The Incredible Growth of Wind Energy Industry 2020

 The Global Wind Energy market is estimated to be $142.7 billion in 2014 growing at a CAGR of 9.79% to reach $301.3 billion by the year 2022. Wind energy market is expected to drive the market place over next decade due to estimated growth in energy demand. The factors influencing the market growth include environmental friendly and less operating costs. High initial cost is the factor restricting the growth of the market. The offshore market is expected to be the largest market segment.

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Some of the key players in global wind energy market include Sinovel Wind Co.Ltd, China Mingyang Wind Power Group Ltd., Gamesa Corporation Technologica, Guodian United Power Technology Co., Ltd., CSIC Haizuhang Windpower equipment co.ltd., Vestas Wind Systems A/S, Goldwind Science & technology co.ltd , Enercon Gmbh, Suzlon Energy Ltd., GE Energy, Siemens Wind Power A/S and Nordex SE .

Increasing energy demand from industrial applications coupled with growing penetration of medium scale manufacturing bases will drive the wind energy market share for >2≤ 5 MW capacity farms. The respective governments are introducing several schemes and reforms to support the deployment of the captive wind energy technology instead of the conventional energy sources, which in turn will augment the market statistics. In addition, growing industrialization across the developing nations will stimulate the demand for clean energy technology.

In addition, easy availability of the electric components, low raw material prices and decreasing maintenance and operational cost are few of the prominent factors which will augment the market demand. Growing R&D activities by the wires & cables manufacturers have significantly improved the energy transmission from the wind farms.