Increasing Focus on Renewable Energy Drives the Global Wind Power Market
In an era characterized by high-energy costs, depleting natural resources and environmental pollution, wind power is garnering considerable attention as an irresistible eco-friendly method of generating electrical power. Developments in wind technology have made wind energy the most affordable form of renewable energy. With several advantages stacked in its favor, wind power is all set to ease the pressure on traditional fossil fuel resources, such as coal, oil and natural gas. Strategic developments in the wind industry, vibrant new power project undertakings and upgrade activities, cumulative increases in new capacity installations, and transforming government energy plans, represent key factors driving market growth. Growing sensitivity towards the environment among individual and governments alike along with rising concern for the rapidly depleting global reserves of fossil fuels and the consequent search for green alternatives are additionally expected to offer lucrative market opportunities in the long term.
Wind power is projected to supersede other forms of alternative sources of energy supported by innumerable benefits such as zero levels of pollution; no depletion of natural resources; cheap installation costs; low gestation period of less than three months; reduced dependence on expensive imported fossil fuels; ubiquitous availability of wind; and low power cost, among others. Global cumulative capacity of wind power is expected to more than double by 2020, offering significant potential for market growth. Small wind turbines are being increasingly deployed for powering homes, offices and even small businesses. Lower capital costs, compact size, less noise and lightweight represent key reasons for the rising popularity of these turbines. Offshore wind farms have evolved as the new frontiers of wind technology and are expected to outpace land-based wind turbines production by 2015. Continuous improvements in turbine quality, performance and features are expected to benefit growth. China represents the leading country worldwide for offshore wind turbine manufacturing.
Wind power advancements poised to benefit the market in the near term include high-altitude wind turbines; wood-based wind turbines; portable wind turbines; blade-free wind turbines; solar-powered wind turbines; algorithm integrated small turbines; and advanced robotic inspection system for examining wind turbine rotor blades that combine ultrasonics, thermography or high-resolution cameras; among others.
As stated by the new market research report on Wind Power, Asia-Pacific represents the largest market worldwide. Increasing demand for electricity, heavy reliance on thermal power, rapid industrialization, increasing infrastructure development activities, expanding population, steady economic development, and liberalization and privatization of the electricity sector in major countries such as China and India represent key growth drivers in the region. China has emerged as the single largest market worldwide, ousting the erstwhile dominant United States, spurred mainly by the huge appetite for electricity resulting from a decade of robust GDP growth and rapid industrialization. With long coastlines and vast land mass, wind power represents a chief component of China’s economic growth. Denmark, Portugal, Germany, Ireland and Spain represent other major countries in the world with high wind electricity penetration rates.
Key players in the wind power ecosystem include ABB Ltd., AES Wind Generation Ltd., Alstom SA, American Electric Power, Cielo Wind Power, LP, DeWind Inc., Dongfang Electric Corporation, Enel Green Power SA, Enercon GmbH, Gamesa, GE Energy, Goldwind Science & Technology Co. Ltd., Green Mountain Energy Company, Hitachi Ltd., JFE Holdings Inc., Mitsubishi Heavy Industries Ltd., Navitas Energy Inc., NextEra Energy Resources, Nordex Aktiengesellschaft, Pacific Hydro Pty. Ltd., Shell WindEnergy Inc., Siemens AG, Suncor Energy Inc., Suzlon Energy Limited, Senvion SE, TransAlta Wind, TXU Energy, Vestas Wind Systems A/S, and Wind World (India) Limited, among others.
The research report titled “Wind Power: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers, acquisitions and other strategic industry activities of major companies worldwide. Global market estimates and projections are provided in terms of cumulative installed capacity and annual capacity additions in Megawatts (MW) for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, Austria, Denmark, Greece, The Netherlands, Portugal and Rest of Europe), Asia-Pacific (Australia, China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, Mexico and Rest of Latin America).
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Wind_Energy_Wind_Power_Market_Report.asp.
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