Published on November 3rd, 2011 | by Zachary Shahan3
Wind Energy & Wind Turbine Market Booming Globally (1,750,000 MW Projected by 2030)
Wind energy is growing in use across the U.S., both small and large wind turbines are getting installed at record rates. And the trend is similar across the world. A new report by Transparency Market Research, ”Global Wind Energy & Wind Turbine Market (2011 - 2016),” finds that there’s been a Compound Average Growth Rate (CAGR) of 25% over the last 5 years.
As previously reported, total installed wind power around the world reached 197, 039 MW by the end of 2010. That is expected to reach a tremendous 1,750,000 MW by 2030. The wind turbine market is projected to reach $93.1 billion by 2016.
With costs dropping, wind continues to enter previously unexplored markets. And in markets where it already exists, it is being chosen over other more expensive options (even natural gas).
China passed up the U.S. for total installed wind power capacity last year and is expected to hold that title indefinitely, but the U.S. is still installing a ton of wind power every year and many other countries around the world are, as well. Perhaps more interesting is installed wind power per GDP and per capita. From our wind power pages, per GDP, the top countries are (numbers are MW/$Billion):
- Denmark (18,468.3)
- Portugal (15,854.6)
- Spain (15,152.8)
- Germany (9,281.6)
- Ireland (8,225.1)
- Sweden (6,139.2)
- China (4,435.9)
- New Zealand (4,224.0)
- Bulgaria (4,131.6)
- Greece (3,745.1)
Per capita, the leaders are (MW per million people):
- Denmark (680.3)
- Spain (444.6)
- Portugal (344.8)
- Germany (333.3)
- Ireland (308.9)
- Australia (245.9)
- Sweden (238.4)
- Netherlands (133.3)
- USA (129.6)
- New Zealand (124.6)
Technological advancements have helped to make wind power cheaper and more practical in more locations, and despite it being a relatively mature sector compared to many other renewable energy sources, such technological improvements and cost reductions are expected to continue in coming years, further growing its applicability and installation. The wind turbine market is expected to continue with a double-digit growth rate in coming years.
Major players in the wind turbine market, which is dominated by horizontal axis wind turbines (HAWTs) — 90% of the market — rather than vertical axis wind turbines (VAWTs), include: Gamesa, GE Energy, Mitsubishi, Siemens, Suzlon, and Vestas.
Onshore wind turbines account for 95% of the market, but the nascent offshore wind turbine market is projected to grow considerably once more cost-competitive technologies are developed due to the tremendous, more reliable, and closer-to-population-center wind resources off coastal areas of the world.
For more from Transparency Market Research on these matters, check out its wind market report.
Offshore wind turbines in Denmark by United Nations Photo