Published On : 22 Aug 2018
The last hundred and fifty odd years have mainly belonged to use of fossil fuels and conventional energy sources for powering most processes on our planet through electricity, heat, and other energy forms. However, the previous few decades have witnessed a pioneering advancement in the use of nonconventional, non-polluting energy sources too. Of all the existing inexhaustible sources, wind energy has gradually picked up extensive speed in term of utilization. And as wind turbines are a common way to harness this energy, the large wind turbine market is witnessing tremendous growth in recent times, from a global perspective.
Increasing Awareness about Use of Eco-friendly Energy Sources Boosts Growth
Rising concerns regarding the use of fossil fuels is majorly driving growth in the global large wind turbine market. This is mainly due to a growing lobby of activists demanding use of eco-friendly energy sources, in order to reduce the effects of global warming existing since several decades. Moreover, several governments are taking favorable initiatives to curtail the use of fossil fuels and encouraging companies to invest in wind energy harnessing, consequently boosting growth in the global large wind turbine market. Rapid industrialization and urbanization demand use of new technologies too, majorly in terms of harnessing energy and power.
High Costs of Setting up Wind Turbine Systems Hamper Progress
High costs of setting up wind turbine projects to generate wind energy might discourage small scale businesses having less capital to grow in this sector, thereby posing as a chief obstacle to the global large wind turbine market. Moreover, such costs might translate into expense energy provision facilitated for the masses. Those having less disposable income might not be able to afford utilizing electricity generated through wind turbines, thereby posing as an obstacle to the market’s growth.
It is highly difficult to set up wind turbine projects in remote region and underdeveloped countries owing to cost issues too, thereby hindering the global large wind turbine market’s growth. Lack of expertise needed to maintain the equipment as well to ensure that harnessing energy is carried out in smoothly too could hamper the market’s progress. However, many players are expected to introduce cheaper turbine systems with improved efficiency quite soon. This could offset most restraints affecting the global large wind turbine market.
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The global large wind turbine market portrays the presence of a highly competitive vendor landscape. This is mainly due to a fierce aim of most players to hold a leading position by generating extensive revenue through the sale of their products. The competition is expected intensify in the next few years with numerous new players entering the market on a regular basis.
Vestas, Siemens, Gamesa Corporacion Tecnologic, Suzlon, Sinovel Wind, Enercon GmbH, GE, Entegrity Wind Systems, Yaskawa, Sinovel, Adwen, Gamesa, Nordex Acciona, United Power, Envision, Senvion, Coldwind, and Ming Yang, are key players operating in the global large wind turbine market.
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