The technological development to produce more efficient and reliable wind turbines is making wind power more cost-effective. Further, government initiative to discover alternative sources of energy and depleting natural resources of energy drives the global wind turbine market. However, heavy initial investment for the manufacturing and installation of wind turbines hamper the growth of the global wind turbine market.
Onshore wind turbines is the leading type segment, owing to cost benefit over offshore wind turbine, easy installation, and greenhouse gas reduction. Globally, there is a presence of huge onshore wind resources, which could meet global electricity demand. However, despite the higher construction & maintenance cost associated with offshore wind turbine, currently, there is an increase in offshore wind power owing to the availability of space and stable strong wind.
Download Sample PDF: https://www.alliedmarketresearch.com/request-sample/192
In 2016, the industrial application segment accounted for around two-thirds share of the total market. Renewable power generation can help nations meet their sustainable development goals and targets through the provision of access to clean, reliable, secure, and affordable energy. Growing focus on environmental sustainability across the globe is the major driver of global wind turbine market. Governments across the region have been very supportive of using renewable sources of energy, such as wind, solar, biomass, and other renewable sources of energy.
Wind turbine allows to harness the power of the wind and turn it into the electrical energy. Wind energy is one of the most affordable, clean, and readily available renewable energy source. It is considered as the cleanest energy sources of energy and is also one of the alternatives for depleting fossil fuel resources. The major benefit of wind energy is cost certainty as it is one of the cheapest forms of electricity generation. The government is taking initiatives to explore alternative sources of energy, which is beneficial to minimize the dependency on other limited sources such as fossil fuel, oil, and gas.
For Enquiry Option@ https://www.alliedmarketresearch.com/wind-turbine-market/purchase-options
Industrial segment was the leading application segment in 2016 and it is expected to continue its lead during the forecast period. In industrial segment, it is widely used for power generation, engineering & telecommunication, industrial buildings, and ports including many others.
Horizontal axis wind turbine industry is anticipated to witness considerable growth owing to high efficiency index along with cost effectiveness. Furthermore, improved operational efficiency along with self-start capability when compared to its counterparts will enhance the product adoption.
In 2016, Asia-Pacific dominated the global market, owing to the high wind power installation capacity and government initiatives for the shift towards the use of renewable energy. China dominated the Asia-Pacific wind turbine market in 2016, in terms of both value and volume. Europe is the second leading region, which is expected to register a CAGR of 7.4% in terms of revenue.
The key companies profiled in the report include Vestas Wind Systems A/S, Sinovel, Goldwind, Siemens, General Electric, Suzlon Energy Ltd., Enercon GmbH, Ming yang, Gamesa, and Guodian United Power Technology Company Ltd.
This Market Research/Analysis Report Contains Answers To Your Following Questions:
- Who are the global key players in this global wind turbine market?
- What is the current market status of the industry?
- What’s market competition in this industry, both company, and country-wise?
- What are projections of the global wind turbine industry considering capacity, production, and production value?
- What is market chain analysis by upstream raw materials and downstream industry?
- What are the market dynamics of the market? What are challenges and opportunities?