Wind Energy Market Size By Axis (Horizontal Axis, Vertical Axis), By Connectivity (On-Grid, Off-Grid), By Installation (Onshore (Turbine (Grounded (Tower, Rotor Blade, Others))), Support Structure (Substructure-Steel, Foundation (Monopile, Jacket), Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others), Offshore (Turbine (Floating (Tower, Rotor Blade, Others), Grounded (Tower, Rotor Blade, Others)), Support Structure (Substructure-Steel, Foundation (Monopile, Jacket), Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others), By Application (Utility, Industrial (Food, Paper/Pulp, Chemical, Others), Commercial (College/University, Office, Government/Military, Others) Residential), By Capacity (<30 kW, 30 kW < 500 kW, 500 kW< 2 MW, ≥2 MW) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Sweden, Turkey, Poland, Netherlands, Austria, Portugal, Denmark, Italy, Spain, China, India, Australia, Japan, South Korea, Vietnam, Thailand, Indonesia, Malaysia, Philippines, Taiwan, South Africa, Egypt, Morocco, Ethiopia, Brazil, Chile, Peru), Application Potential, Competitive Market Share & Forecast, 2017 - 2024
Global Wind Energy Market is set to surpass USD 170 billion by 2024. Rising demand for reliable, environment friendly, and cost-effective generation systems coupled with stringent government norms to cut greenhouse gas emissions will drive the industry growth.
Growing investment from financial institutions including Green Investment Bank, World Bank, and International Finance Corporation will fuel the wind energy market Furthermore, the technology has witnessed significant proliferation across the globe owing to the small-scale investment initiatives from domestic public organizations. As of 2017, Green Investment Bank has invested over USD 4 billion for projects toward onshore and offshore renewables, bioenergy, and energy efficiency.
Rising awareness towards renewable energy coupled with growing demand for sustainable electricity will positively influence China wind energy market growth. According to the Chinese Wind Energy Association (CWEA), 40 Gigawatt of wind power projects received approval in 2015, and a total of around 115 GW is anticipated to be added between 2016 & 2020, which will account for a total capacity of up to 260 GW.
Residential wind energy market is expected to witness strong growth on account of its wide applications across residential buildings along with increasing distributed energy systems demand across the sector. As per the U.S. DOE, distributed energy system is feasible for around 49 million residential, commercial or industrial sites which is equals to over 42% of buildings in the U.S.
Favorable government initiatives including utility support, federal and state incentive policies, and renewable energy friendly environmental regulations will positively impact the U.S. wind energy market growth. In 2015, the U.S. Senators introduced an Incentivizing Offshore Wind Power Act to encourage funding in the offshore wind energy by offering critical financial incentives. The directives toward energy efficiency coupled with huge untapped potential will further embellish the industry growth.
Ambitious targets for capacity addition coupled with government initiatives including tax rebate will augment the adoption of ≥2 MW capacity systems. Several countries including the UK and the U.S. have witnessed shift in focus toward the replacement of existing power generation plants with renewable energy sources. The introduction of carbon credit and renewable energy certificates will further complement the business landscape.
Growing awareness towards renewable energy mix coupled with rapid industrialization will fuel the Turkey wind energy market Limited oil & gas reserves encourage the country for the improvement of its energy security with sustainable energy sources. The Turkish Wind Energy Association has set a target to attain 10 GW of installation by 2020.
Eminent participants in the wind energy market include ABB Limited, General Electric, Vestas, Nordex, Siemens Gamesa Renewable Energy, Enercon, Doosan Heavy Industries & Construction, Suzlon, Senvion, and Vattenfall.