The global wind-turbine market has been extensively influenced by rising energy demand from utilities and privately-owned wind farm projects. Increasing investments to the replace conventional non-renewable, power-generating technologies with advanced renewables to curb GHG emissions will continue to stimulate future market shares, finds Global Market Insight. The research find predicts the wind-turbine market will surpass U.S.$70 Billion by 2024.
Onshore market is anticipated to witness gain of over 5% owing to low carbon-emission and economical cost structure when compared to its alternatives. For example, in 2017, Denmark consumed about 43% of its power from wind where 70% of the electricity generation has been from onshore units.
Furthermore, the introduction of large offshore products have led to an escalation in the overall plant performance, which in turn will positively influence the overall industry dynamics.
Declining offshore project development cost, higher efficiency and comparative decrease in visual pollution are few essential parameters which will positively impact the offshore market growth. In 2017, as reported by leading agencies, UK prices of offshore units have witnessed a decrease of 31% in the last four years.
The United States is next in line to experience the growth of offshore wind.
Low cost of installation, coupled with government incentives including feed in tariff and net metering, will sway the grid-connected wind market outlook. Swift expansion of utility based-power networks to cater rising energy demand across residential and industrial areas will further propel the industry growth.
Even the stand-alone wind turbine market is set to grow owing to operative economic feasibility in remote areas when compared to grid connected power networks. Regulatory schemes toward rural electrification along with increasing adoption of microgrid electricity networks will further proliferate the business landscape.
Read more and download the full report here.