Published By : 06 May 2016 | Published By : QYRESEARCH
The demand for energy has significantly risen worldwide and so has the need for alternative sources of power. As nations focus more on curbing the rising carbon footprint, the market for energy derived from renewable sources is anticipated to expand at a significant pace. Among the various renewable sources of energy including wind, water, and solar power, wind energy accounts for nearly half of the energy produced from the alternative sources worldwide. The share of wind energy in the overall energy mix is expected to increase at a substantial pace in the forthcoming years.
Wind Energy to Supply Significant Share of Energy Demand in Near Future
According to the Greenpeace International and Global Wind Energy Council (GWEC), wind turbines installed around the world is expected to supply as much as 12% of the global electricity by 2020. With the advent of airborne wind turbines, the wind energy market sees lucrative opportunities to gain from in the near future.
An airborne wind turbine is an innovative design concept introduced recently. The rotors of the airborne wind turbine is suspended midair without the support of any tower. This helps the structure benefit from mechanical and aerodynamics attributes while avoid cost incurred on tower construction and yaw mechanism. The design concept also helps eliminate the expenditure on slip rings. The new design is intended to deliver better persistence and high velocity of wind at higher altitudes.
Global Airborne Wind Turbine Market to Gain Impetus from Favorable Government Policies
The future of the market for airborne wind turbines depends on the trend of adoption exhibited by the emerging economies. The market according to studies will witness lucrative opportunities in the U.S., India, China, Brazil, Spain, and Russia. Wind being absolutely free, authorities are now focusing more on harnessing wind energy to cater to the rising power demand. Additionally, energy derived from wind is very cheap, once the cost incurred on installing turbines is recovered.
The market for airborne wind turbine will also gain from the volatility of crude oil prices, stringent yet favorable government policies, and the growing demand for energy consumption.