The market, which is estimated to be USD XX billion in 2016, is expected to grow to USD XX billion by 2021, at a CAGR of XX percent.
One of the major factors driving the wind power market is the growing power need. The cost of wind energy, especially from onshore wind farms is on the decline, which has made wind power an attractive option for governments aiming for emission reductions. Cutting down emissions has become a matter of utmost importance today, and this has motivated various governments to set emission reduction targets, which will help the growth of the wind power industry.
Abundant availability of fossil fuels is one of the main factors restraining the growth of this market. The investment and space requirement needed for a wind farm that generates the same amount of electricity as a conventional power plant is much higher, and this dissuades investors. The intermittent nature of wind power also makes it unreliable. However, wind power technology is fast progressing, thus becoming cheaper. Developments in power storage technologies will also help solve some of the drawbacks associated with wind power.
Factors like escalating demand for renewable energy, favourable government policies and decreasing cost of equipment as a result of increasing market size, and innovations in financing, are driving the wind power equipment market. On the flip side, high initial costs, unpredictable nature of wind, low wind energy penetration ratio and capacity factors, are hampering the market.
It’s safe to say that the main drivers for wind energy in most of the growth markets of late, have been increasing competitiveness in the markets where wind competes successfully on price against heavily subsidized incumbents and the need to fight choking smog that is making a large number of world’s major cities (not only in China), unliveable. Energy security, cost stability, insulation of national economies from the price shocks in the international fossil markets, job creation and local industrial development, as well as, environmental considerations are all still present; however, price, speed of deployment and fighting local air pollution have been the main drivers in most of the major growth markets this year. As of 2015, the projection is 50+ GW per year and expected to grow thereon.
Brazil wind power market report comprehensively analyses the market by segmenting it based on location (onshore and offshore) and technology of the wind turbines (horizontal axis wind turbine market and vertical axis wind turbine market). Key drivers and restraints that are affecting the growth of this market were discussed in detail. This report also has key project information, which includes both pipeline and upcoming projects. The study elucidates on the competitive landscape and key market players (domestic and foreign) as well.
