The global wind power market will surpass valuation of $ 1.5 trillion by 2031, according to a new report by Transparency Market Research (TMR), a next-generation market intelligence provider.
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.
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. The usage of drones for condition monitoring of offshore wind turbines is another example of technological advancement.
Many companies are now focusing on installation of wind turbines at offshore locations, as offshore wind turbines utilize wind resources more efficiently than onshore wind turbines. Longer wait times are required in correcting any issue that occurs in functioning of offshore wind turbines, as the operator has limited access to offshore wind turbines. Drones, without any need of pilot, help take photos of the offshore wind turbine remotely.
Stitching these images together enables identification of any maintenance issue at an early stage. Thus, higher demand for electricity from sustainable sources and continuous technological advancements in wind turbines are estimated to drive the China and global wind power market in the near future.
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 terawatt hours (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 TWh during 2020 and offshore providing 27 TWh in the same year. The US 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: Key Players
Key players operating in the China and global wind power market are HZ Windpower, Goldwind, Sinovel Wind Group, Mingyang Smart Energy, Envision Group, Vestas, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, General Electric, Dongfang Electric and CRRC Corporation.
Copyright 2021 Al Hilal Publishing and Marketing Group