Engineering 101

Wind energy market will cross $170bn by 2024

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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 $4.4bn for projects toward offshore and onshore renewables, energy efficiency and bioenergy.

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.

The major players operating in the market:

  • Vestas
  • ABB
  • GE
  • SIEMENS GAMESA RENEWABLE ENERGY AB
  • Nordex Group
  • ENERCON
  • Suzlon Group
  • Doosan Heavy Industries & Construction
  • Senvion
  • Vattenfall

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 £4.4bn for projects toward offshore and onshore renewables, energy efficiency and bioenergy.

Favorable 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 13GW 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 $17.83m 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 and gas reserves seeks country to improve its energy security by renewable energy sources. The Turkish Wind Energy Association aims to achieve 10GW of installation by 2020.

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

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