The global cumulative installed capacity for wind power is expected to reach 760.35 GW by 2020, according to a new study by Grand View Research.
Advantageous regulatory situation that aim to reduce carbon footprints is a key driving factor for the market.
Tax benefits and financial incentives declared by Government in countries like U.S., China, UK, Italy, Spain, India and Brazil boost up the market, giving wind energy a major market share in the overall electricity generation.
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In 2012, industrial applications dominated the global wind power demand at an estimated share of 40 percent. It was a fastest growing, largest market at an estimated CAGR of 13.3percent from 2013 to 2020.
India, China and Brazil, where industrial growth took place considerably, a flow in energy consumption with a positive impact on wind power industry was experienced. Residential and commercial heating/lighting applications also recorded a growth in wind energy usage.
Europe emerged as the leading market, with a cumulative installed capacity of 109.80 GW of the total market in 2012. Its framework legislation and target to reduce carbon footprints by 2020 are key driving factors.
Germany, UK, Italy, Spain and France are some European countries showing potential growth. However, Eastern European countries like Russia, Ukraine still wait for huge investment opportunities.
Asia Pacific is expected to overtake Europe to lead the global market by 2020, due to growing steps taken by India and China to develop wind power generation. Asia Pacific accounted for 35.6 percent of the total installed capacity in 2012.
North America emerged as the third largest wind power market in 2012. Extension of Production Tax Credit was a key factor driving the regional market for wind power.
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Besides, capacity addition was recorded highest in US, with 40 percent new installations during 2012 as wind power emerged as the largest source of new electricity generation.
China’s wind-power industry plans to boost operations and maintenance at a cost of around six fold to $3 billion a year by 2020.
In a period of 2015 through 2022, about $16 billion will be spent by generators as wind capacity more than doubles to 250 gigawatts.
Wind power accounted for a 2 percent of the total electricity produced in China up from 1.5 percent in 2011.
Some of the key companies operating in the global wind power market include GE Wind, Vestas, Siemens Wind Power, Enercon, Suzlon Group, Gamesa, Goldwind, United Power, Sinovel and Mingyang.