Asia Pacific Energy Scenario Witnesses Winds of Change with Growing Onshore Wind Energy Market

According to a research report published by Transparency Market Research, the global onshore wind energy market was valued at US$89.3 bn in 2013 and it is expected to reach US$898.0 bn by 2020, growing at an incredible CAGR of 29.6% from 2014 to 2020. This remarkable growth is mainly being fueled by the need to harness wind energy in times when the world is reeling under the pressure of depleting energy reserves. Thus, the wind energy market is an integral part of the overall renewable energy market.

China and India to Drive Onshore Wind Energy Market in Asia Pacific

The wind energy market has been divided into the onshore and offshore wind energy markets. The offshore segment is still in its nascent phase and is trying to capture a niche in Asia Pacific and Europe. On the other hand, the onshore wind energy market is pacing ahead, with deployment of mature technology and launch of several successful projects. Usage of wind energy is turning out to be hugely successful and popular in Asia Pacific, especially in the emerging economies of India and China.

This regional segment’s growth is also being spurred by the governments offering incentives and subsidies to wind energy production. The urgency to reach a significant level of renewable energy installations to bring down the overall carbon footprint is also expected to contribute to the growth of the global onshore wind energy market. For instance, in 2013, China was leading the onshore wind energy market, with installations totaling 16,030 MW. In the current market scenario, Asia Pacific is leading the global onshore wind energy market due to unflinching support from several governments.

Browse Market Research Report:

Recently, CLP Wind Farms India raised US$111.1 mn by issuing green bonds. According to the managing director of the company, CLP wants to stay invested in India, as it has now reached a stage of commissioning at least two projects a year. Additionally, Beijing is also pushing to expand its renewable energy generation, as the country is trying to tackle the ongoing problem of pollution; the capitals of China and India, Beijing and New Delhi, respectively, are two of the most polluted cities in the world. China aims to reach the goal of 250 GW of wind power by 2020 to curb the hazardous effects of pollution in the country.

Economic Crisis Slows Energy Market in Europe and the U.S.

Unfortunately, the recent economic crisis in Europe has become a huge impediment for the region to achieve its goal of adding wind energy installations. At the moment, the growth of the onshore wind energy market in the U.S. and Europe has been sluggish. 

Browse Press Release:

Some of the key players in the global onshore wind energy market are Nordex SE, Gamesa Corporacion Tecnologica SA, Sinovel Wind Group Co., Ltd., Goldwind Science and Technology Co., Ltd., China Ming Yang Wind Power Group Limited, Vestas Wind Systems A/S, Enercon GmbH, Siemens Wind Power, Dongfang Electric Corporation Limited, and GE Wind Energy.


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