Wind Turbine Market was valued at $81,147 million in 2016 to reach $134,600 million by 2023, and is anticipated to grow at a CAGR of 7.2% from 2017 to 2023.
In the recent years, wind energy became one of the most economical and efficient renewable energy resource. The factors such as no greenhouse gas emission, power supply diversification, and short lead time for planning & construction of wind power projects boost the use of wind turbines.
The technological development for the growth of more reliable and efficient wind turbines makes wind power more cost-effective. Further, depleting natural resources and government initiatives to explore alternative sources of energy drive the global wind turbine market.
The cost of electricity generated using wind energy is expected to decline in near future owing to the technological development. This is expected to deliver substantial growth opportunity for the wind turbine market in near future.
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