According to a recent study from market research firm Global Market Insights, the wind energy market is set to grow from its current market value of more than $70 billion to over $160 billion by 2024.gaining remarkable traction over the 2017 to 2024 period.

According to a recent study from market research firm Global Market Insights, the wind energy market is set to grow from its current market value of more than $70 billion to over $160 billion by 2024.gaining remarkable traction over the 2017 to 2024 period.

Aided by technological advancements and sustainability, wind energy market has emerged as a viable industry vertical in the global energy ecosystem. Over the years, the need for cost-effective, renewable energy generation systems have shifted consumers as well as manufacturer's interest towards the wind energy sector.

Governments all across the globe are planning to impose strict emission laws over the use of fossil fuels, which could promote the deployment of wind energy projects on a large scale. An increasing number of investment activities initiated by leading financial institutions such as the World Bank, International Finance Corporation and Green Investment Bank to facilitate these projects could play a vital role in expanding the global wind energy market size.

Taking 2017 for instance, Green Investment Bank had set aside over USD 4 billion for projects associated with bioenergy, energy efficiency, and offshore and onshore renewables. In conjunction with these big financial institutions, domestic public organizations have too made some noteworthy investments to advance the growth of small-scale wind energy plants.

Slated below are few of the ongoing developments in global wind energy market:

Heavy investments in China:
Growing inclination towards sustainable and renewable sources of energy in China is expected to boost the region's wind energy market share in the future. As per the Chinese Wind Energy Association (CWEA), a total of 40 GW of wind power units have gained approval from the board in 2015, and a cumulative of 115 GW is planned to be added by 2020. This will take the region's total wind energy capacity to 260 GW.

Favorable initiatives for endorsing renewable energy:
Supportive initiatives like federal and state incentive policies, utility support and environmental regulations that promote implementation of renewable energy could broaden the U.S. wind energy market outlook.

For instance, earlier in 2015, the U.S. Senators had presented Incentivizing Offshore Wind Power Act to boost funding activities in offshore wind energy projects by providing substantial financial incentives. Apart from this, the region possesses a huge untapped potential for renewable energy sources like wind. Increasing directives towards energy efficiency could stimulate the U.S. wind energy sector.

Source: https://www.gminsights.com/industry-analysis/wind-energy-market