GlobalData forecasts the wind power market of 2020
Research and consulting firm GlobalData has released a report forecasting the global wind power market up to the year 2020. The report finds that despite demonstrating a slowed growth rate, China will continue to be the largest wind power market as it attempts to reduce its carbon footprint while increasing electricity production in rural areas.
The report revealed that China has doubled its cumulative wind capacity every year between 2006 and 2011, growing at a compound annual growth rate (CAGR) of 76% from 2006 to 2012. China, the US, Germany, UK, Italy, Spain and India accounted for 74% of global installed wind capacity in 2012.
According to the report, the success of the Chinese wind power market can be attributed to a combination of market guidance and government encouragement, after the Chinese government introduced a number of financial and regulatory initiatives to promote renewable energy sources.
“Supportive government policies that include an attractive concessional program and the availability of low-cost financing from government banks are the main reasons for the growing wind power market in China,” said GlobalData Power Sector Analyst Swati Singh. “However, the growth rate will slow down in the forecast period due to insufficient infrastructure, low-quality wind turbines and questionable pricing policies.”
The global offshore wind power market is expected to grow significantly, said the report, with its capacity expected to reach 51.2 GW in 2020 from just 5.5 GW in 2012, growing at a CAGR of 32.3% with the UK leading the installations. Additionally, global offshore wind power is going to be further explored across the world because of stronger and more consistent winds than onshore, with an increasing number of high-scale projects being developed.
“The outlook for the wind energy sector appears positive, although future growth is expected to slow down during the forecast period,” said Singh. “This is mainly due to continuing uncertainties in the US and the maturing European wind power market.”
The report can be accessed here.
Solar cell achieves world record for efficiency
University of Queensland researchers claim to have set a world record for solar cell efficiency...
Boral secures grant for cement kiln carbon reduction
The project will reduce process emissions from cement clinker manufacturing by up to...
Vast secures grant to progress SA Solar Fuels project
HyFuel Solar Refinery, a subsidiary of Vast, has been awarded $700,000 through the ASLET...
