WILMINGTON, Del., Aug. 10, 2022 /PRNewswire/ -- TMR estimates the wind power market to rise at a CAGR of 10% during the forecast period from 2021 to 2031. Emergence of wind power as one of the fastest-growing renewable energy technologies due to key economic and environmental benefits is fuelling the growth of wind power market.
Economic advantages of wind energy among other renewable energy sources, is attracting investments for the establishment of wind power plants. Wind power generation offers advantage of low air pollution and zero water consumption. Wind energy is also the cheapest source of power generation. Wind turbines display long lasting operational efficiency of around 20 years without releasing harmful emissions. This has led to the evolution of wind energy uses, from grinding grain and pumping water to commercial electricity generation, underpinning massive revenue potential for the wind power market.
Depleting fossil fuel resources, and their carbon footprint is leading governments to increasingly complement renewable sources of energy such as wind power and solar PV. Government policies of several countries to limit carbon dioxide emissions, along with incentives to adopt renewable sources of energy are favorable to the growth of wind power market.
According to the International Energy Agency, renewable electricity generation increased by 5% in 2020 for the share of renewable electricity generation to be nearly 30% in the year. Wind power generation and solar PV technologies contribute substantially. The Global Wind Energy Council estimates wind power capacity to reach more than 400 GW by 2030.
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Wind Power Market ? Key Findings of the Report
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Wind Power Market ? Growth Drivers
Wind Power Market ? Key Players
Some of the key players operating in the wind power market are;
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The wind power market is segmented as follows;
China Wind power Market, by Component
China Wind power Market, by Location
China Wind power Market, by Application
Global Wind power Market, by Region
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