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Global Wind Turbine market

Published On July 18, 2017 By Madhuri

With the evolution in the energy sector, Wind energy is making record breaking progress year over year. In 2015 wind turbine had passed 63 GW mark for the first time, In 2016 it has reached annual installations of 76 GW which was was equal to almost half of global electricity growth, a 22% increase and by the end of year, there were about 487 GW of wind power spinning around the globe.

Looking ahead, we can also see a period of steady growth. Asia will continue to lead, and Europe will move steadily towards its 2020 targets. In North America, both Canada and the US seems poised for another round of growth, and as Mexico’s energy reform gets bedded down, we should look at it as a period of rapid development in that newly liberalized market. In Latin America, Brazil will continue to lead, although Chile, Peru, Uruguay and now Argentina will contribute. In Africa and the Middle East, besides market leader South Africa, both Morocco and Egypt seem poised for solid growth in the next five years, and smaller markets in Kenya, Ethiopia and elsewhere are moving. Wind is now a mainstream source of energy supply and will play a leading role in de-carbonization too.

According to latest publish report by Global Wind Energy Council(GWEC) the 2016 market was more than 54.6 GW, bringing total global installed capacity to nearly 487 GW led by China, the US, Germany, and India.

US installations (8,203 MW) were nearly equal to 2015’s strong market, bringing the US total to more than 82 GW. The US industry now employs more than 100,000 people and has more than 18 GW under construction or in advanced stages of development, a harbinger for a strong market again in 2017. Canada (702 MW) and Mexico (454 MW) posted solid though modest gains.

India set a new national record with 3,612 MW of new installations, 2016’s 4th largest market; this brings the country’s total to 28,700 MW, consolidating its 4th position in total cumulative installations as well. “We have great expectations for the Indian market” continued Sawyer, “and we look forward to seeing offshore making a contribution in India in the next few years.”

Wind power had proved itself as a mature technology in front of us, with proven reliability and cost competitiveness across an ever-increasing number of markets today. The cost-stability of wind power had also made it a very attractive option for utilities for Independent power producers and companies who are looking for a hedge against the wildly fluctuating prices of fossil fuels. At the same time these wind energy is reducing their carbon footprint.

Market will be driven by increasing price of non-renewable energy sources, growing energy consumption especially from emerging countries, pro-wind regulatory environment for wind projects and increase in utility scale wind energy generation farms.

Wind power is the competitive way of adding new power generation capacity to the grid in many markets around the world, even when competing against heavily subsidized conventional generation technologies.2016 was the big year for the big markets – China, the US, Germany and Brazil, all of which set new records. But there is a lot of activity in new markets around the world and in 2017 the installations are likely to see a broader distribution.

There is still an acute need around the world for new power generation, which is clean, affordable, indigenous, reliable and quick to install. Wind power is leading the charge in the transition away from fossil fuels; and is blowing away the competition on price, performance and reliability.