Wind Energy Market to Witness Huge Growth by 2024| Goldwind, EDP Renewables, ENERCON, Geronimo Energy, DONG Energy, Envision Energy, Senvion, ABO Wind

Wind Energy Market will cross USD 170 billion by 2024. Growing demand for reliable, cost effective and environment friendly generation systems along with strict government norms to reduce GHG emissions will augment the wind energy market. In 2016, government of UK announced the target to reduce GHG emissions up to 58% by 2030 from 1990 levels.

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Wind energy industry has indeed transited from a niche vertical to an opportunistic business space over the last decade, making Europe a forerunner in the regional landscape. Having had a considerable regulatory and economic support, Europe market presently accounts for a lion’s share of almost 90% of the global offshore wind capacity. With maturing supply chain, high level of expertise, and increased technological intervention, Europe wind energy market is forecast to observe a double-digit growth rate of 10% over 2017-2024.

Other regions are also taking note of Europe’s significant progress in the competitive landscape and are taking rigorous efforts toward building a supportive regulation for clean energy movement. China, for instance, under its 13th Five-year plan, has claimed that the national offshore wind power would scale up to 10GW of capacity by 2020.Some of the U.S. based wind energy projects are also advancing at an appreciable pace, with a prediction to install over 17GW of wind power by 2024.The presumption, as per experts’ opinion, grounds on past years’ statistics with regards to the regional wind energy market outlook- wind energy installations in the United States has grown by 11% in 2016, comprising more than 20% of the latest added generation capacity, claim U.S. DOE department.

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Wind energy converted to mechanical energy is robustly deployed to generate electricity for pumping water, grinding grain, charging batteries, and much more. This massive end-use spectrum is one of the most pivotal factors driving global wind energy industry trends. It is also vital to state that electricity generated through wind energy is increasingly being used to power the residential, commercial and industrial sectors across the world, which has led to energy bills being lowered by 50% to 90%. A substantially large consumption of electricity in the industrial sector had previously put immense pressure on the world’s fossil fuel reserves. However, with the advent of wind energy, the industrial demand for power has been rapidly bifurcated, thereby impelling wind energy market share from the industrial sector. In fact, wind energy industry size from industrial applications is projected to exceed $25 billion by 2024, as per reliable estimates.

With rapid advancements in renewable energy technologies, it is rather inevitable for wind energy market to traverse a rather profitable growth map over 2017-2024. Aided by extensive government initiatives and the robust demand for energy, wind energy market size is projected to cross an annual installation of over 90 gigawatts by 2024, claims a report by Global Market Insights, Inc.

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Key industry players across wind energy market include
• Goldwind
• EDP Renewables
• ENERCON
• Geronimo Energy
• MHI Vestas Offshore Wind
• DONG Energy
• Envision Energy
• Senvion
• ABO Wind

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.