According to a report,” Wind Power Market Analysis By Application (Industrial, Residential, Commercial) And Segment Forecasts To 2020″.published by 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.
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.
Key Takeaways from the report:
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.
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
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Application Highlights
Key wind power market applications include industrial, residential and commercial. Industrial applications dominate the industry, accounting for 43.6% of total market volume in 2013. These applications are also expected to witness maximum gains, at a CAGR of 13.3% from 2014 to 2020. Strong regulatory support for industries to use sustainable energy is expected to drive wind power demand. Growth in residential applications is expected to be sluggish due to the high cost of windmills.
Regional Outlook
Europe was the largest consumer of wind power till 2012 due to large regulatory support from the European Union and national government. Asia Pacific overtook Europe in terms of volume of wind power consumed in 2013. Asia Pacific region accounted for 37.4% of total market volume in 2013. Asia Pacific market was closely followed by Europe.The Middle East and Africa is expected to be the fastest growing regional market for wind power at an estimated CAGR of 44.8% from 2014 to 2020.Increasing concerns about conventional energy sources has helped this market to grow. China has been a key consumer of wind power which was followed by the United States and Germany. The European market is expected to grow at a sluggish rate due to maturity of the market.
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
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportu
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