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Wind power equipment is a device that harnesses the power of wind for electricity generation. The production of renewable energy is growing at a substantial amount by wind energy and has witnessed steady market growth owing to the need for renewable energy sources and the replacement of conventional sources. Further, the increasing electricity consumers and demand are anticipated to drive the wind power equipment market.
Based on the location, the market is segmented into offshore and onshore locations. The onshore location of wind power equipment has emerged as one of the most valued resources for renewable energy. On average, onshore wind power improves the production of energy by 5% annually. Also, it is one of the affordable ways for upgrading the wind turbines, which adds up the turbine life, which increases the demand for onshore wind power.
Based on the equipment, the market is segmented into the rotor blade, towers, generators, gearbox, and others. The generator technology is anticipated to dominate the market due to increasing power demand from renewable energy sources across various locations, directly impacting the demand for wind power equipment.
One of the major drivers for the global wind power equipment market is the growing necessity of renewable energy sources. Other than that, the rising investment in wind power and fluctuation in oil prices has anticipated growing the global wind power equipment market.
Wind power equipment works effectively at higher wind speeds. Thus the low availability of wind speed hinders the wind equipment market. Other than that, wind power equipment acquires a large amount of land, so the initial installation consumes a lot of time which acts as the major restraint for the wind power equipment market.
Key Market Driver -
The rise in investments of wind power, has aroused a demand wind power equipment
Key Market Restraint -
The variability in wind power hinders the market.
Some of the major companies present in the global wind power equipment market are GE, Vestas Wind Systems, Goldwind, Suzlon Energy Ltd, Enercon gmbH, Siemens Gamesa Wind Energy, ABB, Mitsubishi Heavy Industries, Toshiba Energy system and solutions, Tata Power, Nordex SE, Suzlon Energy Limited, and Eesti Energia.
The wind power equipment market has been studied across North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. The Asia Pacific is anticipated to dominate the market owing to higher production rates of wind energy and is a promising region for both productions as well as the generation for the wind energy equipment by which it acts as the major regional spot for wind power equipment.
Following Asia-Pacific, North America and Europe are focusing on adopting cleaner energy sources. The government implemented stringent laws to reduce emissions & is more focused on renewable energy projects and energy-efficient sectors. Based on these factors, the wind power equipment market is anticipated to grow during the forecast period.
Latin American wind power equipment is anticipated to grow due to the electricity sector concreting more on wind turbine manufacturers to deliver high-quality wind turbines. This has diversified the generation of lower cost of wind power through local manufacturing. In the Middle East and Africa, the expenditure on renewable energy infrastructure and lower price for wind energy production has led to the adoption of wind energy, and countries are focusing on alternate clean sources of power drives the demand for wind power equipment.
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