The “Global Wind Power Market, Forecast to 2025” issued by the global strategy firm Frost & Sullivan reveals that the strong growth trend underway for the past five years in the global wind market will continue through 2025. The report cited that over the past five years alone half of the world’s wind power capacity has been added.
With over 80 countries having installed wind farms, government initiatives were the driving force behind the growth. This was in response to concerns over climate change--- that is also prompting a move away from coal.
The global wind power services market is expected to reach $24.97 billion by 2025, up from $9 billion in 2016, of which 45.9 percent is estimated to be from North America and Europe, while China will account for 39.3 percent.
A number of innovations are seen as being disruptive to the industry: the Internet of Things (IoT), data analytics and predictive modeling, and advanced lightweight composite materials. These disrupters are expected to tackle key industry challenges as well as create revenue opportunities. Frost & Sullivan is projecting global annual Investments of $100 billion until 2025 in wind power
Swagath Navin Manohar, a Frost & Sullivan Industry Analyst, sees opportunities emerging in the IoT-enabled services areas stating, “Through IoT connectivity, wind farm developers can efficiently monitor the performance of wind turbines and their associated devices located in remote locations without manual intervention. Data analytics and cloud also present some opportunities as predictive data analytics have become a core offering in wind energy markets, with a primary focus on reducing failures and improving operational efficiency in wind turbines. Advanced materials will also present areas of opportunity to explore with increasing innovations in materials science and reducing wind costs, turbine sizes will continue to increase and include light, flexible blades.
Manohar went on to predict a range of technologies emerging in the global wind industry such as IoT-enabled talking turbines, drones, and robots designed to replace manual inspection of wind turbines and blades, as well as lightweight, high-strength composite materials to drive wind turbine size increase. They represent market opportunities, particularly those seeking entry for the first time.