Wind energy market picking up strength

The wind energy market is expected to grow beyond $170 billion worldwide over the next five years.

According to Global Market Insights (GMI), growth will be driven by increasing demand for reliable, cost effective and environment friendly generation systems along with strict government rules to reduce greenhouse gas emissions.

“Increasing funding from leading financial institutions including the Green Investment Bank, International Finance Corp. and the World Bank will thrust the wind energy market growth,” the US-based research firm said.

GMI said that as of August 2017, Green Investment Bank alone earmarked $4.4 billion for projects toward offshore and onshore renewable energy sources, energy efficiency and bioenergy.

“Furthermore, the technology across the globe has witnessed significant proliferation subject to small-scale funding initiatives from domestic public entities,” GMI said.

GMI expects residential wind energy market to show significant growth because of the growing uptake across service and residential buildings.

“Increasing demand for distributed energy systems across residential sector will boost the business landscape,” GMI said.