Research and Markets has released a new report entitled “Global & China Wind Turbine Market by Offshore/Onshore Type, Geography, Installed Capacity, Price Trends & Forecasts." According to the report, the demand for energy from renewable source has been rising in the past decade. Global wind turbine cumulative installed capacity has reached 159 GW in 2009, up from 292.9 GW in 2003-a 310% increase. The future wind growth potential also looks very promising. Installed capacity is expected to increase by 173% and reach 434.5 GW by 2015. The industry growth is supported by market drivers like the increasing price of non-renewable energy such as crude oil and natural gas, growing energy consumption (particularly from emerging countries), a pro-wind regulatory environment for wind projects and wind farms, and an increase in utility-scale wind energy generation plants.
China is the largest and fastest growing market, recording 449% growth over the last six years and reaching 26 GW installed capacity in 2009 (from 567 MW in 2003). The market in China is expected to show a 282% increase, with the addition of 73.3 GW in installations, between 2009 and 2015.
Due to the Chinese market’s growth, Asia Pacific became the fastest growing region. In 2009, the Asia Pacific led the growth with the addition of 16 GW of wind turbines, followed by the U.S. (11.6 GW) and Europe (10.5 GW). Other parts of the world achieved 168 MW in new installations in 2009.
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Global Wind Turbine Market on the Rise
February 21, 2011