Wind Energy Market Growing Enormously over 2024 by Key Players EDP Renewables, ENERCON, Vestas, Invenergy LLC, Siemens Gamesa, Goldwind

Industrial wind energy market is projected to exceed USD 25 billion by 2024. Growing concerns pertaining to the establishment of sustainable energy mix across industries adhered by advancing distributed generation technologies will augment the industry growth. Ongoing industrialization along with rapid expansion of domestic manufacturing facilities across the developing regions will augment the business scenario.

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The U.S. market 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.

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.

Growing demand for renewable energy coupled with rising awareness towards environmental conservation will stimulate the global market. National targets for clean energy along with ongoing depletion of fossil fuel reserves will further propel the industry growth. In 2016, France set its target of renewable energy capacity to 70 GW by 2023 including 23 GW from onshore wind.

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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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.

Key industry players across wind energy market include
• EDP Renewables
• Vestas
• Goldwind
• ENERCON
• Invenergy LLC
• Siemens Gamesa
• NextEra Energy, Inc.
• DONG Energy
• Senvion
• ReGen Powertech

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.