According to a new report from Pike Research, growth rates of new wind turbines installations will continue to fall short of the industry’s boom years. However, turbine deployment activity remains strong and overall capacity will continue to rise at a healthy pace. The cleantech market intelligence firm forecasts that total wind generation capacity, including both onshore and offshore projects, will increase from 194.3 gigawatts (GW) in 2010 to 562.9 GW by 2017. By that year, Pike Research forecasts that wind power installations will represent a $153 billion global industry, up from $56 billion in 2010.
“Despite the challenging market conditions for the wind energy industry, this is a dynamic time for innovation in the market,” says senior analyst Peter Asmus. “Equipment vendors are pushing turbines to sizes never before thought practical or economical. Some of the world’s top engineering challenges of the 21st century are taking place in factories longer than football fields. But there is also much at stake as the companies push technological limits and take major market risks in an increasingly competitive sector.”
Asmus adds that China’s leadership in wind energy deployment is both an opportunity and a challenge for European and American companies looking to compete in that market and internationally. Europe remains a technology leader and is exploring the next frontier of wind energy with offshore deployments. The United States is lagging in many respects, but most industry players are optimistic about the future as costs continue to drop dramatically. In some markets, wind energy has already reached grid parity, a trend that Asmus says will continue to become more common around the world.
Pike Research’s report, “Global Wind Energy Outlook”, provides an in-depth analysis of global opportunities in the onshore and offshore wind energy markets, as well as an examination of key challenges facing the industry. It examines technology innovations that will influence the future direction of the market and also features detailed profiles of key industry players, including a competitive regional analysis of the three major wind energy markets today across their respective technology, policy, and capital environments. Market forecasts extend through 2017 and include projections for installed capacity, installation costs, and offshore production revenue, all segmented by onshore, offshore, region, and country. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors.