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, 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 applications dominated the global wind power demand, accounted for over 40% of the total market in 2012. Along with being the largest market, industrial applications are also expected to be the fastest growing, at an estimated CAGR of 13.3% from 2013 to 2020. Growing industrial production in India, China and Brazil is expected to result in a surge of energy consumption and have a positive impact on wind power generation industry. Other sectors where wind power is being used include residential and commercial heating/lighting applications.
The report Wind Power Market Analysis And Segment Forecasts To 2020, is available now to Grand View Research customers at
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 of the total market in 2012. Europes 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 exist in the Eastern European countries such as Russia, Ukraine etc.
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.
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.
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