PRESENTS A SIGNIFICANT OPPORTUNITY FOR WIND POWER
Governments are striving to meet their commitments to the 2015 Paris Agreement on Climate Change taking steps to reduce greenhouse gas emissions and limit global warming to less than 20C. Significant progress is already being made.
According to a Forbes article, in the first half of 2020, for the first time, EU member states generated more power from renewable sources than fossil fuels and across the world strong commitments are being made to renewable energy initiatives including Wind, Solar, Battery Storage, Fuel Cell and other renewable energy sources.
Industry is also taking steps to drive towards a Carbon Neutral position, through their own initiatives to reduce their carbon footprint as well as offsetting this using sustainable power sources. It is projected that through demand, the Wind Generated Power capacity will grow almost fourfold by 2030.
However, desire alone will neither ensure nor accelerate the growth of the Wind Energy Market. With most parts of the world experiencing an energy surplus, Wind Turbine Manufacturers and Wind Farm Operators have to ensure they are competitive, not just with traditional power generation, but with other sustainable sources.
The need to compete is driving continuous transformation across every part of this industry and in the coming pages we will explore some of the macro and micro factors driving change and the role that L&T Technology Services is playing in supporting the Wind Power industry.