credit as a part of
fiscal cliff package by the U.S. Congress. U.S added a large capacity for wind
power generation in 201 and emerged as the largest source of new electricity
generation by accounting for over 40% of capacity added.
Global wind
power market is highly fragmented. Some of the major players operating in the
global wind power industry include Gamesa, Sinovel, GE Wind, Vestas, Mingyang,
Enercon, Goldwind, Suzlon Group, United Power and Siemen
Full
Research Report On Global Wind Power Market Analysis:
www.grandviewresearch.com/industry-analysis/wind-power-industry
www.grandviewresearch.com/industry-analysis/wind-power-industry
Further
key findings from the report suggest:
- Europe emerged as the
leading market for wind power with a cumulative installed capacity of
109.80 GW of the total market in 2012. Europe’s framework legislation and
its target to reduce carbon footprints by 2020 are expected to ensure
continuous growth of wind power market in the region
- Germany, UK, Italy, Spain
and France represent some of the leading markets in Europe. However, huge
investment opportunities exist in the Eastern European countries such as
Russia, Ukraine etc.
- Owing to rapid strides
taken by India and China to develop wind power generation, Asia Pacific is
expected to overtake Europe to lead the global market by 2020. Asia
Pacific accounted for 35.6% of the total installed capacity in 2012. Wind
power accounted for a 2% of the total electricity produced in China up
from 1.5% in 2011.
- North America emerged as
the third largest wind power market in 2012. Extension of Production Tax
Credit as a part of fiscal cliff package by the U.S. Congress is expected
to be a key factor driving the regional market for wind power. The U.S.
saw a record number of capacity addition in 2012 as wind power emerged as
the largest source of new electricity generation by accounting more than
40% of new capacity added.
- Some of the key companies
operating in the global wind power market include GE Wind, Vestas, Siemens
Wind Power, Enercon, Suzlon Group, Gamesa, Goldwind, United Power, Sinovel
and Mingyang.
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/renewable-energy
www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented the global wind power market on the
basis of application and region:
Wind Power
Application Outlook
- Industrial
- Residential
- Commercial
Wind Power
Regional Outlook
- North
America
- U.S.
- Europe
- UK
- Spain
- Germany
- France
- Italy
- Asia
Pacific
- India
- China
- Japan
- RoW
- Brazil
View press
release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-wind-power-market
www.grandviewresearch.com/press-release/global-wind-power-market
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more
information: www.grandviewresearch.com
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