This type of renewable energy is utilized to produce the electric energy from kinetic energy. Wind turbine converts the wind power into mechanical energy and this mechanical energy is further transformed into electrical energy through generator. Wind energy can be produced at offshore and onshore. Onshore wind energy is linked with onshore turbines that are located on land, whereas offshore wind turbines are found in ocean or sea. However, owing to consistent wind flow, offshore wind turbine is more competent than onshore wind turbines.
According to the report analysis, ‘Wind Energy Market: Current Analysis and Forecast (2021-2027)’ states that with the effective growth in electricity demand, wind energy is augmenting at an influential rate owing to its high proficiency and declining cost component. In addition to this as associated to other renewable power sources it has low maintenance cost. Further, reaching net zero will demand bold actions by a large number of sectors, wind power is positioned to be one of the cornerstones of green recovery to play an imperative role in quickening the global green energy transition.
Green Wind Energy Council (GWEC) predicts that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025. Explosive growth of wind turbine installations across China, Asia Pacific lasts to take the lead in global wind power development with its share of the global market augmenting.
Based on components, market is classified into turbine, support structure, electrical infrastructure, and others. Support structure is the backbone of wind turbine. The blades and nacelle are mounted on topmost of a tower. These figures may be accustomed as turbine designs adapted, hub heights augment, blades become longer and lighter and components become more resilient or are substituted by more effortlessly recyclable materials.
Based on application, the segment is divided into onshore and offshore wind energy. Offshore wind turbines are much bigger in size (in the range of 5 to 10 MW per turbine) as against 2-3 MW of an onshore wind turbine. While the cost per MW for offshore turbines is greater because of stronger structures and foundations required in marine environment, the desirable tariffs can be accomplished on account of greater efficiencies of these turbines after development of the eco system.
Significant surge in requirement for renewable power sources is projected to drive the wind energy market growth. Governments across the globe are encouraging sustainable energy sources, which can decrease carbon emission, unlike conventional power sources. Furthermore, the offshore wind turbine technology eradicated the constraint of water depth, which aids in selecting the finest site possible for the power generation.
Nonetheless, technological innovations in wind turbine structure, such as “Twisted Jacket” foundation with fewer nodes and components may be everlasting solution against heavy storm. The inward battered guide structure delivers robust and secure structure, and also decreases the installation cost. Such new developments will generate the further opportunities in the wind energy market. Therefore, it is predicted that during the coming future the market of wind energy will augment more proficiently over the forthcoming period.
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