Global Wind Turbines Market will Show Steady Growth until 2019, although the Market will Witness a Decline in 2020
The global wind turbines market is expected to increase to $81.14 billion in 2019 from $76.54 billion in 2015. However, it is estimated to show a slight dip and reach $71.21 billion in 2020. In 2015, the Americas, Asia-Pacific, and Europe, Middle East, and Africa (EMEA) region accounted for $19.96 billion, $30.09 billion, and $26.49 billion market values, respectively.
The following figure illustrates the global market value for the wind turbines in 2015, 2019, 2020.
In 2019, the wind turbines market in the Americas and EMEA registered $23.52 billion and $32.58 billion, respectively and dipped to $13.55 billion and $32.48 billion, respectively in 2020. The Asia-Pacific market witnessed stable market conditions, registering, $25.04 billion and $25.18 billion in the year 2019 and 2020.
Technological developments have paved way for more effective and reliable equipment and machinery, making wind one the most reliable source on power in the global market. The growth of the wind energy market is fueled by declining cost of wind power generation and growing environmental concerns. Furthermore, wind power technology is being supported by financial incentives from various governments across the world.
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Published: Jan 2017
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