Wind power is a preferred renewable energy source, in light of non-renewable energy sources like fossil fuels and their likes disappearing fast. It is utilized for generating electricity through wind turbines. Wind power does not emit greenhouse gases or other pollutants that are harmful for the environment. As air pollution and thermal power plant cooling become national concerns, wind power seems a better energy production alternative.
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The wind power market produces energy through offshore & onshore wind farms. Offshore wind farms produce more energy but are expensive to construct. In 2012, wind power generated about 2.6% of the global electricity. The global capacity of wind power is expected to reach 760.35 GW (gigawatt) by 2020. Tax benefits by the governments of Spain, India, Brazil, China, U.S., U.K., and Italy would boost market revenues.
Applications of the wind power market are commercial, industrial, and residential. Industrial dominated the market in 2013, accounting for 43.6% of the total volumes. It has a strong growth rate of 13.3% from 2014 to 2020 (forecast period). Governmental regulations favoring the use of sustainable energy will further wind power demand. Residential applications are predicted to grow slowly on account of high windmill costs.
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Regions wise, Europe had the largest wind power market in 2012. It produced 109.8 GW in 2012. Its target to reduce carbon footprints has ensured sound regional expansion. In 2013, this position was usurped by Asia Pacific. Asia Pacific accounted for 37.4% volume share the same year. North America was the third largest market in 2012. Wind power accounted for more than 40% of the electricity generated in the region.
The Middle East & Africa displays rapid growth rates. It has an estimated CAGR of 44.8% over the forecast period. This region will catch up with the cumulative capacity of South & Central America. China is the largest market consumer, followed by the United States of America and Germany.
Eminent players of the worldwide wind power market include Suzlon Group, Siemens Wind Power, GE Winds, Goldwind, and Mingyang. The market is segmented and witnesses competition among its players. It has undergone brilliant growth in the past ten years and would also show similar trends in the future.
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