Global wind energy market size to cross annual installations of 70 GW by 2024

The worldwide wind turbine market is expanding at an unprecedented rate, thanks to the economic advantages of wind energy and increasing competitiveness of sustainable sources over their fossil fuel counterparts. The uncertainties regarding the global oil & gas supplies and the pressing need to adopt emission free technologies have had a positive impact on the wind turbine market growth in the recent years. With the benefit of wind power being a competitively priced technology, the global wind turbine market, pegged at USD 50 billion in 2017, is further likely to emerge as sophisticated grid management sector.
The global wind turbine market has been ablaze with number of projects and contracts that are certain to depict lucrative results in the ensuing years. For instance, the Germany wind turbine industry major Senvion has inked a conditional contract with the Saudi energy group Alfanar to deliver turbines for a wind power project of over 300 MW in Spain. Under the terms of agreement, reports reveal that Senvion will supply a broad range of products including its new turbine types 3.XM140 and 4.2M140. The installation and commissioning of the project is planned in 2019.

The company has also been successfully awarded with 101.2 MW project from India’s ReNew Power. Senvion will be delivering its wind turbines to the Bhuwad Wind Project in Gujarat as well. Known for its globally proven service capabilities and its technological expertise, industry analysts deem that the German wind turbine manufacturer has fairly established its market presence across Spain and India.

Offshore wind market to witness lucrative investment trends:

Siemens Gamesa’s recent subcontract with Ørsted to provide wind turbines for the Coastal Virginia Offshore Wind project in partnership with Dominion Energy in Virginia, U.S. is a significant substantiation of the robustly growing offshore wind industry. The company will supply two of its units of 6 MW SWT-6.0-154 wind turbines that have the potential to generate power of more than 12 MW off the Virginia coast. Reportedly, the deliveries for the project are scheduled to commence from 2020 post which Ørsted will be installing the turbine components on the monopile foundations. As per a report by Global Market Insights, Inc., the U.S. offshore wind energy industry is estimated to exceed 1 GW by 2024.

The company claims that they have developed a state-of-the-art turbine technology that will complement the future of offshore wind power. Primarily thriving on the cusp of higher efficiency, improved operating activity, and cost effectiveness, offshore wind turbines installations have significantly scaled up in the recent years. Estimates further claim that the offshore wind turbine market will hit a significant remuneration valuation of more than USD 16 billion by 2024.

A sneak-peek into the regional landscape of the global wind turbine industry:

With an outstanding number of installations in both onshore and offshore wind farms, Europe has emerged as a commercial hub for wind energy market. Estimates claim that in 2017, the overall region experienced the installation of an additional capacity of wind power of 16.8 GW, with 12,484 MW from onshore and 3,154 MW from offshore installations. The construction of giant projects such as the London Array and Hornsea Project One have further marked an important milestone in the growth graph of Europe wind turbine market. Primarily on account of the introduction of favorable policies for the production and promotion of renewable energy sources, Europe wind turbine market is further estimated to exceed an annual installation of 20 GW by 2024. The regional wind energy industry is forecast to register a double-digit growth rate of 10% over 2017-2024.

The U.S. is another significant region for wind turbine market expansion with a very strong project pipeline for the coming years. According to the U.S. DoE, installation of wind power units grew by 11% in 2016, which in turn has established more than 20% of the new added generation wind capacity across the country. Decrease in component cost, increase in domestic system production, and determined targets for addition of clean energy have considerably supported the regional growth. Reports claim that the U.S. wind turbine market is projected to surpass annual installation of 7 GW by 2024.

In Asia, China continues to be a front-runner with extraordinary investment trends and governmental support. Smart grid deployment projects along with the robust expansion of the solar and wind energy sectors have set the stage for rapid growth of wind turbine market in the ensuing years. A lot of activity is also seen in the Latin America, Middle East, and Africa however these regions are still poised to become major markets.

Driven by a plethora of investments and the presence of a supportive regulatory framework across these myriad geographies, the global wind turbine market is set to nothing but proliferate in the coming few years. A presumption standing as a validation to the same is that of a report compiled by Global Market Insights, Inc., that claims the global wind turbine market to surpass USD 70 billion by 2024.