PUBLISHER: Allied Market Research | PRODUCT CODE: 1365842
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365842
According to a new report published by Allied Market Research, titled, "Wind Power Generator Market," The wind power generator market was valued at $21.4 billion in 2022, and is estimated to reach $35.4 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
Increase in awareness about climate change, emergence of innovative technology & business module, and growing demand for energy have enhanced the performance of wind power generators in residential utility sectors. According to a report published by the U.S. Energy Information Admission (EIA) in August 2021, 41% of 402 MW of existing small-scale storage power capacity in the U.S. are installed in the residential sectors. In addition, increase in demand for installation of rooftop solar power station across the U.S., the UK, Germany, Italy, China, and France is witnessed in residential installations, owing to the benefit to the installer. These factors are anticipated to enhance the demand for wind power generator in the residential sector.
Wind turbines can pose risks to birds and bats, especially when located along migratory routes or in critical habitats. Collisions with turbine blades or changes in wind patterns near the turbines can result in bird and bat fatalities. Proper site selection and wildlife monitoring are essential to mitigate these impacts.
The operational costs of wind power are relatively low, the initial investment costs for constructing wind farms can be substantial. The high upfront expenses can make it challenging for some projects to secure financing, particularly in regions with less favorable regulatory and market conditions. These factors are projected to hamper the market growth.
According to the International Energy Agency (IEA), the demand for renewable energy has increased since 2015. For instance, the global solar PV capacity additions were expected to reach nearly 107 GW in 2020 in the main case, representing stable growth from 2019. The increase in demand for PV technology is attributed to rise in need for sustainable energy resources, reduction in dependency on conventional fuels, and minimized carbon emission.
According to the International Energy Agency, a France-based energy policy advisor, Solar PV, has registered a growth rate of 22% in 2019 among all other forms of renewable energy sources, such as wind and hydro energy, owing to rise in demand for energy from developing countries, such as India, China, and Thailand, across the Asia-Pacific region. This is attributed to rapid industrialization and urbanization. In addition, implementation of stringent government regulations to reduce carbon emission produced due to usage of conventional fuels has led to increase in adoption of photovoltaic technology for electricity generation. The demand for wind power generator is anticipated to increase with rise in demand for renewable energy. This factor is projected to offer new avenues for the wind power generator market.
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