Critical Need for Fossil Fuel Substitutes Fuels Global Wind Power Market, Growth Projected at Promising 10% CAGR from 2021 - 2031, Says TMR

ALBANY, N.Y., July 13, 2021 /PRNewswire/ -- Wind power refers to a type of energy conversion in which the kinetic energy of the wind is converted into electrical or mechanical energy making use of turbines. This type of energy transformation is regarded as a renewable source of energy. Wind energy has been used for generations to power chores such as water pumping and grain processing. Commercial wind turbines now make use of rotational energy to power an electrical generator to produce electricity.  Typically, they are built utilising a blade or a rotor. Wind power is one of the most rapidly expanding technologies for renewable energy and provides various advantages with no water consumption and reduced air pollution. Furthermore, wind energy is the most cost-effective way to generate electricity. Once set up, a wind turbine may provide electricity for almost 20 years. All of these characteristics combine to make wind energy an excellent substitute to fossil fuels, which is one of the major drivers driving the global wind power market in the years to come.

It is anticipated that the global wind power market is will grow at 10% CAGR over the forecasted period, from 2021 to 2031.Wind energy provided about 4% of the world's total electricity prior to the last five years. Because of worries about the pricing of petroleum coupled with the effects of burning fossil fuel on the environment and weather, production of wind power has risen substantially since then. China is one of the countries with the largest installed wind power capacity.

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Key Findings of Market Report

• Growing Inclination towards Clean Source of Energy to Raise Demand in the Market

Wind power is one of the cleanest sources of renewable energy, which does not pollute the water or air. When a turbine is set up once, the operating expenses are nearly nothing. In addition to that, government subsidies or incentives for developing and producing wind power in China for inexpensive turbines are important elements for a rising number of sources of wind energy in China. In addition, wind power is now one of the most inexpensive land-based energy sources. Wind farms generally sell power on a constant basis, but prices of other energies will change with times and situations. The burning of fossil fuel like natural gas and coal releases sulphur dioxide, nitrogen oxides, and particulate matter causing numerous health issues and economic losses in most other power stations is also a key source of this. Wind power does not pollute air or enable air emissions caused by acid rain, smog or greenhouse gases. The burning of fossil fuel like natural gas and coal releases sulphur dioxide, nitrogen oxides, and particulate matter causing numerous health issues and economic losses in most other power stations is also a key source of this. Wind power does not pollute air or enable air emissions caused by greenhouse gases, smog, or acid rain.

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• Technological Developments and Innovations to Reduce Operating Costs of Wind Turbines

The global wind power market is projected to be driven by new technologies in the development of wind turbine substances like glass composites. Smaller components constructed of contemporary glass composites are less expensive to produce and transport, as well as easier to assemble. These elements can also be easily installed and repaired. Maintenance and installation expenditures are reduced. Presently, most installed wind turbines are not digital. Making use of computer devices and technologies such as optimization algorithms, integrate smart monitoring, and sensor technologies, these turbines are upgraded to allow turbo systems to transmit and receive data. The complicated design of equipment, which includes a high number of actuators, integrated strain gauges, and other sensors, makes monitoring wind turbine operations a time-consuming task. An individual may continually oversee the data of a wind turbine's performance and obtain higher efficiency from operations of wind turbine with the aid of these computer devices. Wind turbines may adjust to increasingly advanced and powerful operations as technology advances. Technological breakthroughs are likely to play an important role in the development of the global wind power market in the years to come.

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Wind Power Market: Growth Drivers

• In the near future, the global wind power market is expected to be driven by burgeoning demand for electricity from sustainable sources and continuing technical improvements in wind turbines.
• Wind energy is one of the few renewable energy sources that do not pollute water or air. Once a turbine is erected, the operating costs are virtually non-existent. 

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Wind Power Market: Key Competitors

• Siemens Gamesa Renewable Energy
• HZ Windpower NA
• MingYang Smart Energy Group Ltd
• Dongfang Electric Co. Ltd.
• Vestas Wind Systems A/S
• Sinovel Wind Group Co., Ltd

Wind Power Market: Segmentation

Component

• Turbine
• Blade
• Tower
• Nacelle

Location

• Onshore
• Offshore

Application

• Utility
• Industrial
• Residential & Commercial

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Submarine Power Cable Market - The global submarine power cable market was valued at US$ 5,141.8 Mn in 2018 and is anticipated to register a stable CAGR of 11.3% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR) titled 'Submarine Power Cable Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.' Growing number of offshore wind generation capacity additions, increasing demand for grid interconnections and island connections, and rising demand from offshore oil & gas sector have augmented the global submarine power cable market. The market in Europe is expanding at the maximum CAGR of 10.8% owing to numerous technological innovations and increasing demand for submarine power cables in the region.

Wind Power Converter Systems Market - The increasing installed wind power capacity across the globe is a key indicator for the wind power converter systems market. The cumulative installed wind power capacity in 2006, 2009, and 2012 was 74.0, 158.86, and 282.43 GW respectively. It almost doubled every three years. The dynamic growth of wind power directly pushes the wind technology into a more competitive area. The wind power converter systems market is driven by the large number of wind turbine installation projects, developments and innovation in the field of wind power generation, and increasing demand for efficient wind power converter systems market. Increasing demand for power generation in developing economies, especially China and India, is a key driver for the wind power converter systems market in these countries. Even though the cost of wind power generation has diminished significantly over the last few years, the technology associated with it mandates higher initial investment.

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