The global wind
power systems market is expected to display higher growth rate
over the next five years. Rapid surge in the wind power system market is
credited to rising energy demand and shifting trend towards renewable energy.
Growing demand to substitute conventional sources of energy with renewable
energy is expected to drive the growth of the market over the forecast period.
Globally, market is predicted to generate massive revenue over next five years,
providing numerous opportunities for market players to invest for research and
development in the wind power systems market.
Favorable government policies to promote use
of renewable energy sources such as solar power, hydropower, wind power and
biomass is anticipated to offer lucrative growth opportunities for market
players over the forecast period. Implication of various regulatory reforms to
limit carbon footprints and reduce dependency on conventional energy sources is
promoting power generation with the help of wind turbine systems. However,
higher initial cost of generating electricity from renewable energy sources in
comparison with conventional sources is predicted to restrain market growth to
a certain extent. Yet, rise in number of research & development activities
to develop cost efficient solution, particularly in European and Asia Pacific
region is fostering industry expansion in the past few years.
European region has emerged as the leading
market for wind power systems due favorable government policies via tax cuts,
subsidies and discounts, majorly in EU-27 economies. Great efforts are made to
limit carbon footprints with the help of regulatory framework and new
legislations, to ensure sustainable growth of wind power systems market in the
region.
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The market is broadly categorized into
major segments based on application type such as industrial sector, residential
sector and commercial sector. Industrial segment is growing rapidly in the wind
power systems market with substantial revenue generation in the last few years.
Growing popularity of wind power systems in industrial segment is attributed to
the strong regulatory support for sustainable energy for industrial
applications.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in implementation of
latest technologies in power & energy generation sector, surge in research
& development activities in the region and existence of well-established
industrial infrastructure. The market is expected to gain a higher momentum in
European region due to favorable government laws & regulation and shifting
trend towards renewable energy generation.
Asia-Pacific region is estimated to
hold major share in the wind power system market with massive growth in
forecast period. Countries such as India, South Korea, Japan, Australia, China
and Singapore are leading the Asia-Pacific market with strong economic growth,
rising energy demands, growing concerns related to air pollution, limited
availability of natural gas reserves, and significant investment by leading
industry players considering potential growth opportunities in the region.
The key players in the wind power
systems market are General Electric Company, Nexans S.A., Prysmian Group, Inc.,
Siemens Gamesa Renewable Energy S.A., Vestas Wind Systems A/S, Xinjiang
Goldwind Science & Technology Co., Ltd., Suzlon Group Ltd., Goldwind, Inc.,
and United Power, Inc.
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