As global economies grapple with skyrocketing oil imports and burgeoning energy bills, the transition towards a renewable source-based energy economy is a slow, yet inevitable reality. The uncertainty and unrest in the energy sector, rapidly depleting natural resources, together with the political pressures and environmental issues, are shedding light on the rapidly evolving role of clean technologies such as wind power, solar energy, fuel-cell power automobiles, and other bio-based materials. As the investment climate for clean technologies clears, the clean energy market is expected to witness a barrage of investments, with energy companies vying for a stake in clean technologies. Wind and solar power constitute the most widespread cost-competitive solutions for the global energy crisis.
Wind power is poised to gain from the tumult in the energy sector. Although the market is expected to face several competitive and structural challenges, apart from the meltdown in the global economy, wind energy is capable of surviving the uncertainties plaguing the overall energy market. Countries around the world have set a target of meeting 12% of the world’s electricity needs from the winds by the year 2020.
Strategic developments in the wind industry, vibrant new power project undertakings and upgradation activities, cumulative increment in new capacity installations in the recent past, and the transforming governmental energy plans, offer buoyant market forecasts. Although cost of wind energy has drastically declined over the last few years, a further reduction of 30% to 50% is required if wind energy is to compete on par with conventional energies. Appropriate funding and co-ordination of R&D activities could very well help in achieving a cost reduction of 40%. Rising concerns about dramatic environmental changes, attributed to unabated use of fossil fuels, is another driving force for renewable energy market.
The market is expected to produce over 2000 TWh of electricity, and meet about 20% of global power demand and result in carbon dioxide savings of more than 1,500 million tonnes in 2020. More than 1/3rd of the increased global capacity was driven by growth in China where newly added wind power capacity reached 14 GW in 2009. China has emerged the largest producer of wind power surpassing the US, which was in the leading position until mid-2010.
Asian countries constitute the fastest growing regions, particularly China and India, which are characterized by high pollution and rising electricity demand. Lured by attractive growth prospects, several wind energy companies have expanded their presence in these regions. The US, India and China are focused on employing onshore wind, while Northwest Europe as well as the UK focus on developing offshore wind power across the North Sea. Offshore wind farms production is expected to outpace land-based wind turbines production by 2015, as countries across the globe increasingly employ renewable energy produced through offshore wind.
The renewable energy market remained largely unfazed by the global economic slowdown that surfaced during the later half of 2008. Investments and capacity additions in the sector continued to rise during the slowdown period. The biomass and wind sectors witnessed a 15% increase in investment in 2009. The economic slowdown also contributed to a significant reduction in the cost of a number of renewable technologies. The constancy in the level of investment despite the economic slowdown is indicative of long-term growth trend in the market.
Europe, spurred by demand from Germany, Spain, France, Italy, Portugal and other Eastern European countries dominate as the single largest market for wind energy, as stated by the new market research report on Wind Energy. Asia-Pacific and the US constitute the other important wind power installation and generation countries worldwide. Asia-Pacific also leads in terms of fastest growth potential, and is projected to expand over the years at the highest CAGR of about 50% through 2015. The region is also likely to race ahead of the pack with the maximum market share and growth rate in new capacity additions over the analysis period.
Key market participants profiled in the report include American Electric Power, AES Corporation, Cielo Wind Power, Enel SpA, Enercon GmbH, NextEra Energy Resources, Green Mountain Energy Company, GE Energy, Shell WindEnergy Inc., Suzlon Energy Limited, TransAlta Wind and Vestas Wind Systems A/S.
This report analyzes the worldwide markets for Wind Energy in Megawatts. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia Pacific, Africa/Middle East, and Latin America. Annual estimates and forecasts are provided for the period 2007 through 2015. Also, a seven-year historic analysis is provided for these markets. The report profiles 165 companies including many key and niche players such as American Electric Power, AES Corporation, Cielo Wind Power, LP, Enel SpA, Enercon GmbH, Green Mountain Energy Company, GE Energy, NextEra Energy Resources, Shell Windenergy Inc., Suzlon Energy Limited, TransAlta Wind, and Vestas Wind Systems A/S. Market data and analytics are derived from primary and secondary research. Company profiles are mostly extracted from URL research and reported select online sources.
The research report titled “Wind Energy: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of industry overview, technology overview, market trends, growth drivers, product innovations, recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as US, Canada, Japan, Europe (Austria, Denmark, France, Germany, Greece, Italy, UK, Spain, The Netherlands, Portugal, and Rest of Europe), Asia-Pacific (China, India, Australia and Rest of Asia-Pacific), Middle East & Africa and Latin America. Market analytics are provided in terms of Megawatts (MW) for installed wind energy capacity as well as annual capacity additions. The study provides analytics for the period 2007-2015, while historic review offers an insight into market evolution over the period 2000-2006.