Transparency Market Research
Production of renewable energy is continuously growing and a substantial amount of the electric power supply is currently produced by wind energy. With the increase in environmental issues such as global warming, acid rain, air and water pollution, ozone layer depletion, climate change etc., more stress is laid on production and consumption of renewable sources of energy. Wind power generation is a complex technical process in which diverse pressure measurement tasks in hydraulic control need to be resolved.
The global wind energy equipment market is expected to witness steady growth in the near future. Growing need to replace conventional sources of energy with renewable energy is expected to drive the market for wind power generation. This is expected to increase the demand for wind energy equipment. Additionally, government initiatives to support and promote the use of renewable energy sources including hydropower, solar power, wind power, and biomass is expected to drive the global wind energy equipment market. Government subsidies for land acquisition and equipment purchase for wind energy generation are some of the motivating factors driving the wind energy equipment market. Furthermore, increasing electricity consumption, energy prices, and unstable crude oil prices and its demand is expected to increase the growth of renewable sources of energy. This in turn is anticipated to increase the demand for wind energy equipment. However, wind generation depends upon the wind speed in a particular area. Hence, installation and implementation of wind energy generation projects is only possible in specific areas. This might act as a restraint for the growth of the wind energy equipment market. Additionally, slow process in land acquisition and availability of wind energy generation equipment such as turbine blade, electricity generator, and tower and control equipment etc. hinders the growth of wind energy generation. This in turn also impacts the wind energy equipment market.
One of the prominent trends emerging in the global wind energy equipment market is increase in turbine performance as a result of improved design engineering and manufacturing. Turbines having larger rotors have higher capacity factors as the spinning blades help in sweeping a larger area. This results in capturing greater capacity. Additionally, increased use of multiple turbine configurations has resulted in the growth of the wind energy equipment market. The increased use of turbines with multiple hub heights, rotor diameters, and/or capacities increases the efficiency and reduces the power consumption.
The global wind energy equipment market can be segmented on the basis of product type, end-use application, and geography. Based on product type, the global wind energy equipment market can be segmented as turbine blade, electricity generator, and tower and control equipment. According to end-use application, the wind energy equipment market is segmented into industrial, household, and commercial. In terms of geography, the wind energy equipment market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is a leading player in terms of wind energy generation due to its favorable regulatory policies. Europe’s target for reducing carbon footprints by 2022 is expected to ensure the development of the wind power market in the region. Asia Pacific on the other hand is a promising region, both for wind energy generation as well as production of wind energy equipment.
Some of the prominent players operating in the global wind energy equipment market include General Electric. (the U.S.), Vestas Wind Systems A/S (Denmark), Siemens Wind Power (Germany), Enercon GmbH (Germany), Suzlon Energy Ltd. (India), Siemens Gamesa Renewable Energy (Italy), Goldwind (China), Sinovel Wind Group Company (China), China Ming Yang Wind Power Group Limited (China), ABB Limited (Switzerland) and Guodian United Power Technology Company Limited (China).These players compete with each other with respect to technological advancements, new product designs, etc. in order to have a competitive edge in the market.
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