Global Wind Energy Market Research and Forecast, 2018-2023

What is the major challenge that masses are dealing on a global level? Undeniably, this question itself creates an unending thesis of umpteen of problems. Whatever may be the answer, energy crisis cannot be ignored in this respect. This plight has provided a robust platform for the growth of global energy market in the running years. We are on the supreme stage of addiction to easy lifestyle with zero intolerance to hardships. This ideology is quite frightening if continued to be followed. The reason being- blind use of natural resources with over exploitation of the same will eventually lead to major energy crisis. What can provide substantial relief to this affliction is shifting from conventional use of resources to alternative ones. As a matter of fact, solar energy has already taken the lead in that respect. Now what next can be explored is wind energy.

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Green energy is the new clean energy

Environmental protection has gradually become the primary attention of majority of organizations. Therefore, nature concern has brought the world to a concurrence that widely supports the use of green energy such as solar energy, geothermal energy, biomass energy and many more. Wind energy being the prominent among them and one of the cleanest of fuel sources, leaves no chance for environmental pollution. In fact the installation of wind turbines and their use too, do not produce any atmospheric emission which again is harmless to the environment. So, an energy that is capable of generating electricity; that can locally generate employment and does not pollute the environment is definitely worth adopting. This eco-friendliness of wind energy is why everyone is running behind it. Another factor that has increased the demand for wind energy is unstable crude prices. Wind energy is seen as an effective alternative source to lower oil dependence. As a matter of fact, government has started assisting organizations through the incentive schemes to promote the utilization of wind energy. In India, for instance, Indian Renewable Energy Development Agency (IREDA) provides loan for setting up wind power projects. Additionally, there are provisions of exemption from income tax, excise duty, sales tax and so on to uplift wind power projects in India. There are numerous opportunities for wind energy market across the globe by way of funding, investment, subsidies and other incentives just to enhance and strengthen the wind energy projects. Be it the major players or even the government, all have started increasing their share of investment in global wind energy market.

Wind energy- the major ‘opportunist’

What keeps wind energy market on competitive edge is the cost-effectiveness when compared to the conventional means. Concentrating on the Asia-Pacific region, China and India are the emerging most opportune market for wind energy. The manufacturing and consumption of electricity and other forms of fuel are quite high here. Now shifting to wind energy (as the alternative source) makes both the economies as potent wind energy market players. Another favorable aspect in this direction is that there is no barrier for new entrants. Thus, all these cumulative factors are further to heat up the expansion of the global wind energy market. The increasing demand and consumption of energy and a continuous increasing gap between supplies makes wind energy market as a strong pillar of global economy. Investing into this form of green energy is surely going to generate high returns and that could be even in the form of small wind turbines. Unlike the regular ones, it is emerging as the source for electricity backup on a smaller scale and is also being encouraged by the authorities. So whether or not the emerging economies have adopted wind energy; it has anyway become the need of the hour.

Energy crisis is the calling for embracing alternatives

In spite of the fact that global wind energy market has a high penetration into the mainstream energy market, it cannot totally replace the conventional energy market. Due to the enormous demand of electricity and other similar energy resources, organizations are still bound to stick to staples. But as the population and the resultant energy consumption are exploding across the globe, it is impossible to escape from the real energy crisis. The world needs to move out of its cocoon and realize the actual scenario which has already started being our enemy! Not entertaining alternative or renewable energy sources will be a human folly that will not even give time to repent. Beyond a doubt, government has been liberal and moreover supportive to encourage such alternative energy production ideas. But certain add-ons like increased involvement of masses in local production of alternative energy sources (just like small turbine, solar panels and so on), minimizing the use of conventional or non-renewable energy sources and following the Corporate Social Responsibilities (CSR) by organizations, can definitely make the earth a better place to survive.

 

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