Market Scenario —
The Wind Power market is mainly being driven by the stringent government regulations regarding usage of renewable sources of energy and the increasing popularity of clean sources of energy across the globe. Rising pollution levels and increasing incidences of health issues are other factors which are pushing the global outcry for clean sources of energy ultimately leading to the increase in demand in the Wind Power Market. Wind power is one of the most beneficial renewable energy resources to be discovered till date. Since its discovery it has become a hit amongst the masses and market players alike. It is because wind is free and abundant and the energy produced through it is precious. Over the years the graph of growth for the wind power market has only gone up and it seems like this fact is not going to change anytime soon.
In simple terms, wind power can be explained as the use of air flow through wind turbines to mechanically power generators to produce electricity. Wind power has many advantages, some of the major ones happen to be it is an environment friendly alternative to burning fossil fuels, it is readily available, it is clean and also it does not emit any harmful gases into the atmosphere.
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Over the years the global wind power market has witnessed many industry trends that worked in its favor. However, at present there are three main trends that seem to be governing the market. They can be named as rise in fiscal benefits, government support and higher return on investment.
Some of the key players in the Wind Power Market are WS Truepower, LLC, DNV GL, Blue Sky Energy, Inc., Enercon India Pvt limited, Wind World India limited, GE Wind Energy Limited, Orient Green Power Limited, Indowind Energy Limited, Aban Loyd Chiles Offshore Ltd
Market Players & Growth Strategies
Some of the most renowned and long-standing players of this market can be listed as Orient Green Power Limited, WS Truepower, Aban Loyd Chiles Offshore Ltd, Enercon India Pvt limited and GE Wind Energy Limited. The two major strategies used by these players are strategic expansions and new product development.
The worldwide wind power market has been segregated into three distinct parts. They can be listed as types, geographies and applications.
On the basis of types, the market has been bifurcated into offshore and onshore.
Geographically, this market is spread across various areas of the globe like North America, Europe Asia Pacific and Rest of the World. Out of these areas, the one that takes the cake in terms of market shares happens to be North America. The reason for this is that in recent times this region has seen the entry of a lot of investors. Thanks to these investors the research and development activities get boosted and hence the market experiences tremendous growth in this region.
On account of applications, the market has been divided into industrial, residential and commercial.
North America is expected to dominate the Wind Power market mainly due to the recent investment trends in this market. An existing infrastructure in the North American region to harvest wind energy also provides this region with the boost in demand in the Wind Power Market.
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