LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global wind power systems market to grow at a CAGR of close to 6% during the period 2018-2022, according to their latest report.
The global energy transition is one of the major trends being witnessed in the market. The power sector around the globe is undergoing a major transition as power generation from fossil fuels is slowly being replaced with renewable sources. The need to reduce the carbon footprint has resulted in many countries implementing renewable energy-specific targets and policies. In addition to policies, the rapidly decreasing cost of renewable technologies, particularly solar and wind, has led to a continuous increase in the production of energy from renewable sources.
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In this report, Technavio analysts highlight the increasing investments in renewable energy as a key factor contributing to the growth of the global wind power systems market:
Increasing investments in renewable energy
The increasing investments in renewable energy is a major factor that has been promoting the growth of the market. The total cost of generating electricity from renewable energy sources is more than the cost of generating electricity from conventional sources. However, the technology, which is used to generate electricity from renewable energy sources is evolving rapidly, making it competitive with newly built fossil fuel power plants.
According to a senior analyst at Technavio for power, “Low carbon emission from renewable sources and the competitive cost of generating electricity are the factors that have led to continuous investment in renewable energy across the world.”
Apart from the increasing investments in renewable energy, Technavio research analysts believe the declining cost of solar PV modules is a major challenge. A significant challenge for wind turbine systems is the availability of established power sources such as solar power. Solar-based projects are one of the oldest systems, which have been used to provide power to remote communities and grids that connect to PV systems.
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Global wind power systems market segmentation
This market research report segments the global wind power systems market by technology (wind turbine and T&D) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major technology segments, the wind turbine segment held the largest market share in 2017, accounting for nearly 72% of the market. The market share of this segment is expected to decrease by almost 1% by 2022. However, this segment will dominate the global market throughout the forecast period.
The APAC region held the largest share of the global wind power systems market in 2017, accounting for a market share of close to 44%. It was followed by EMEA and the Americas respectively, in terms of market share. Both the APAC and EMEA regions are expected to post significant growth during the forecast period.
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