An estimated of 16 gigawatts of wind energy was added in the European Union in 2017 according to offshore and onshore wind statistics.
Wind energy is the second; fastest growing source of electricity worldwide with a globally installed capacity of approximately 539581 MW by the end of 2017. More than 89,000 MW of wind energy power plants are working in the U.S. alone as of January 2018.
Similar kind of development is found in Europe too. WindEurope, is a known European association for promoting wind energy not only in Europe but also worldwide. The association has recently revealed a report based on European markets. The analysis shows that market research capacity in Europe was increased by 12.5 GW and offshore grew by 3.1 GW, while new wind farm installations increased by 20% than in 2016. In respect with new investments in wind farming, a total of 11.5 GW have been finalized. The value of these investments was US$ 27.53 billion, 19 percent down in 2016.
The reasons behind low investments in 2016 were given by WindEurope and stated that, cost reduction in wind energy supply chain and increased competition in auctions had given investors more capacity for less cash. WindEurope CEO Giles Dickson described that 2017 was a strengthening year for wind energy and wind has accounted for 12% of Europe’s electricity. “It’s a further evidence that wind is mainstream and delivers bang for your buck,” he said. “It’s cheap, increasingly stable, and industrial consumers are now turning to it as an energy source of choice.”
The need in this electronic era for producing more electricity is increasing and the resources to do so are limited. The opportunities and challenges for the same are mentioned in the Global Advanced Energy Storage Market report published by Coherent Market Insights.