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Global Market Insights: Wind energy market continues to grow

Published by , Editorial Assistant
Energy Global,


Growing environmental concerns and depletion of conventional energy resources has evoked the need for adoption of more sustainable sources of energy over the past few years. Increasing energy demand across the world due to rapid urbanisation and industrial developments has urged economies worldwide to look for more alternative sources of energy. In this regard, wind energy projects are being widely adopted globally, providing a positive growth prospect to the overall wind energy market.

According to Global Market Insights, Inc., the wind energy market is expected to record an annual installation of more than 120 GW by 2027.

Stringent norms regarding carbon emissions as well as supportive government initiatives are complementing the development of wind energy farms, fostering the industry growth further. In 2020, the UK government announced its plans of expanding offshore wind energy projects. This move is reportedly aimed at increasing the power from offshore wind power from 10 - 40 GW by 2030. It has also been estimated that the expansion will power more 14 million homes in the country.

Additionally, increasing focus of major industry players towards business expansion, mergers and acquisitions is opening new growth avenues for the industry. For instance, in 2021, Siemens Gamesa partnered with the state-owned electricity firm Ethiopian Electric Power to develop its first wind power project in Ethiopia. This initiative is apparently likely to strengthen the company’s foothold in Africa as the country is looking toward expanding its green energy capacity to fulfil its renewable targets.

An overview of some of the major segments in wind energy market that are augmenting the industry outlook are the following:

In terms of rating, wind energy plants with rating ≤ 2 MW are increasingly being adopted on account of the rising influx of investments across commercial and residential sectors. Rising infrastructural development of restaurants and various other commercial establishments is positively influencing the deployment of these wind energy plants further. They are also being deployed in small-scale industries owing to their higher efficiency and lower operating cost.

With regards to the type of installation, offshore wind energy projects are gaining massive traction majorly due to the availability of higher efficiency and uniform wind flows across the oceans. Increasing industry expertise regarding the offshore wind farm installations along with the rising efforts to improve the product lifecycle is driving their demand further. Besides, rising energy demand in coastal areas and less availability of land for onshore installations is also supporting the segment growth.

Speaking of the application segment, residential sector is witnessing significant rise in the deployment of wind energy projects owing to supportive governmental policies for the installation of renewable technologies. Rising disposable income and increasing consumer awareness regarding clean energy is also complementing the product adoption. Rapid urbanization is leading to the expansion of real estate sector, which is subsequently enhancing the business space.

Considering the regional landscape, wind energy market in North America is expected to witness robust growth in upcoming years owing to the ongoing technological advancements along with elevating adoption of sustainable energy technologies in the region. In addition, stringent regulatory scenario regarding carbon footprint is increasing the penetration of wind energy in the region. Besides, surging energy needs across the commercial and industrial sector in North America is fostering the technology adoption further.

Source: https://www.gminsights.com/industry-analysis/wind-energy-market.

 

 

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2021 issue

The Spring issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including GlobalData, Atlas Copco, Watlow, QED Naval, TRACTO, AB Energy, and more.

Read the article online at: https://www.energyglobal.com/wind/02072021/global-market-insights-wind-energy-market-continues-to-grow/

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