Wind Energy Market to exceed $170 Billion by 2024 Key Players are Vestas, ABB Limited, General Electric, Nordex, Enercon, Suzlon, Senvion & Vattenfall.
Wind Energy Market size for 2016 valued at over USD 70 billion and is predicted to reach an annual installation of more than 90 GW by 2024.
GHG emissions wants to augment the wind energy market. In 2016, Government of UK announced the target to reduce GHG emissions to 58% by 2030 from 1990 levels.
The Green Investment Bank, International Finance Corporation and the World Bank wants to thrust the wind energy market growth. Furthermore, the technology across the globe has witnessed significant proliferation. As of August 2017, Green Investment Bank has allocated $ 4.4 billion for projects toward offshore and onshore renewables, energy efficiency and bioenergy.
The China wind energy market share. As per Chinese Wind Energy Association, in 2015, 40 GW of wind power projects were approved, and a total of 115 GW is expected to be added between 2016 and 2020, accounting for a total capacity up to 260 GW.
Residential wind energy market is expected to witness significant growth. Increasing demand for distributed energy systems across the residential sector wants boost the business landscape. As per the US Department of Energy, distributed energy systems are feasible for approximately 49 million industrial, commercial, or residential sites, which is equivalent to more than 42% of the US buildings.
The major players operating in the market
- SIEMENS GAMESA RENEWABLE ENERGY AB
- Nordex Group
- Suzlon Group
- Doosan Heavy Industries & Construction
Favorable government initiatives including federal & state incentives policies, renewable energy-friendly environmental regulations, and utility support will augment the U.S. wind energy market share. In July 2015, Incentivizing Offshore Wind Power Act was introduced to encourage investments in offshore wind energy by providing critical financial incentives.
Offshore wind energy market is predicted to reach over 13 GW of annual installation by 2024. The Government directives toward energy efficiency along with huge untapped potential will boost the product penetration. In 2017, Horizon 2020 sponsored USD 17.83 million to European Commission project towards reduction of operation and maintenance costs of offshore through integration of advanced monitoring technologies for turbines.
Rapid Industrialization coupled with growing awareness towards sustainable energy mix will drive Turkey wind energy market. Limited availability of oil & gas reserves seeks country to improve its energy security by renewable energy sources. The Turkish Wind Energy Association aims to achieve 10 GW of installation by 2020.
The U.S. market size is predicted to surpass 17 GW of annual installation by 2024. Declining component costs, increasing domestic turbine production along with ambitious targets toward capacity addition from renewable will foster the business growth. As per the U.S. Department of Energy, wind energy installations grew by 11% in 2016, constituting over 20% of the new added generation capacity across the nation.
10% owing to directives, energy security initiatives, and decarbonization reforms. The European Union Renewable Energy Directive states the policy for the promotion and production of renewable energy sources across the region. 20% renewable energy integration with wind accounting for over 200 GW installed capacity.
Key industry players across the wind energy market include Vestas, ABB Limited, General Electric, Siemens Gamesa Renewable Energy, Nordex, Enercon, Suzlon, Doosan Heavy Industries & Construction, Senvion, and Vattenfall.
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