Wind Turbines Market Size Anticipated To Reach $254 Billion By 2024: Radiant Insights, Inc.

Wind Turbines Market Size Anticipated To Reach $254 Billion By 2024: Radiant Insights, Inc.

PR Newswire

SAN FRANCISCO, Feb.25, 2019

SAN FRANCISCO, Feb.25, 2019 /PRNewswire/ -- Global wind turbine market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Wind Turbine is termed as a device that converts winds kinetic energy into electricity. It is manufactured in horizontal and vertical axis. Depending on their technology the blades of wind turbine rotate between 13 and 20 revolutions per minute. The main purpose is to reduce reliance on fossil fuels. Increasing energy consumption, rising cost of non-renewable energy, efficacy scale generation, and helpful regulatory environment are documented as the major factors estimated to enhance the growth in the years to come. However, high investment and variability in wind speed may restrain overall market growth in future. Wind Turbines Market is segmented based on type, application, and region.

Offshore wind turbine and onshore wind turbine are the types that could be explored in Wind Turbines in the forecast period. Offshore wind turbine accounted for the substantial market share of Wind Turbines and is estimated to continue its dominance in the near future. This may be because it may increase by orders of magnitude. However, onshore wind turbine sector is estimated to grow at steady pace in the coming years.

The market may be categorized based on applications like residential, industrial, commercial, and others could be explored in the forecast period. Industrial sector comprise agriculture, power generation, and telecommunication. Wind Turbines Market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).

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Globally, Asia Pacific accounted for the substantial market share of Wind Turbines and is estimated to lead the overall market in future. However, Europe is estimated to dominate the overall market in future. This could be due to high investment for formation of new wind farms and acquisitions of players. In Asia Pacific region, China and India are the key consumers of Wind Turbines.

The key players of Wind Turbines Market are GE Wind Energy, Enercon GmbH, Xinjiang Goldwind Science & Technologies Co. Ltd, Siemens Wind Power, Suzlon Group, Siemens Wind Power, Guodian United Power Technology Company Ltd, and Vestas Wind Systems A/S. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.

Worldwide markets are poised to achieve continuing growth as wind turbines prove their value by managing to capture significant amounts of renewable energy that can be used as electricity. Lowering electrical generation costs is a key benefit. A $157 billion market worldwide in 2017, the wind turbine market has evolved rather steadily. With the world general recognizing the need to embrace renewable energy, wind turbines have emerged as the go to technology of choice. While most offshore wind turbines are being put in more remote settings, they are still being put in place, mostly in as shallow waters as can be found. Onshore wind turbine markets continue to grow.

There is a strategic move to use the wind energy where it is generated. The ability to use wind electricity where it is generated as much as possible appears to be the most cost-efficient way to leverage renewable energy. Demand prospects remain positive. Emerging markets continue to play a role. Renewal of auctions is reactivating mature markets. Southern Europe is reactivating mature markets with auctions. Activating new markets in Argentina and Russia is being achieved. Excluding China, the global market demand for installations is expected to increase by 8% from 36 GW in 2017 to 45 GW in 2020. The global market for Wind Turbines at $157 billion in 2017 is anticipated to reach $254 billion in 2024. Vestas and GE among others are driving wind turbines as their clients are making further investments in development of renewable energy.

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