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Wind Turbine Market size in 2017 was over USD 50 Billion with annual installations to exceed 70 GW by 2024

Author : Rahul Sankrityayan | Published Date : 2019-06-10 

A highly remunerative recipient of the changing sustainability landscape, wind turbine market has emerged as one of the most lucrative verticals of the energy industry. The growing awareness among the regulatory bodies and regional governments about the benefits of deploying renewable energy facilities over non-renewable ones is one of the primary factors fueling the installation of wind energy power plants. In addition, since last few years, a supportive regulatory spectrum has been set up by most regional governments in order to encourage the masses to adopt renewable energy facilities.The establishment of a regulatory frame of reference has also proved useful for the proprietors of this business space, who incidentally comply with the mandated norms to brainstorm a slew of advanced products and strive to increase the dependency on wind energy. The rapidly increasing rate of wind turbine installations installation of wind energy plants across the globe is thus slated to boost overall wind energy turbine industry share.

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Taking into account the widespread expanse of this vertical, prominent contenders has been adopting tried-and-tested as well as unique growth strategies to contribute toward carbon emission reduction. Say for example, recently, in order to consolidate its presence in the green energy industry, GE Renewable Energy Business acquired the WMC test facility center based in Netherlands. At this facility, GE will test wind turbine rotor hubs and provide the research facilities to other wind turbine firms in Netherlands and other European countries. In addition, this well-known green energy contributor is looking forward to carrying out design and manufacturing advancements in wind turbines. A proactive approach like that of GE is certain to expedite wind turbine market trends.

A latest observation in the wind power dynamics is that the energy output from the wind energy plant remains unmatched with the investment cost, due to an excess of energy transformation losses. Having considered the energy-economic imbalance and the requirement of developing advanced wind energy technology, many regulatory bodies are encouraging industry contributors to carry out extensive, technology-oriented research and development activities. Validating the aforementioned fact, recently, the Wind Energy Technologies office of the Department of Energy (DOE) provided funds for the advancement of wind turbines and aims to encourage a spate of research activities with the same. The research plausibly targets cost reduction and lowering the environmental impact of off-shore and land-based wind turbines.

In fact, through the Funding Opportunity Announcement (FOA), the Wind Energy Technologies Office plans to provide funds of approximately USD 6 million, which will be distributed as per the development categories. The continuous involvement of regional governments and regulatory bodies in R&D development activities is thus slated to push wind turbine industry share over the years ahead.

Speaking about offshore wind turbine deployment, it would be imperative to state that as on today, companies need more capital for testing and maintaining these systems. In this regard, most of the energy companies are looking forward to using new technology trends including IoT, AI, and automation. In addition, some of the firms have also gone ahead and signed agreement contracts with several technology companies in the automation sector to maintain the energy consistency.

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Citing an instance justifying the aforesaid statement, the leading developer of offshore wind farms, Ørsted recently collaborated with the renowned robotics solutions provider for wind energy industry, SkySpecs, that will inspect Ørsted’s offshore wind turbine installed at the Irish sea. SkySpecs will provide its robust and precise software-based inspection facilities, which will take approximately fifteen minutes to test turbine blades. The use of advanced analytics dashboards and repair planning workflows will reduce the overall maintenance cost of wind energy plant.

Considering the costs associated with the project installation and repair, wind turbine market contenders have been adopting numerous product development tactics in order to reduce construction expenditure and increase profits. The adoption of such strategies has apparently been proving beneficial for both – industry contributors as well as end-users.

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It is quite plausible that the energy scenario across the globe may undergo a tremendous change of dynamics in the future, driven by a plethora of investments and a supportive regulatory framework. Numerous revenues generating opportunities for the players in wind turbine market seem to be on the radar, as many regional governments look forward to investing in the development of wind energy farms. With the surging investment in renewable energy facility deployment, wind turbine industry will surpass revenue collection of USD 70 billion by the end of 2024.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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