Wind Power Market Growth Valuation Of US$ 1.5 Trn By 2031: Segmented by Type and Geography

China and Global Wind Power Market:

Transparency Market Research delivers key insights on the wind power market in China and across the globe. In terms of revenue, the China and global wind power market is estimated to expand at a CAGR of ~10% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the China and global wind power market.

Rise in demand for electricity and continuous technological advancements regarding parts used in wind turbines are creating lucrative opportunities for the wind power market in China and across the globe. Governmental initiatives for achieving subsidy-free grid price parity for wind power are anticipated to boost the China and global wind power market in the near future.

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Rise in Awareness about Renewable Energy: Key Driver of China and Global Wind Power Market

Rapid increase in globalization has boosted the global demand for electricity. Generating electricity with the help of non-renewable energy sources (fossil fuels) has detrimental effect on the environment. Limited supplies of coal, natural gas, and oil (non-renewable energy sources) make them less viable than renewable energy sources.
Government policies of many countries regarding limiting carbon dioxide emission as well as lucrative incentives offered by governments for adopting renewable energy sources are driving the demand for renewable sources of energy, especially wind power and solar PV.

According to the International Energy Agency (IEA), renewable electricity generation rose by 5% in 2020. Market share of renewables in global electricity generation reached almost 30% in the year. Innovation in solar photovoltaic (PV) technologies and electricity generation by wind power is driving the growth of renewables in electricity generation.

China and Global Wind Power Market: Key Players

Key players operating in the China and global wind power market are HZ Windpower NA, GOLDWIND, Sinovel Wind Group Co., Ltd., Mingyang Smart Energy, ENVISION GROUP, Vestas, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, GENERAL ELECTRIC, Dongfang Electric Co. Ltd. and CRRC Corporation Limited.

China and Global Wind Power Market: Dynamics

Technological innovations with respect to design of wind turbine materials such as glass composites are expected to drive the China and global wind power market during the forecast period. Smaller components made of modern glass composites are cheaper, and easy to transport and assemble. Furthermore, these components are easy to install and repair.

This reduces the installation and maintenance costs. Currently, majority of wind turbines installed are not digital. Upgrading these turbines through the connection of computing devices (such as sensor technology, integrating intelligent monitoring, and optimization algorithms) enables turbines to send and receive data. The monitoring of wind turbine operations is a cumbersome process owing to the complex geometry of equipment consisting of large number of actuators, integrating strain gauges, etc. With the help of these computing devices, an individual can constantly monitor the data of functioning of a wind turbine and achieve greater efficiency from wind turbine operations.
As technology evolves, wind turbines can adapt to more sophisticated operations. For instance, bandwidth upgrade from 4G to 5G has helped an asset owner of offshore wind turbine to access the data much faster from a geographically far location.

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China and Global Wind Power Market: Prominent Regions

China is projected to dominate the wind power market in Asia Pacific during the forecast period. According to the International Renewable Energy Agency, total renewable electricity generation in Asia Pacific stood at 466.5 Twh in 2020; of this, 13.86% of electricity is generated by wind energy source in China. The rise in the production capacity of wind energy in Asia Pacific can be ascribed to an increase in investment in the wind power market. Governments of countries such as India and Japan are investing substantially in the production of sources of renewable energy such as solar and wind.

Germany is likely to dominate the wind power market in Europe during the forecast period. According to trade group, Wind Europe, approximately 27% of electricity was generated by wind energy in Germany, with onshore delivering 103 terawatt hours (TWh) during 2020 and offshore providing 27 TWh in the same year. The U.S. dominated the wind power market in North America by installing nearly 17 GW new capacity in 2020. According to the Global Wind Energy Council (GWEC), total wind power capacity of North America stood at 136 GW in 2020. The total wind power capacity of Latin America stood at 34 GW in 2020.

Brazil dominated the market in Latin America with installation of nearly 2.3 GW capacity in 2020. North America and Latin America increased their wind power installation capacity by 62% in 2020. This helped curb around 250 million tons of carbon dioxide emission annually.

China and Global Wind Power Market, by Region

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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China and Global Wind Power Market: Segmentation

TMR’s research study assesses the wind power market in China and across the globe based on component, location, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the wind power market in China and across the globe.

China and Global Wind Power Market, by Component

Turbine
Up to 03 MW
03 MW – 06 MW
Above 06 MW
Blade
58 Meters
67 Meters
74 Meters
108 Meters
Others
Tower
100 Meters
125 Meters
140 Meters
Others
Nacelle
Up to 03 MW
03 MW – 06 MW
Above 06 MW

China and Global Wind Power Market, by Location

Onshore
Offshore

China and Global Wind Power Market, by Application

Utility
Industrial
Residential & Commercial

Key Questions Answered in TMR’s Report on China and Global Wind Power Market

Which segment of the wind power market in China and across the globe would emerge as a major revenue generator during the forecast period?

How are key market players successfully earning revenue in the wind power market in China and across the globe?

What would be the Y-o-Y growth trend of the China and global wind power market between 2021 and 2031?

What are the winning imperatives of leading players operating in the China and global wind power market?

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Government Initiatives to Increase Wind Power Prove to be Major Advantage

The wind power market is estimated to exceed US$ 1.5 Trn by 2031, expanding at a CAGR of ~10% during the forecast period. The rising need for electricity while the country is developing at a rapid pace is majorly contributing to the growth rate. Moreover, the Government of China has plans to increase the share of non-fossil fuels in primary energy consumption to around 25% by 2030. This is most likely to improve the demand for wind power equipment in the upcoming period. The plans include a road map to install 1200 GW of wind and solar energy by the end of the forecast period.

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