Wind Power Market - Forecast(2021 - 2026)

 

Wind Power Market Overview:

According to US Energy Information Administration’s report, the world’s energy usage is expected to increase by 28% by the year 2040[1].  Most of the demand will come from Asia Pacific region due to two of the most populous countries- India and China residing in the continent of Asia. This severity of power consumption requires alternative energy resources for producing power that not only meets the needs of people but also contributes to environmental conservation at the same time. Wind power is one such resource that can highly impact the production and distribution of power to the world. 

The wind power market is growing owing to its high demand from the European and Asia Pacific region. In the year 2018, the wind power market size reached a massive $95.27 billion mark. During the forecast period of 2019-2025, the demand for the wind power market will be experiencing burgeoning growth with a compound annual growth rate (CAGR) of 8.41%.

India and China, the world’s most important developing countries have made commendable efforts in the field of renewable energy. China has become the world’s first renewable energy superpower while India has become the leader in renewable energy according to Emerging Markets Outlook 2018 released by BloomsbergNEF[2].  These factors have contributed to the growth of APAC region in the wind power market, which is why it led the global market geographically in the year 2018 with a regional share of 62.81%. 

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Wind Power Market Outlook:

Planet Earth is blessed with a number of renewable energy resources such as wind, water, light and others. Wind is one of the most imperative ones since it is directly impacted by the climate and can be harnessed easily for powering up a village or a city. Humans have used wind flow for an increasing amount of time in menial activities such as flying a kite, but now wind generation plants are being used for generating wind power. Using the principle of aerodynamic force created by rotor blades in wind turbines, wind power generators are fired up to produce this energy which is a hundred percent renewable. The wind power market has many important segments with end user industry being the most significant one. By end-users, the market can be fragmented into energy and power, chemical, and commercial. Energy and power is the most important end user industry for wind power because of expanding population and the incessant diminishment of fossil fuels. This application segment will grow with a noticeable CAGR of 6.95% during the forecast period of 2019-2025.

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Wind Power Market Growth Drivers:

• The Eventual Depletion Of Fossil Fuels

The fossil fuels are getting depleted with an extraordinary rate, one that humans have lost all control over. According to United Nations secretary Antonio Guterres, the current consumption of fossil fuels in human life is ‘a direct existential threat’ and will lead to erratic forms of climate change in the upcoming years. Fossil fuels are not only getting depleted but also pollute the environment massively. This is the reason why renewable resources of power generation that do not result in environmental pollution is the need of the hour. This is majorly driving the wind power market especially in countries such as the Netherlands where wind power generation has always been a primary industry for eons.

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•  Expanding Global Population

The global population is experiencing exponential growth and will continue to expand in the same way in the absence of any proper population control strategies. According to the Department of Economic and Social Affairs, the world population is predicted to reach 9.8 billion in 2050 and 11.2 billion in 2100[3].  A population of this magnitude along with increasing urbanization demands prolific sources of power to run electrical sources for residential and non-residential use. This generates demand in the wind power market and provides impetus to it. Wind power for its safe and effective use of wind, an ever present resource will continue to fuel market growth.

Wind Power Market Challenges: 

Generation of wind power has encountered many challenges in the past but most of these are resolvable using the advancement of technology. One of the primary challenges faced by this market is the environmental damage in the form of noise pollution and reduction in wildlife caused by wind turbines. Additionally, since wind farms are situated far away from the city, they require extra transmission lines in their vicinity. The US Department of Energy has made consistent efforts in resolving these issues by their Wind Energy Technologies Office (WETO) which has dedicated teams for improving wind power technology in accordance with environmental conservation. 

Wind Power Market Key Players Perspective:

Some of the key market players in the wind power market are Senvion, Adwen, Siemens Gamesa, MHI Vestas Offshore Wind, Winwind, Sinovel, G.E, Doosan Heavy Industries, Ming Yang Smart Energy, Eew Group, A2 SEA, ABB, and Nexans.

Senvion, a Germany company specializing in the production of wind power products has invented a series of wind turbines titled as the XM series. This series makes use of modular technology, customizable heights, rotor diameters, and yields that can be optimized.

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