The wind power market indulges in the manufacture, design, preservation and construction of wind turbines. It was projected at about USD 130.1 billion in 2013 and USD 165.4 billion in 2014. The market is anticipated to register a CAGR of around 7.2 percent from 2015 to 2020. Wind power is a consistent source of producing renewable energy. It has been recognized as one of the most chosen procedures for producing renewable energy in different countries of the world.
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Wind power aids in transforming kinetic energy from wind to electricity. Several organizations are now in the process of producing electricity from wind. Wind power can assist in attaining balance amidst the demand and supply for the electrical demands of the world. The ability to produce electricity with the assistance of wind power has risen massively over the past few years. All wind power installations across the globe, in 2013, aided in meeting three to five percent of the electricity demands of the world.
The growth of the wind power market in the last few years has stimulated fiscal activities, made more jobs, and decreased greenhouse gas ejections. The market can be widely categorized on the basis of onshore and offshore. Onshore wind power technology is comparatively old in contrast to offshore wind power technology. It has attained maturity to a certain extent and the latter seems to have a very brilliant future.
According to the global council of wind power, wind power is estimated to supply twelve percent of the worldwide electricity in 2020. It is also predicted to generate 1.4 million new jobs across the globe. Rising utilization of wind power would also impact natural ecology in a positive manner and decrease CO2 ejections. However, there are certain restrictions towards implementing wind power technology.
Wind may not blow equally at all places. This factor could hamper the pace of the wind power market. Also, huge investments required in the installation and maintenance of wind power equipments could slow down the progress of the market. Asia Pacific is the primary market in the onshore wind power sector. India and China add revenue to the Asian Pacific wind power market.
Government fundings and wind power targets are some of the components that steer investments in the onshore wind power market. In North America and Europe, expansion in the onshore wind power market has hit stability. Harsh governmental policies and growing usage of clean energy are some of the significant drivers of the wind power market.
Escalation in pollution levels and breathing issues from conventional fuels open numerous development prospects for the wind power market. Shareholders and governments can form a combined venture with fiscal organizations to make tough and efficient financing policies. They can thereby offer a modification in the wind power market. This market could offer extra power in the years to come and alleviate some of the worst climatic impacts. Domestic offshore wind operations and maintenance capabilities are also the vital drivers of the wind power market in some nations.
Information Source: Grand View Research