Transparency Market Research has released a new market report titled “Onshore Wind Energy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.” According to the report, the onshore wind energy market was valued at USD 89.3 billion in 2013 and is anticipated to reach USD 898.0 billion in 2020, expanding at a CAGR of 29.6% from 2014 to 2020.
Wind energy is a relatively mature source of generating renewable energy. Wind has been established as one of the most preferred methods for generating renewable energy in several nations. The wind industry’s rapid development in the past few years indicates its significant potential to create jobs, spur economic activity and reduce greenhouse gas emissions. Onshore wind energy is a relatively old technology. It is one of the most developed methods used to generate renewable energy currently. Both project development experience and technology maturity for the onshore wind energy sector is high. The high technology maturity component is one of the primary factors driving the adoption of onshore wind energy. A large number of project developers operate in the market. These are duly supported by policy frameworks established by national governments. This helps reduce business risks and strengthens investor confidence in the renewable energy sector. The technology has achieved a certain degree of maturity; however, there is still ample scope for cost reduction through material diversification and technology innovation.
Browse the full Onshore Wind Energy Market Report at http://www.transparencymarketresearch.com/wind-energy-wind-turbine-market.html
Currently, Asia Pacific is the major market in the onshore wind energy sector, with China and India spearheading growth in the region. Supportive government subsidy schemes and renewable energy installation targets are some of the major factors driving investments in the onshore wind energy industry. China led the onshore wind energy market, with record installations of 16030 MW in 2013. In relatively mature markets such as Europe and the U.S., the growth in onshore wind energy installations has hit a plateau. Europe was once a major centre for onshore wind development. However, the region is still reeling from the economic crisis. It is struggling to maintain its renewable energy subsidy bills. Germany and the U.K. accounted for over 65% of annual installations in Europe in 2013. Strong strategic targets for capacity additions under the European directive are still in force in the region. Capacity installations are likely to pick up as the economy recovers further. The U.S. is still one of the leading markets for onshore wind industry; however, the country registered a sudden decline in installations in 2013 due to the withdrawal of production tax credit (PTC) scheme by the government. Brazil is expected to be an attractive market for wind power developers in Latin America. The onshore wind energy industries in Argentina and Costa Rica have exhibited promising development.
The market for wind turbines has been broadly segmented into four categories depending on their size. With rapid technological innovations, large wind turbines are turning out to be more feasible for large wind farm installations. These large wind turbines reduce cost of construction and power generation. Large wind turbines could emerge as one of the most cost-efficient options for onshore wind energy in the near future. Decline in natural gas prices in some regions, especially in North America, in the aftermath of the shale gas boom would hamper wind energy installations. Countries are likely to opt for cheaper and reliable generation from natural gas, which also meets the emission standards. In 2013, developed economies experienced a wave of downward revisions for addition of renewable targets and support mechanisms related to the onshore wind energy sector. Additionally, increasing competition in the industry continues to affect the manufacturing supply chain.