Worldwide Wind Energy Market annual installation to exceed 90 GW by 2024

The U.S. Wind Energy Market share is projected to exceed 17 GW of annual installation by 2024, propelled by declining component costs, increasing domestic turbine production along with ambitious targets toward capacity addition from renewable.

SELLBYVILLE, Del., March 8, 2018 /PRNewswire-iReach/ -- The Industry Outlook Report "Wind Energy Market Size 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 Axis (Horizontal Axis, Vertical Axis), By Connectivity (On-Grid, Off-Grid), 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 & Global Forecast, 2017 – 2024" by Global Market Insights, Inc. says Wind Energy Market share is poised to surpass $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.

 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.

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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.

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.

 Browse key industry insights spread across 1300 pages with 1194 market data tables & 12 figures & charts from the report, "Wind Energy Market" in detail along with the table of contents:

Ambitious targets toward capacity addition along with favourable government initiatives including tax rebate will boost the deployment of ≥2 MW capacity systems. The introduction of renewable energy certificates and carbon credit will further complement the business outlook. Many countries including the U.S. and UK are primarily shifting their focus toward the replacement of traditional power generation plants with sustainable energy sources.

Favourable government initiatives including federal & state incentives policies, renewable energy-friendly environmental regulations, and utility support will augment the U.S. wind energy market share. In July 2015, Incentivizing Offshore Wind Power Act was introduced to encourage investments in offshore wind energy by providing critical financial incentives.

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.

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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Key industry players across wind energy market include Vestas, ABB Limited, General Electric, Siemens Gamesa Renewable Energy, Nordex, Enercon, Suzlon, Doosan Heavy Industries & Construction, Senvion, and Vattenfall.

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Hybrid Solar Wind Market Size 2016 – 2024

Hybrid Solar Wind Market share was over USD 700 million in 2015 with forecast of more than 8% from 2016 to 2024 led by increasing demand for clean fuel off grid electricity.

Offshore Wind Energy Market Size 2016 – 2023

Offshore wind energy market share is anticipated to exceed USD 130 billion by 2023. Rising number of wind farms is expected to drive the market growth over the forecast period.

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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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