Wind Energy Market to exceed $170 Billion by 2024

GHG emissions wants to augment the wind energy market. In 2016, Government of UK announced the target to reduce GHG emissions to 58% by 2030 from 1990 levels.

The Green Investment Bank, International Finance Corporation and the World Bank wants to thrust the wind energy market growth. Furthermore, the technology across the globe has witnessed significant proliferation. As of August 2017, Green Investment Bank has allocated $ 4.4 billion for projects toward offshore and onshore renewables, energy efficiency and bioenergy.

The China wind energy market share. As per Chinese Wind Energy Association, in 2015, 40 GW of wind power projects were approved, and a total of 115 GW is expected to be added between 2016 and 2020, accounting for a total capacity up to 260 GW.

Residential wind energy market is expected to witness significant growth. Increasing demand for distributed energy systems across the residential sector wants boost the business landscape. As per the US Department of Energy, distributed energy systems are feasible for approximately 49 million industrial, commercial, or residential sites, which is equivalent to more than 42% of the US buildings.

The major players operating in the market:

1. Vestas

2. ABB

3. GE

4. SIEMENS GAMESA RENEWABLE ENERGY AB

5. Nordex Group

6. ENERCON

7. Suzlon Group

8. Doosan Heavy Industries & Construction

9. Senvion

10. Vattenfall