The wind energy market is projected to witness immense growth due to the growing energy demand, rising investments across clean energy sector, rapid urbanization across the developing countries, and introduction of stringent building emission norms.

Wind power is known to be one of the most rapidly growing renewable energy technologies. In fact, as per IRENA, wind electricity production doubled between the year 2009-2013, and in the year 2016 wind energy accounted for around 16% of the overall electricity produced by renewables. Various parts of the world have extremely strong wind speeds, however the best sites for generation of wind power are at times remote ones.

In these systems, wind is used to produce electricity through mechanical power. The wind turbines convert the kinetic energy produced by the air currents into mechanical power. The mechanical power is then used for the generation of electricity. Wind energy is also known to lessen the effect of greenhouse gas emissions thus preserving the environment.

The wind energy market is bifurcated into numerous different segments in terms of rating, installation, components, application, and regional landscape.

Talking of the rating spectrum, the market for wind energy is classified into above > 12 MW, above >10??? 12 MW, above >8???10 MW, above >5??? 8 MW, above >2??? 5 MW, and ??? 2 MW. Among these, the >2??? 5 MW segment will witness substantial growth over the coming time period. The segmental growth is ascribed to rapid urbanization across the developing countries coupled with increasing urban migration in metropolitan areas.

Introduction of the renewable energy certificates and carbon credit will drive the >8???10 MW rating segment over the forecast timeline. Subsequently, >10??? 12 MW segment will witness considerable demand over the coming time period owing to the ongoing replacement of traditional power generation plants with clean energy specifically across large scale industries.

In terms of application, the overall wind energy market is segmented in terms of residential, commercial, industrial, and utility. Increasing investments in the green building infrastructure and the introduction of stringent building emission norms will accelerate the commercial application segment in the coming years.

From a regional frame of reference, Middle East & Africa region will witness robust growth on account of rising investments across clean energy sector. Numerous technology advances as well as mass production are making turbines much cheaper, which is likely to spread the use of wind energy in buildings across the region.

Meanwhile, the growing energy demand across the Latin America region will boost the regional market share over the analysis time period.