The rapidly depleting fossil fuels have led to renewable sources emerging as the savior in global energy industry. Wind energy market, one of the most prominent and pivotal verticals of the energy cosmos, in consequence, is turning out to be a lucrative space for investors, given that the massive climate change crisis has further galvanized the demand for clean and renewable energy.
The increasing awareness regarding global warming and the fast depletion of non-renewable energy sources have led to paradigm shift toward sustainability – a trend that has led to wind energy industry capturing substantial attention on a global scale. Say for instance, The Ministry of New and Renewable Energy of India passed a policy in 2016 that will repower wind power turbines with a capacity of 1 MW or below. In France, the target for renewable power capacity has been set at 70 GW by 2023, which includes 23 GW from onshore wind turbines. These instances testify the stand taken by regional governments toward developing and facilitating renewable power resource infrastructure, which indeed is a major impetus for wind energy market expansion.
Wind energy being a clean, cost-free, and pollution-free source of energy, is being rapidly exploited across the energy sector. Though the source of the energy is free, the turbine installation and energy conversion and commercial deployment demand quite some expense, on the grounds of which many governments have been offering tax incentives to wind energy market firms. It is noteworthy to know however, that lately, mass production and advancement in technologies is making wind turbines cheaper, further spurring the wind energy industry.
Subject to numerous onshore turbine installations pertaining to low carbon emissions and reduced costs, onshore wind energy market is predicted to register a CAGR of 13% over 2017-2024. Efforts undertaken by regulatory authorities, such as the Paris Agreement, further testify the vast expanse of onshore wind energy industry. However, complaints from locals about wind turbines causing visual disturbance and sound pollution has stimulated the offshore wind energy market in recent times. The reduction in installation costs, the presence of high and continual wind speeds, and minimal visual pollution has further encouraged the implementation of offshore wind turbines, thereby stimulating the overall wind energy market growth over 2017-2024.
Wind energy converted to mechanical energy is robustly deployed to generate electricity for pumping water, grinding grain, charging batteries, and much more. This massive end-use spectrum is one of the most pivotal factors driving global wind energy industry trends. It is also vital to state that electricity generated through wind energy is increasingly being used to power the residential, commercial and industrial sectors across the world, which has led to energy bills being lowered by 50% to 90%. A substantially large consumption of electricity in the industrial sector had previously put immense pressure on the world’s fossil fuel reserves. However, with the advent of wind energy, the industrial demand for power has been rapidly bifurcated, thereby impelling wind energy market share from the industrial sector. In fact, wind energy industry size from industrial applications is projected to exceed $25 billion by 2024, as per reliable estimates.
With rapid advancements in renewable energy technologies, it is rather inevitable for wind energy market to traverse a rather profitable growth map over 2017-2024. Aided by extensive government initiatives and the robust demand for energy, wind energy market size is projected to cross an annual installation of over 90 gigawatts by 2024, claims a report by Global Market Insights, Inc.
Contributed by Global Market Insights