The global wind turbine market is expected to generate more than $70 billion by 2024

According to the latest research report by Global Market Insights, the global wind turbine market is expected to generate more than $70 billion
by 2024.

The global wind turbine market is expected to generate more than $70 billion by 2024

Increased investment in effective R&D of wind power technologies and a significant increase in acceptance of high-capacity projects will broadly affect overall product prices
.
Increasing industrial competition with operational efficiency and mass production has led to a significant drop in the price of rotor modules
.
In addition, improving blade size and tower height to match efficient resource operations will have a positive impact
on global market dynamics.

The global wind turbine market is affected
by the existing industrial regime due to the increasing energy demand of private wind farm companies and utility-assisted renewable enterprises.
The balance between demand and supply has been a major concern for private utilities and industrial players, which in turn has increased investment
in sustainable power plant development.

The ability to generate power in turbulent conditions coupled with simple operating activities and low maintenance costs are some of the fundamental features
that change the market share of horizontal axis wind turbines.
In addition, the effective viability of residential applications with low rated capacity observed through a positive consumer outlook will nourish vertical axis unit deployment
.

The adoption of distributed generation technologies related to aging energy applications will power wind turbine market shares greater than 2 MW
.
Increasing efficiency, reducing costs, and low emissions through enhanced proximity to technology are important parameters
driving the adoption of these devices.
In addition, current technological developments, including increased efficiency and flexibility for recovery and non-recovery, will further impact the industry outlook
.

The off-grid wind turbine market will grow
in relation to operational and economic viability in distant areas compared to grid-connected power networks.
Government initiatives related to rural electrification initiatives, coupled with the growing popularity of microgrids, will further boost business growth
.
Low installation costs and government programs and incentives, including net metering and FiT, will boost demand
for feed-in products.
To meet the growing energy demand of industrial and residential areas, the rapid development of utility-based power deployment will further stimulate the industry growth
.

The offshore wind turbine market is expected to exceed $16 billion
by 2024.
Positive regulatory tendencies coupled with long-term consolidation targets will drive the offshore wind industry
.
Greater efficiency and cost-effectiveness are some of the basic parameters that complement industry dynamics
.
Improved operating activity statistics will further increase technology demand
compared to peers.

Due to the increase in domestic system production, lower module costs, and established targets for renewable energy capacity increase, the annual installed capacity of the US wind turbine market is expected to exceed 7 GW
by 2024.

By 2024, the annual installed capacity of the European market will exceed 20 GW
.
Cost efficiency, low carbon emissions, and competitive power generation tariffs are necessary parameters
to influence the adoption of wind power technologies compared to conventional energy sources.
In 2017, Europe added 16.
8 GW of wind power capacity, 3,154 MW offshore and 12,484 MW onshore
.

Major players in the global wind turbine industry include Vestas, Anacon, General Electric, Siemens Gamesa, Nordex Acciona, Senvion, Goldwind, Mitsubishi Heavy Industries-Vestas, United Power, Suzlan, LM Wind and others
.

，