Global Wind Market Update
Global Wind Energy To Reach 500 Gigawatts
According to a new report by the Global Wind Energy Council (GWEC), global installations this year will most likely exceed 46 GW and through continual growth reach 500 GW by the end of 2016.
The GWEC predicts average annual market growth rates of around 8% over the next five years. Total installations from 2012-2016 could reach 255 GW, denoting a cumulative market growth of nearly 16%.
The big players in wind during this stretch of time are expected to be India and Brazil, but emerging markets in Latin America, Asia and Africa are also expected to contribute to this growth.
Asia alone will account for 118 GW of installations between now and 2016, surpassing Europe as the world’s leader in wind sometime next year. India’s wind energy capacity will most likely hit 5 GW by 2015.
The EU will continue to be a stable market with the usual suspect Germany accounting for the lion’s share of growth due to the government’s decision to eliminate all nuclear power plants by 2020. Emerging markets like Romania, Poland, Turkey and Sweden will also see some growth.
While Mexico and Canada will install about 1 GW in 2012 in addition to the 8 GW the United States has under construction, the lack of reauthorization of the US federal production tax credit is likely to have a major impact on production in 2013. However, North America, buttressed by Mexico and Canada, will still hit 50 GW of newly installed wind by 2016.
The Latin American market, as stated earlier, is going to be dominated by Brazil. While projections for Brazil are still unknown, it has a strong manufacturing base which will allow for substantial growth.