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Increasing investment across the renewable sector along with stringent emission norms will propel market demand of clean energy sources including wind energy. Wind energy provides mechanical power for wind turbines to transform electrical generators. Individual wind turbines are linked to the electric transmission network in wind farms, which are less expensive and more environmentally friendly than gas or coal plants.
Respective governments around the world have adopted strict legislation and policies to reduce their carbon footprints, which is improving the demand for wind energy. Furthermore, rapid urbanization and industrialization in developing countries has increased the demand for oil The outbreak of the COVID-19 pandemic has seriously affected the global wind electricity production market. In nearly every major country, the COVID-19 pandemic has seen a decrease in economic growth, thus affecting consumer spending patterns. Due to the lockdown across countries, domestic and international transport, which affected numerous industries worldwide in the supply chain and thus widened the supply-demand gap, has also been hampered. In addition, the generation of wind power requires huge investment. But a decrease in disposable earnings due to the pandemic is hampering the wind generation market. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Wind energy market share for >2 5 MW capacity farms will be driven by increasing energy demand from industrial applications combined with rising penetration of medium scale manufacturing bases. The respective governments are enacting a range of policies and reforms to promote the deployment of captive wind energy technologies rather than traditional energy sources, which will help to supplement the country’s energy supply.
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