Wind energy and renewables market will break US$170 billion by 2024
In 2016, the UK government 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 boost the wind energy market growth. As of August 2017, Green Investment Bank has allotted US$4.4 billion towards investing in offshore and onshore renewables, energy efficiency, and bioenergy.
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According to the Chinese Wind Energy Association, in 2015, 40GW of wind power projects were approved, and a total of 115GW is expected to be added between 2016 and 2020, accounting for a total capacity up to 260GW.
Residential wind energy market is expected to grow exponentially, with an increasing demand for distributed energy systems across the residential sector. 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.
Favourable government initiatives including federal and state incentives policies, renewable energy-friendly environmental regulations, and utility support will add to the US 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 is estimated 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 invested US$17.83 million in the European Commission project towards reduction of operation and maintenance costs of offshore through integration of advanced monitoring technologies for turbines.
Rapid industrialisation alongside an increasing awareness towards sustainable energy mix will drive the Turkish wind energy market. Limited availability of oil and gas reserves is pushing the country to improve its energy security through renewable energy sources. The Turkish Wind Energy Association aims to achieve 10GW of installation by 2020.
The US market is predicted to surpass 17GW of annual installation by 2024. Declining component costs, increasing domestic turbine production along with ambitious capacity targets from renewable will foster the business growth. Wind energy installations grew by 11% in 2016, constituting over 20% of the new added generation capacity across the nation.
The European Union Renewable Energy Directive policy for the promotion and production of renewable energy sources across the region has seen 20% renewable energy integration with wind accounting for over 200GW installed capacity.
Currently, major industry players are Vestas, ABB, GE, Siemens Gamesa Renewable Energy AB, Nordex Group, Enercon, Suzlon Group, Doosan Heavy Industries & Construction, Senvion, and Vattenfall.