The Global Wind Power market is accounted for $172.3 billion in 2014 with CAGR of 7.54% and is poised to reach $308.2 billion by 2022. The wind power generation is estimated to drive the market over next decade due to increase in renewable energy. Nations across the globe are supporting the renewable energy including wind power, solar power, biomass, hydro power, to reduce the carbon emissions. Wind power’s growth is increasingly driven by its competitive pricing, because it enhances energy security, price stability especially in China. China has been the main driver of the growth of the industry for the last five years. Wind Powering America (WPA) is an initiative of the United States Department of Energy (DOE) that seeks to increase the use of wind energy throughout the United States.
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Europe is expected to be stable, while North America is the most difficult market to predict as policy vacuums to emerge in both the U.S. and Canada. By 2020, wind power could prevent more than 1.2 billion tonnes of carbon dioxide from being emitted each year by Germany and Italy combined. As of 2014, the wind industry in the U.S. is able to produce more power at lower cost by using taller wind turbines with longer blades, capturing the faster winds at higher elevations. This has opened up new opportunities and in Indiana, Michigan, and Ohio, the price of power from wind turbines built 300 feet to 400 feet above the ground can now compete with conventional fossil fuels like coal.
Global Wind Power market is mainly segmented by application and by Geography. Based on application, market is segregated into industrial, residential, and commercial. Based on geography, market is categorized into North America, Europe, Asia Pacific and Rest of the World. Europe has the largest market for wind power generation. The vast growth of wind power generation lies in Asia Pacific and is expected to overcome Europe by 2022.
The key players in the Wind Power market include, Southwest Windpower Inc., Itw Windgroup, Gresa Group, Inox Wind Ltd, Kliux Energies, Cs Wind Corp., Dong Energy A/S, Alstom Wind, S.L.U, Espe Srl, and Turbina Energy Ag..