Wind Turbine Market revenue will retain 6% CAGR to overtake $70 billion by 2024
SELLBYVILLE, Del., August 6, 2018 /PRNewswire-iReach/ -- Wind Turbine Market is projected to cross USD 70 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rising energy demand from private wind farm projects and utility aided sustainable establishments has positively influenced the industrial regime, across the globe. The major concern for industrial participants and utilities is to maintain a balance between the demand and supply of these units which in turn has intensified investments toward the improvement of renewable power generation technologies.
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.
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Technological integration of distributed generation in existing energy applications will boost the > 2 MW product penetration. Cost competitiveness, low emissions, improved efficiency favoured by improved technological proximity are few key parameters enhancing the acceptance of these units. In addition, the present development in technologies including flexibility of un-recuperated and recuperated systems and enhanced efficiency will further propel the global market.
Europe wind turbine market is anticipated to witness an annual installation of over 20 GW by 2024. Low carbon emission, cost efficiency when compared to non-renewable energy sources and sustainable generation tariffs are few key parameters influencing the adoption of these technologies. Europe, in 2017, installed 16.8 GW additional wind power capacity, with 12,484 MW from onshore and 3,154 MW from offshore deployments.
Capability to produce electricity in volatile weather conditions along with low maintenance costs and ease in operational activities are some of the important features restructuring the horizontal axis unit deployment. Furthermore, effective feasibility in residential applications with lower capacity rating observed by encouraging consumer outlook will enhance the vertical axis wind turbine market share.
Offshore deployments are predicted to surpass USD 16 Billion by 2024. Long term integration targets along with positive regulatory inclination will drive the global wind turbine market dynamics. Cost effectivity and higher operational efficiency are some of the imperative parameters which will positively influence the industry growth. Improved plant performance statistics in comparison to the available counterparts will further sway the technological demand.
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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 microgrid 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.
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.
Wind turbines market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:
Wind Turbine Industry, By Axis
- Horizontal (HAWTs)
- Down wind
- Vertical (VAWTs)
Wind Turbines Industry, By Installation
Wind Turbines Industry, By Connectivity
- Grid connected
- Stand alone
Wind Turbine Industry, By rating
- < 100 kW
- 100 kW to 250 kW
- > 250 kW to 500 kW
- > 500 kW to 1 MW
- 1 MW to 2 MW
- > 2 MW
Wind Turbine Industry, By Application
- Manufacturing industries
- Process industries
- Chemical industries
Wind Turbines Market, By Component
- Rotor Module
- Nacelle Module
- Tower Module
The above information is provided on a regional & country basis for the following:
- North America
- South Korea
- South Africa
- Asia Pacific
- Middle East & Africa
- Latin America
Browse key industry insights spread across 800 pages with 1696 market data tables & 13 figures & charts from the report,
"Wind Turbine Market"
in detail along with the table of contents:
About Global Market Insights
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.
Media Contact:Jignesh Thakkar, Global Market Insights, Inc., +13028467766, email@example.com
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SOURCE Global Market Insights, Inc.