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A Measurement System to Spark Companies 2 Action (C2A)—Innovation That Fuels New Deal Flow and Growth Pipelines
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Onshore wind energy involves the harvesting of wind power from wind turbines set up on land. The growing popularity of onshore wind as a suitable alternative to meet country-specific clean energy targets along with strong regulatory support are driving the growth of the global onshore wind market. Growing interest of the corporate sector in procuring wind power to meet their renewable energy goals as well as falling wind turbine prices further drive installations. Rising energy demands in several regional markets also contribute to market growth. Competition from alternative renewable energy sources such as solar PV and hydropower restrain the growth of the onshore wind market. The growing offshore wind market supported by targeted policies in some regional markets may reduce demand for onshore wind in the long term. Additionally, land constraints as majority of land sites suited for onshore wind energy generation are already used up further curtail demand. Innovations in turbine technology such as higher capacity onshore turbines, modular turbines, 3D printing and additive manufacturing are bringing down the overall cost of onshore wind power. Leveraging technological advancements in big data analytics and Internet of Things (IoT) is enabling the development of smart wind turbines with increased connectivity, operation optimization and predictive capabilities. Another trend shaping the market is the continued decrease in the levelized cost of electricity of onshore wind in all regional markets, making wind power increasingly more competitive with conventional fuel sources. China holds the largest share in the global onshore wind market. Europe and India are other leading regional markets. Emerging markets in the onshore wind space include Brazil, Mexico, Australia and South Africa. Mature markets in the UK, Germany and the United States are expected to generate demand as a result of increasing repowering or updating activities for ageing wind power farms in the regions.
For this research, Frost & Sullivan used a unique and robust platform called Frost Radar to analyze the market and identify Companies to Action (C2A) based on their growth indicators and recent innovations and growth strategies. Companies that are positioned in the Radar are Vestas, GE Renewable Energy, Siemens Gamesa, ENERCON, Goldwind, Nordex Group, Envision, Senvion, United Power, Ming Yang Wind Power Group, Suzlon and Leitwind.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes number of companies (across all tiers of competition) in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
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