Wind Power Market Report:
The terms wind energy or wind power describes the process by which the wind is used to generate mechanical power or electricity. Wind turbines convert the kinetic energy into mechanical power. This mechanical power can be used for specific tasks or a generator can convert this mechanical power into electricity. Wind power gives variable power, which is very consistent from year to year but has significant variation over short time. Denmark is the country with the highest penetration of wind power, with 48.6% of its consumed electricity from wind in 2018. Wind flow patterns and speeds vary greatly in United States and are modified by bodies of water, vegetation, and differences in terrain. Humans use this wind flow, or motion energy, for many purposes like sailing, flying a kite, and even generating electricity.
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Wind Power Market Drivers and Restraints:
The wind power market is expected to grow due to the need for clean, reliable, and affordable power, which is the foremost factor for the market growth. The regulatory framework and policy structure supporting wind power in various regions and countries lead to significant development in the global wind power industry and has driven the leading wind power nations towards growth. The dedicated research and development efforts of various countries are expected to drive down the cost of installing offshore wind farms. Along with this, with an increasing number of countries exploiting offshore wind potential, it is expected that the share of offshore wind in the global wind power market will reach 6.9% by 2023. However, the installations and operation are cost effective, which may overcome in the forecast period.
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Wind Power Market Geographical Segmentation:
Geographically, Asia Pacific is the dominant market for the growth of wind power. Whereas China will continue to move towards a clean energy economy by adding more renewable energy sources, including wind to its energy power. China will continue to add wind installations in the range of 21-23 GW annually during the forecast period. The North America is the second largest market after China with a share of 18.6% of the cumulative installed capacity. The country added 8.4GW of annual capacity in 2018. The wind power market of the US is driven by financial incentives, such as federal and production tax credits, which will affect the market in the short term.
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Wind Power Market Prominent Key Players:
Some of the key players are ABB Limited, American Electric Power, General Electric Company, GE Renewable Energy, Shell Wind Energy, Siemens Gamesa Renewable Energy, etc.
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