San Francisco, CA -- (SBWIRE) -- 01/28/2014 -- The global cumulative installed capacity for wind power is expected to 760.35 GW by 2020, according to a new study by Grand View Research, Inc. Favorable regulatory scenario with a view to reduce carbon footprints is expected to be a key driving factor for the market. Governmental support in the form of tax benefits and financial incentives across various nations including the U.S., China, UK, Italy, Spain, India and Brazil has given a boost to the overall market, due to which wind power has been gaining a considerable amount of market share in the overall electricity generation.
Industrial sector emerged as the leading application market for wind power and accounted for over 40% of the total market in 2012. Growing industrialization mainly in India, China and Brazil is expected to boost the demand for power/electricity in this sector. Along with being the largest market, industrial sector is also expected to be the fastest growing application market for wind power at an estimated CAGR of 13.3% from 2013 to 2020. Other sectors where wind power is being used include residential and commercial heating/lighting applications.
The report “Wind Power Industry Trends and Market Segment Forecasts to 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/wind-power-industry
Further Key findings from the study suggest:
Europe emerged as the leading market for wind power with a cumulative installed capacity of 109.80 GW thus acquiring 38.83% of the total market in 2012. Europe’s framework legislation and its target to reduce carbon footprints by 2020 are expected to ensure continuous growth of wind power market in the region
Germany, UK, Italy, Spain and France represent some of the leading markets in Europe. However, huge investment opportunities lie the Eastern European countries such as Russia, Ukraine etc
However, owing to rapid strides taken by India and China to develop wind power generation, Asia Pacific is expected to overtake Europe to lead the global market by 2020. Asia Pacific accounted for 35.6% of the total installed capacity in 2012. Wind power accounted for a 2% of the total electricity produced in China up from 1.5% in 2011.
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North America emerged as the third largest wind power market in 2012. extension of Production Tax Credit as a part of fiscal cliff package by the U.S. Congress is expected to be a key factor driving the regional market for wind power. U.S. saw a record number of capacity addition in 2012 as wind power emerged as the largest source of new electricity generation by accounting more than 40% of new capacity added
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 among some other companies
For the purpose of this study, Grand View Research has segmented the global wind power market on the basis of application and region:
Wind Power Application Outlook,
Wind Power Regional Outlook,
Rest of the World
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com
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