Wind Energy Market is Thriving Worldwide 2024 | Vestas, ABB Limited, General Electric, Senvion S.A., Geronimo Energy, Tradewind Energy Inc
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.
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Residential wind energy market is predicted to witness significant growth owing to its wide applications across service and residential buildings. Increasing demand for distributed energy systems across residential sector will boost the business landscape. As per the U.S. Department of Energy, distributed energy systems are feasible for approximately 49 million industrial, commercial, or residential sites which, is equals to more than 42% of the U.S. buildings.
Increasing funding from leading financial institutions including the Green Investment Bank, International Finance Corporation and the World Bank will thrust the wind energy market growth. Furthermore, the technology across the globe has witnessed significant proliferation subject to small-scale funding initiatives from domestic public entities. As of August 2017, Green Investment Bank has allocated USD 4.4 billion for projects toward offshore and onshore renewables, energy efficiency and bioenergy.
Increasing electricity demand along with growing awareness towards sustainable energy will positively impact 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.
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.
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.
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Major players across the industry include Vestas, ABB Limited, General Electric, Senvion S.A., Geronimo Energy, Tradewind Energy Inc, EDF Renewable Energy, ReGen Powertech, Vensys Energy, EDP Renewables, Envision Energy, Leitwind, MHI Vestas, Invenergy LLC, A2SEA, Vattenfall AB, Doosan Heavy Industries & Construction, Goldwind, Siemens Gamesa Renewable Energy, Enercon, Nordex SE, Suzlon Energy Limited, ABO Wind, NextEra Energy Inc, Northland Power Inc, DONG Energy
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Wind Energy Market Industry Insights
Chapter 4. Wind Energy Market, By Axis
Chapter 5. Wind Energy Market, By Connectivity
Chapter 6. Wind Energy Market, By Installation
Chapter 7. Wind Energy Market, By Application
Chapter 8. Wind Energy Market, By Capacity
Chapter 9. Wind Energy Market, By Region
Chapter 10. Company Profiles
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Related Reports: -
Offshore Wind Energy Market Share & Forecast, 2018 - 2024
Offshore Wind Energy Market is anticipated to surpass USD 60 billion by 2024. Growing attention to curb the GHG emissions by shifting inclination toward renewable power generation will boost the industry dynamics. Furthermore, favorable government reforms and monetary support to capitalize the regional offshore potential will further enhance the business growth. For instance, Germany, in 2017, allocated over USD 7 billion for building new offshore and onshore wind farms.
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