
A new report published by Transparency Market Research showed the market is booming for wind energy and turbines, when compared to previous years.
Wind turbines are expected to have a market value of more than $93 billion and wind energy cumulative capacity will rise to 1.75 million megawatts by 2030, crushing the previous figure of 197,000 megawatts recorded in 2010, according to the report.
The global wind market is expected to have a 25 percent compound annual growth rate over the next five years, the report stated. And consumers of wind energy money can expect to save as generation of this green energy becomes more cost-effective.
The wind turbine industry has experienced approximately a 28 percent growth rate globally and is expected to continue increasing over time, being the renewable energy in highest demand across the globe, according to TMR.
As of now, onshore technology is leading the way, accounting for 95 percent of market share, the report showed. Offshore technology is at 5 percent since it's in the beginning stages of development. Offshore technology is expected to gain a larger percentage of the market, but will cost more than onshore technology because of its high operation and maintenance figures.
Wind energy is a globally recognized method of meeting electricity demands in a way that is sustainable and safe for the environment, according to the Ocean Energy Council.

