About Wind Power
Wind power is the kinetic energy of wind, harnessed and redirected to perform a task mechanically or to generate electricity. Wind turbines convert the kinetic energy into the mechanical power. This mechanical power can be used for specific tasks like grinding grain or pumping water or can be converted into electricity by a generator. The global wind power market is expected to witness a significant growth over forecast period owing to increasing price of non-renewable energy and government initiative to explore alternative sources of energy
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States and Chinese Manufacturers will contribute the maximum growth to Global Wind Power market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB Limited (Switzerland), American Electric Power (United States), China Longyuan Power Group Corporation Limited (China), Dongfang Electric Corporation Limited (China), Enel Green Power S.p.A. (Italy), Enercon GmbH (Germany), Wind World (India) Limited (India), Eurus Energy Holdings Corporation (Japan), General Electric Company (United States) and Nordex SE (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Pacific Hydro Pty Ltd. (Australia), NextEra Energy Resources, LLC (USA), Ming Yang Smart Energy Group Ltd. (China), Acciona Windpower S.A. (Spain) and Envision Energy Limited (China).
Segmentation Overview
AMA Research has segmented the market of Global Wind Power market by , Application (Industrial [Power Generation, Telecommunication, Agriculture], Commercial and Residential) and Region.
On the basis of application, Industrial segment is dominating the market in the year 2023 where as Commercial segment stood as second largest market .On the basis of geography, the market of Wind Power has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Asia Pacific, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Installation, the sub-segment i.e. Onshore will boost the Wind Power market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Connectivity, the sub-segment i.e. On-Grid will boost the Wind Power market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Axis, the sub-segment i.e. Horizontal Axis will boost the Wind Power market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Advancement for the Development of More Reliable and Efficient Wind Turbines
Market Growth Drivers:
The Increasing Price of Non-Renewable Energy and Government Initiative to Explore Alternative Sources of Energy
Challenges:
Variability in Wind Speed
Restraints:
Heavy Investment for the Manufacturing and Installation of Wind Turbines
Opportunities:
A decrease in Wind Energy Prices Owing to the Technological Development
Market Leaders and their expansionary development strategies
On, November 5th, 2018, Enel Green Power and Nareva sign all financing agreements to start construction of 180 MW midelt wind farm In Morocco
On January 17th, 2019, Enel Green Power Espana, Endesa’s renewable energy unit, has started construction of three wind farms for an overall capacity of around 90 MW spread across the municipalities of Allueva, Fonfría, Mezquita de Jarque, Fuentes Calientes, Cañada Vellida and Rillo in the Spanish province of Teruel
In March 2009 the state enacted legislation (A.B. 2550) defining facilities engaged in electricity production using solar energy technologies, photovoltaics, and wind energy systems as permitted uses in industrial-zoned parcel(s) of 20 contiguous acres or more. In order for the wind or solar facility to qualify as a permitted use, the parcel(s) must be owned by the same person or entity. This law applies universally in all municipalities in the state
Key Target Audience
Producers of Wind Power, Suppliers of Wind Power Equipments, Wholesalers, Distributers and Retailers of Wind Power Equipments, Governmental Bodies, Research Firms, Regulatory Bodies and Manufacturers of Wind Power Equipments
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.