Wind Turbine Markets Bring Strong Growth to Renewable Energy Projects

Worldwide markets are poised to achieve continuing growth as wind turbines prove their value by managing to capture significant amounts of renewable energy that can be used as electricity. Lowering electrical generation costs is a key benefit.

A $157 billion market worldwide in 2017, the Wind Turbine Market has evolved rather steadily. With the world general recognizing the need to embrace renewable energy, wind turbines have emerged as the go to technology of choice. While most offshore wind turbines are being put in more remote settings, they are still being put in place, mostly in as shallow waters as can be found.

Onshore wind turbine markets continue to grow. There is a strategic move to use the wind energy where it is generated. The ability to use wind electricity where it is generated as much as possible appears to be the most cost-efficient way to leverage renewable energy. Demand prospects remain positive. Emerging markets continue to play a role. Renewal of auctions is reactivating mature markets.

Southern Europe is reactivating mature markets with auctions. Activating new markets in Argentina and Russia is being achieved. Excluding China, the global market demand for installations is expected to increase by 8% from 36 GW in 2017 to 45 GW in 2020. The global market for Wind Turbines at $157 billion in 2017 is anticipated to reach $254 billion in 2024. Vestas and GE among others are driving wind turbines as their clients are making further investments in development of renewable energy.