Tag: Wind

Renewable Power Generation Market Demand To Reach 12,630.9 TWh By 2027

The global renewable power generation market demand is expected to reach 12,630.9 TWh by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.9% over the forecast period. Switching from conventional fossil fuels to renewable sources is underway to achieve economic, social, and environmental developments. Moreover, such investments in renewable and clean resource sectors are estimated to generate commercial opportunities as well as new jobs.

The world economy will be in the expansion mode after the COVID-19 pandemic, therefore demand for power is expected to increase exponentially in the coming years. This is a result of the higher living standards and economic growth. Fossil fuels currently dominate the present power supply, accounting for almost 60% of the energy increase until 2035. However, the shift towards low carbon fuels, coupled with stringent environment regulations in most of the developed countries, has provided a major boost to renewable energy.

The renewable energy market has witnessed a surge in installation capacity over the past few years on account of growing environmental concerns, coupled with the aim to reduce the harmful effects of greenhouse gasses. This has been a major factor for the expansion of wind energy. Government support to save energy and improve the efficiency will result in propelling growth over the forecast period.

Renewable energy is clean, silent, and freely available. This source of power has also become aesthetically appealing after the implementation of solar panels in residential and commercial buildings. The recent dip in the solar panel prices on account of hardware cost reductions as well as rising focus on tackling soft costs is further projected to augment the installation rates. Despite the extensive research & development costs associated, the major providers of solar panels have successfully reduced design, along with overhead costs.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/renewable-power-generation-market

Further Key Findings from the Study Suggest:

  • By product, the hydropower segment held the largest share of almost 63% in 2019 due to its wide availability and low cost
  • The solar segment is anticipated to expand at the fastest CAGR of 9.5% from 2020 to 2027 on account of declining prices of solar panels and technological upgradation
  • Asia Pacific led the renewable energy generation market in 2019 and is anticipated to reach 5,311.3 TWh by 2027 owing to presence of numerous end-use industries, such as automobile, electronics, manufacturing, and pharmaceutical
  • In Asia Pacific, China accounted the largest share of 66.5% in 2019. Rapid industrialization and growing population over the past few years has resulted in increased demand for clean energy in this country
  • Research & development activities, partnership with local governments, and technological collaborations are some of the strategic initiatives taken up by leading companies.

Music Instruments Market Size Worth $9.4 Billion By 2025

The global musical instruments market size is anticipated to reach USD 9.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.2% over the forecast period. Increasing awareness related to various types of music, along with high product visibility of electronic music instruments, is expected to drive the market over the forecast period.

The string and percussion segment dominated the global market with a share of 79.2% in 2018. High product visibility of guitars, violins, and pianos is a major factor contributing to the growth of this segment. Electric guitars have gained significant popularity among the youth population because they are easy to learn and play. However, digital musical instruments are expected to expand at the fastest CAGR of 4.1% from 2019 to 2025. They are capable of producing studio sound effects with a single instrument that has an electronic circuit embedded inside it. This is expected to drive the music industry, which will fuel the product demand.

Asia Pacific occupied the largest market share in 2018 owing to high demand in countries such as Japan and China. China is one of the major countries contributing to the growth of the global market as major manufacturers are leveraging the high influence of western culture in this country. Moreover, production facilities are set up in various developed countries of this region, which, in turn, will improve the production capacity and increase sales. This is expected to positively influence the music instruments market growth in this region.

North America is anticipated to witness the fastest growth from 2019 to 2025 owing to rising popularity of electronic instruments. Majority of the parents in U.S. encourage their children to learn music from a very young age, which helps in developing their taste for music. Such individuals tend to take up music as their profession, which, in turn, will the improve the market demand in this region. This is further expected to contribute to the overall growth of the market over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/musical-instruments-market

Further key findings from the study suggest:

  • The wind instruments segment in music instruments market is projected to ascend at a CAGR of 3.1%, on account of high availability and growing preference for traditional music among senior citizens
  • Europe is expected to expand at a CAGR of 3.5% owing to significant product demand in major countries like Germany and France, which are expected to witness a significant influence of western music culture in the projected period
  • In April 2018, as per revised trade rules for shipping musical instruments, instruments containing rosewood require a separate documentation. Illegal rosewood smuggling is carried in out in China, which will hamper use of rosewood in production of high-quality guitars.