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Wind power is the power generated by wind turbines from the wind. Wind turbine or wind energy converters transform kinetic energy to electricity from wind. These turbines are built both vertical and horizontal and are linked to the power supply network.
Market Size of Wind Turbines
The global wind turbines market size reached US$ 45 billion in 2018 and is expected to be around US$ 80 billion by 2025.
Analysis of Wind Turbines Market
The global market is expected to show some strength owing to a number of factors, including the growing need for clean energy and climate concern reducing carbon dioxide emission. Governments around the world are providing supportive policies such as auctions, feed-in tariff (FFT), power purchase agreement (PPA) and other mechanisms.
Furthermore, the market is primarily driven by technology innovations in wind turbines for improving efficiencies such as Nemoi wind turbine, Buoyant Airborne Turbine (BAT) and Swirl’s hybrid wind turbine. For instance, the increase in demand for electricity, the declining cost of wind power generation and falling cost of turbine components are underpinning the market demand growth.
The challenges for the wind turbines industry are primarily caused by the lack of enough power grid infrastructure, a lack of skilled workers & resources in some countries and preference for fossil-fuel generation sources.
However, despite market barriers, the market for wind turbines is set to make a significant contribution to the changing electricity matrix in countries around the world. The increasing electrification rates globally and low emissions economies would likely to contribute to wind turbines market size.