Overview of Wind Energy Market and Wind Turbine Market
Today, one of the most significant issues to consider in our present economies is the search for effective and efficient use of energy resources, reduction of harmful materials, decrease in the negative environmental impact to the nature, and introduction to various energy-saving technologies. All these aspects are considered to overcome environmental problems and promote the use of renewable energy sources.
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Wind energy is increasingly playing a vital role in our energy future. The wind energy market is poised as a major source of emission reductions in the global energy industry. Wind energy does not utilize fresh water to pump electricity, but instead uses a unique attribute with the help of solar PV to overcome various problems in the energy sector. This makes it the most ideal option in this water-constrained world.
The wind energy technology was introduced approximately 20 years back and since then it has continuously expanded its base all over the world. As the generation costs are declining tremendously, this technology is becoming more and more affordable with every passing day. It has even made its entry in some of the unexplored markets.
Furthermore, as turbine technology is growing rapidly and the cost per kWh can be reduced by large energy yields, there is a huge development to be expected in the field of wind turbines and foundations too.
Market Scenario of the Wind Energy Market
According to the global statistics of a U.S. based leading firm, the last five years of the global market for wind turbine showed a growth rate of 25% CAGR. The global wind energy cumulative capacity accounted for 197,039 MW in 2010. Additionally, the 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 global wind energy market is estimated to have a growth rate of 25% CAGR, while the wind turbine market has experienced an approximate growth rate of 28% globally. These figures are expected to grow at an increasing double-digit growth rate in the near future.
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Onshore and Offshore Wind Energy Market
In simple terms, onshore wind energy is the cashing sector offering several benefits and improvements as compared to the offshore wind sector that is still looked upon as a rising star for our future generations. Offshore wind energy sector is a new advent in the design and development of wind turbines – its installation and operation. Hence, currently, the offshore wind energy sect cannot be compared with the mature onshore wind energy markets; however, with rapid changes seen in this industry, the offshore wind will be competitive with onshore wind in the future.
In the present scenario, the offshore technology due to its nascent stage is pacing with 5% market share, whereas, the onshore technology is leading with approximately 95% share in the global market. In addition, the cost factor with offshore technology is high because of their high O&M costs. It is for these reasons, the offshore wind turbine market occupies only 5% share in the global wind turbine market.
By geography, the U.S. was known to be the largest onshore wind energy market in 2010, which was later followed by Germany and China. Europe, on the other hand, was considered to be the largest market for wind energy followed by the Asia-Pacific and North American markets. Nevertheless, owing to the increase in investments, large land mass and long coastlines, China is now expected to rank ahead of U.S., thereby predicted to become a market leader by 2016.
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