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MarketersMEDIA / Newsroom / Wind Turbine Market will surge at 6% CAGR to hit $70 billion by 2024

Wind Turbine Market will surge at 6% CAGR to hit $70 billion by 2024

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Europe wind turbine market is expected to surpass an annual installation of over 20 GW by 2024 as low carbon emission and cost efficiency will propel the industry growth.

— The offshore wind turbine market is expected to exceed USD 16 Billion by 2024. Positive regulatory inclination coupled with long term integration targets will drive the global industry dynamics. Higher efficiency and cost effectiveness are some of the essential parameters which will complement the industry dynamics. Improved operating activity statistics when compared to its counterparts will further enhance the technological demand.

Global Wind turbine market value is anticipated to surpass USD 70 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. The wind turbine market across the globe, in the existing industrial regime has been influenced on account of increasing energy demand from privately owned wind farm ventures and utility aided renewable establishments. The balance between demand and supply has been a key concern for private utilities and industrial participants which in turn has escalated investments toward the development of sustainable power generation plants.

Ability to produce power in turbulent conditions coupled with easy operational activities and low maintenance costs are some of the essential features reforming the horizontal axis wind turbine market share. In addition, effective feasibility across residential applications with low rated capacity observed by positive consumer outlook will nourish the vertical axis unit deployments.

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Rising R&D investment toward technologies based on wind power coupled with growing adoption of large capacity plants will significantly affect the overall product cost. Increasing industrial competition have rendered considerable decrease in the costs of rotor modules along with volume manufacturing & their operational effectiveness. Inclination toward enhanced tower length & blade size to integrate effective resource operation will further augment the global wind turbine market share.

Europe market is predicted to surpass an annual installation of 20 GW by 2024. Cost efficiency, low carbon emission when compared to conventional energy sources and competitive generation tariffs are few imperative parameters influencing the technological adoption. In 2017, Europe installed 16.8 GW addition capacity of wind power, with 3,154 MW from offshore and 12,484 MW from onshore installation.

The stand-alone product portfolio is predicted to grow pertaining to economic feasibility and ease in operations in distant areas when compared to the on-grid power networks. Various government incentives and programs including rural electrification along with growing acceptance of micro-grid electrical networks will further complement the business outlook. Lesser installation costs coupled with governmental reforms & schemes including FiT and net metering will stimulate the on-grid wind turbine market share. Swift expansion of utility-based electricity infrastructure to cater the rising electricity demand from residential & industrial areas will further strengthen the industry landscape.

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Notable industry players operating across the global wind turbine market includes General Electric, Gamesa, Vestas, Senvion, Enercon, Siemens, Goldwind, Nordex Acciona, MHI-Vestas, Suzlon, United Power, Envision Energy, Mingyang, WEG SA, Wobben, Clipper, LM Windpower, Bergey, Impsa, Enessere and Northern Power Systems.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/wind-turbine-market

Source URL: https://marketersmedia.com/wind-turbine-market-will-surge-at-6-cagr-to-hit-70-billion-by-2024/469179

Source: MarketersMedia

Release ID: 469179

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