Wind Turbines, Update 2018 - Global Market Size, Competitive Landscape, Key Country Analysis and Forecast to 2022
The global reliance on fossil fuels such as coal, oil, and nuclear power for electricity generation has left the world with a legacy of global warming, oil spills, and severe environmental damage. This situation has also created price fluctuations, contributed to increasing electricity rates and has threatened the reliability of the electricity due to supply shocks. On the other hand, renewable energy presents a suitable economic choice for electricity generation, due to declining prices and ease of technology accessibility.
With the focus shifting toward renewable energy, the wind power sector has been witnessing tremendous growth opportunities and is expected to hold a share of 10.12% in the global cumulative energy matrix by 2022, increasing by 2% from 2017. The global market installed 47.09 gigawatts (GW) of onshore wind turbines in 2017 and is expected to install 50.99 GW in 2022.
Some of the major drivers for global wind turbines market include renewable energy auctions, growing concern about environmental impacts, increasing global electricity demand, supportive government policies, feed-in tariffs (FiTs) and other financial incentives, growing wind turbine sizes, economies of scale through increased project size, and declining operations and maintenance costs.
In 2017, China accounted for 39.06% of the onshore installed wind turbines followed by the US and Germany, respectively. Europe dominated the offshore sector attaining 57% of the market, largely driven by the UK and German markets. Growing investment by various energy industry players has boosted local economies, by creating employment opportunities while safeguarding the environment. Moreover, local, state, and national governments have imposed various policies supporting the wind power sector.
However, challenges such as regulatory uncertainty and geopolitical conflicts, technological challenges and underdeveloped grid infrastructure, shortage of skilled workforces, and resistance from local communities continue to hinder market growth.
Wind Turbines, Update 2018 - Global Market Size, Competitive Landscape, Key Country Analysis and Forecast to 2022, report offers comprehensive information and understanding of the global wind turbines market. The report offers in-depth analysis of wind turbine market at global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key countries (China, the US, India, Germany, UK, France, Brazil, Mexico, Turkey, Canada and South Africa) level.
The report analyzes the wind turbine market value and volume for the historical (2012-2017) and forecast (2018-2022) period. The report covers the global drivers and restraints affecting the wind turbines market, country-wise annual capacity additions and market value. The report also provides detailed information about key policies and regulatory environment, key projects, and the competitive landscape for respective countries in 2017.
The report analyzes wind turbines market. Its scope includes -
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook