Wind power market to top $1.5trn by 2031, says study

Wind power market to top $1.5trn by 2031, says study

The global wind power market will surpass valuation of S$ 1.5 trillion by 2031, according to a new report by Transparency Market Research (TMR), a next-generation market intelligence provider.





In terms of revenue, the China and global wind power market is estimated to expand at a CAGR of ~10% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the China and global wind power market.





Rise in demand for electricity and continuous technological advancements regarding parts used in wind turbines are creating lucrative opportunities for the wind power market in China and across the globe. Governmental initiatives for achieving subsidy-free grid price parity for wind power are anticipated to boost the China and global wind power market in the near future.





China and global wind power market: Dynamics





Technological innovations with respect to design of wind turbine materials such as glass composites are expected to drive the China and global wind power market during the forecast period. Smaller components made of modern glass composites are cheaper, and easy to transport and assemble.





Furthermore, these components are easy to install and repair. This reduces the installation and maintenance costs. Currently, majority of wind turbines installed