Global Industry Analysts (GIA) has released a new research report titled, “Wind Energy: A Global Strategic Business Report.” The report includes industry overview, product innovations, wind technology overview, growth drivers and profiles of key market players.
According to the analysis, the global wind energy installed capacity is expected to reach 1,062 thousand MW by 2017. Major factors that drive the market include increasing demand for energy, concerns on climate change, prices of volatile crude oil and depleting natural resources.
Wind turbine manufacturers are facing the impact of excess supply of raw materials and decrease in their prices. This has led to bankruptcy of few companies like Solyndra. As the government is not providing any support, the industry is in a situation where it needs to be more competitive and cost-effective in the upcoming years. Onshore technology signifies the largest division in the worldwide wind energy market. Though the technology has been successful, the high costs required to install, operate and maintain the wind turbines have become a main issue for the production of the onshore technology. The market share of the offshore wind turbines is expected to increase in the future.
Europe is remarked as the world’s largest wind energy market based on installed capacity. Nevertheless, the region is losing its share to Asia-Pacific, which is evaluated to develop as a rapidly growing market in the global wind sector. Asia-Pacific is expected to grow at the highest CAGR rate of approximately 42.5% till 2017.