China
and Global Wind Power Market: Introduction
Transparency
Market Research delivers key insights on the wind power market in China and across the
globe. In terms of revenue, the China and global wind power market is estimated
to expand at a CAGR of ~10% during
the forecast period, owing to numerous factors, regarding which TMR offers
thorough insights and forecasts in its report on the China and global wind
power market.
Rise
in demand for electricity and continuous technological advancements regarding
parts used in wind turbines are creating lucrative opportunities for the wind
power market in China and across the globe. Governmental initiatives for
achieving subsidy-free grid price parity for wind power are anticipated to
boost the China and global wind power market in the near future.
China
and Global Wind Power Market: Dynamics
Technological
innovations with respect to design of wind turbine materials such as glass
composites are expected to drive the China and global wind power market during
the forecast period. Smaller components made of modern glass composites are
cheaper, and easy to transport and assemble. Furthermore, these components are
easy to install and repair. This reduces the installation and maintenance
costs. Currently, majority of wind turbines installed are not digital.
Upgrading these turbines through the connection of computing devices (such as
sensor technology, integrating intelligent monitoring, and optimization
algorithms) enables turbines to send and receive data. The monitoring of wind
turbine operations is a cumbersome process owing to the complex geometry of
equipment consisting of large number of actuators, integrating strain gauges,
etc. With the help of these computing devices, an individual can constantly
monitor the data of functioning of a wind turbine and achieve greater
efficiency from wind turbine operations. As technology evolves, wind turbines
can adapt to more sophisticated operations. For instance, bandwidth upgrade
from 4G to 5G has helped an asset owner of offshore wind turbine to access the
data much faster from a geographically far location. The usage of drones for
condition monitoring of offshore wind turbines is another example of
technological advancement. Many companies are now focusing on installation of
wind turbines at offshore locations, as offshore wind turbines utilize wind
resources more efficiently than onshore wind turbines. Longer wait times are
required in correcting any issue that occurs in functioning of offshore wind
turbines, as the operator has limited access to offshore wind turbines. Drones,
without any need of pilot, help take photos of the offshore wind turbine
remotely. Stitching these images together enables identification of any
maintenance issue at an early stage. Thus, higher demand for electricity from
sustainable sources and continuous technological advancements in wind turbines
are estimated to drive the China and global wind power market in the near
future.
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China
and Global Wind Power Market: Prominent Regions
China
is projected to dominate the wind power market in Asia Pacific during the
forecast period. According to the International Renewable Energy Agency, total
renewable electricity generation in Asia Pacific stood at 466.5 Twh in 2020; of
this, 13.86% of
electricity is generated by wind energy source in China. The rise in the
production capacity of wind energy in Asia Pacific can be ascribed to an
increase in investment in the wind power market. Governments of countries such
as India and Japan are investing substantially in the production of sources of
renewable energy such as solar and wind.
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Germany
is likely to dominate the wind power market in Europe during the forecast
period. According to trade group, Wind Europe, approximately 27% of
electricity was generated by wind energy in Germany, with onshore delivering
103 terawatt hours (TWh) during 2020 and
offshore providing 27 TWh in the same year. The U.S. dominated the wind power
market in North America by installing nearly 17 GW new capacity in 2020. According to
the Global Wind Energy Council (GWEC), total wind power capacity of North
America stood at 136 GW in 2020.
The total wind power capacity of Latin America stood at 34 GW in 2020.
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Brazil
dominated the market in Latin America with installation of nearly 2.3 GW
capacity in 2020.
North America and Latin America increased their wind power installation
capacity by 62% in 2020. This helped
curb around 250 million
tons of carbon dioxide emission annually.
China
and Global Wind Power Market: Key Players
Key
players operating in the China and global wind power market are HZ Windpower
NA, GOLDWIND, Sinovel Wind Group Co., Ltd., Mingyang Smart Energy, ENVISION
GROUP, Vestas, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, GENERAL
ELECTRIC, Dongfang Electric Co. Ltd. and CRRC Corporation Limited.
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