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Wind Turbine Market Research Report by Size, Application, Growth, Trends, and Forecast to 2024

An extremely remunerative recipient of the evolving sustainability landscape, wind turbine market share has witnessed unprecedented growth over the years in the energy sector. The increasing awareness among the regulatory bodies and the regional governments regarding the advantages of using renewable energy solutions over non-renewable ones has been one of the main factors supporting the installation of wind energy power plants.

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Moreover, since the past few years, a supportive regulatory spectrum has been established by the regional governments to encourage the masses to use renewable energy facilities. The evident growth in industrialization over the years along with consequent enhancement in the residential sector has amplified the demand for electricity over the years. In the year 2018, the total energy generated in the U.S. was recorded at 4,178 million megawatt-hours.

The major concern for the market participants and utilities is to strike a balance between the supply and demand of these units, which has magnified investments towards the enhancement of renewable power generation solutions. Enumerated below are some of the integral factors that may complement the global wind turbine market outlook in the coming years.

Wide adoption of standalone wind turbines

Stand-alone wind turbines have experienced tremendous adoption due to their cost-effectiveness and ease in operations in various areas as compared to the on-grid networks. Many government incentives and programs such as rural electrification and the rising acceptance of microgrid electrical networks has supported the use of the product.

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Reduced cost of installation along with governmental reforms and schemes such as net metering and FiT has driven the deployment of the on-grid wind turbines size over the years. Considerable expansion of utility-based electricity infrastructure to meet the increasing demand for electricity from residential, commercial, and industrial areas has strengthened the industry landscape.

Robust wind energy generation in Europe

In terms of regional prospects, Europe wind turbine industry is expected to lead the market for the next couple of years due to stringent regulations established by the governments. Cost-effectiveness, low carbon emission as compared to non-renewable energy solutions along with sustainable generation tariffs are some of the key parameters that have supported the adoption of the technology. In the year 2017, Europe installed a total of 16.8 GW additional power capacity with, 3,154 MW from offshore and 12,484 MW from onshore deployments.

Rise in the number of Europe offshore wind farms

Recently, the European Investment Bank had decided to develop a 497MW offshore wind farm in north-west France by offering one-quarter of the total financing. The proposed project is being developed by a consortium made up of EDF Renewables, Wpd, and Enbridge. In total, the project costs €2 billion and is slated to go online by 2023.

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Offshore wind turbine deployments is expected to amass USD 16 billion by the end of 2024. Long term integration targets along with positive regulatory inclinations has driven developments in the market. Superior operational efficiency as well as cost-effectiveness are some of the imperative parameters that has positively influenced turbine installations.

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