Europe undoubtedly has been one of the most outpacing regions partaking in wind energy industry and is projected to maintain its supremacy over the coming years as well. A plethora of factors have acted in favor of the regional growth, financial backing by both private and government entities being at the pinnacle. In 2017, the European Commission, under its flagship framework program, Horizon 2020, has invested almost USD 17.83 million toward integrating advanced monitoring technologies in offshore wind farm, for reducing the excessive operational and maintenance cost. The Renewable Energy Directive by the European Union deals with the overall production and promotion of energy from renewable sources among EU countries. According to the policy, the directive has set a target of 20% renewable energy integration in the regional energy matrix by 2020, with wind power of over 200GW installed capacity. With stringent regulatory groundwork propagating carbon-free environment and various initiatives taken toward clean energy scheme, Europe has undoubtedly established a strong footprint in global wind energy industry.
Wind energy industry has indeed transited from a niche vertical to an opportunistic business space over the last decade, making Europe a forerunner in the regional landscape. Having had a considerable regulatory and economic support, Europe market presently accounts for a lion's share of almost 90% of the global offshore wind capacity. With maturing supply chain, high level of expertise, and increased technological intervention, Europe wind energy market size is forecast to observe a double-digit growth rate of 10% over 2017-2024.
Other regions are also taking note of Europe's significant progress in the competitive landscape and are taking rigorous efforts toward building a supportive regulation for clean energy movement. China, for instance, under its 13th Five-year plan, has claimed that the national offshore wind power would scale up to 10GW of capacity by 2020.Some of the U.S. based wind energy projects are also advancing at an appreciable pace, with a prediction to install over 17GW of wind power by 2024.The presumption, as per experts' opinion, grounds on past years' statistics with regards to the regional wind energy market outlook- wind energy installations in the United States has grown by 11% in 2016, comprising more than 20% of the latest added generation capacity, claim U.S. DOE department.
Growing demand for renewable energy coupled with rising awareness towards environmental conservation will stimulate the global market. National targets for clean energy along with ongoing depletion of fossil fuel reserves will further propel the industry growth. In 2016, France set its target of renewable energy capacity to 70 GW by 2023 including 23 GW from onshore wind.
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.
Key industry players across wind energy market include EDP Renewables, Vestas, Goldwind, ENERCON, Invenergy LLC, Siemens Gamesa, NextEra Energy, Inc., DONG Energy, Senvion, ReGen Powertech.