Wind Energy Market to Reach USD 93.1 Billion in 2016 (USA)
According to a new report published by Transparency Market Research, “Global Wind Energy & Wind Turbine Market (2011 – 2016)” The global market for wind turbineregistered growth rate of 25% CAGR over the last five years.
The Global Wind Energy cumulative capacity accounted for 197,039 MW in 2010.Wind turbine expected to attain market size of USD 93.1 billion in 2016 while wind energy cumulative capacity will rise to 1,750,000 MW by 2030.
The wind energy technology started paving its path approximately 20 years back and since then has continuously expanded its base all across the world. With the generation costdeclining dramatically, this technology is becoming more affordable and hence is increasing its entry even in previously unexplored markets.
With the increase in understanding about a sustainable alternate source of energy worldwide, wind power is gaining stimulus importance across the globe. The global wind energy market is estimated to have a growth rate of 25% CAGR over the last 5 years. Till 2010, Europe was considered to be the largest market for wind energy followed by the Asia-Pacific and North American markets. However, owing to the increase in investments, its long coastline and large land mass, China is expected to attain the worldwide top rank in this market.
Due to steady evolution in the segment, the development of modern wind technology can now be operated effectively at a wider range of sites suitable to high as well as low wind speeds. Further, the development of light weight material has helped in phasing out bulky turbines and in introduction of more sleek and effective turbine designs.
As per estimates, the wind turbine market has experienced an approximate growth rate of 28% globally and is expected to grow at an increasing double-digit growth rate. Wind power, being the fastest growing alternate source of energy is witnessing an increase in investment globally.
The Horizontal Axis Wind Turbine (HAWT) and Vertical Axis Wind Turbine (VAWT) together form the two major segments for wind turbine market globally. However, the HAWT generate the major chunk of revenue to the turbine market capturing approximately 90% share. The Wind turbine market is characterized as highly competitive market and includes GE Energy, Gamesa, Vestas, Suzlon, Siemens, Mitsubishi etc. as few major players.
In the present scenario, the onshore technology is leading with approximately 95% share and offshore technology owing to its nascent stage is making its move with 5% market share. The cost propositions with offshore technology rise because of their high O&M costs. Hence, the offshore wind turbine market occupies only 5% share in the global wind turbine market.Particularly in onshore wind energy market, U.S. was the largest onshore wind energy market in 2010 followed by Germany and China. However, China is expected to rank ahead of U.S thereby becoming a market leader by 2016.
Scope and Overview
The report provides extensive analysis and wholesome insights about the current market trends, developments including industry drivers & challenges and future outlook & growth opportunities prevailing in the global Wind Energy and Wind Turbine Market. The report also covers the strategies followed by “Global Wind Energy and Wind Turbine Market” players.
Segmentation & Analysis
The report segments and analyzes the “Global Wind Energy and Wind Turbine Market” on the basis of following sub-categories:
This section provides in-depth analysis of different geographies pertaining to “Global Wind Energy and Wind Turbine Market” that includes market size and growth forecast for each geography, driving factors, challenges and opportunities prevailing in the particular geography.
Wind Energy Market
This section provides in-depth analysis of wind energymarket size and growth forecast, driving factors, challenges and opportunities prevailing in the overall and at the micro market levels.
Wind Turbine Market
This section provides in-depth analysis of wind turbine market size and growth forecast, driving factors and challenges prevailing in the overall and at the micro market levels, and opportunities and future outlook for all the levels.
Company Profiles of Top Players
This section provides brief overview of top market players in the “Global Wind Energy and Wind Turbine Market”. The profile of each company includes brief overview, key financials, product & services, recent developments and key strategies adopted by the player.
Source:prnewswire , November 02, 2011