FTI Consulting has revised its forecasts for the global wind market for 2015, which is now expected to reach 59 GW.
The global business advisory firm updated its forecast as part of FTI Intelligence’s latest renewable energy publication, Global Wind Market Update — H2 2015 Briefing, published on Monday. The briefing highlights updates in wind market forecasts, as well as key developments.
FTI Intelligence, the author of parent group FTI Consulting’s publications, have revised its forecasts, now predicting the global wind market will march towards its second consecutive record year with new installations reaching 59 GW in 2015, compared to 52 GW installed in 2014. Furthermore, total installations between 2015 and 2019 are now expected to reach an impressive 592 GW, representing a 3.3% compound annual growth rate between 2014 and 2024.
“In 2015, the global wind market will reach a new record of activity, driven by the extraordinary strength of China’s market,” said Feng Zhao, Director in the FTI-CL Energy practice. “However, we can still expect some volatility over the next five years, before annual installations build to the next peak around 2021.”
New installation forecasts for North America across 2015 to 2019 were upgraded by 12.4%, with strong growth in Canada next year expected to boost figures, alongside “optimism created by the political debate about the revised US federal Clean Power Plan.” FTI Intelligence also increased its forecast numbers for the Asia Pacific region by 5.6% by 2019, with expected strong growth continuing in China pushing those figures up.
“Although the wind market still suffers from policy uncertainty, continual improvements in technology and innovations in finance are changing ‘facts on the ground’ and making wind power directly competitive with fossil fuels in growing areas of the world – despite low oil and gas prices,” says Aris Karcanias, Managing Director at FTI Consulting and Co-Lead of the Company’s Clean Energy practice. “There is a new sense of maturity and confidence in the wind industry, as well as an ongoing process of consolidation around companies with strong financial and industrial capabilities.”
Vestas leads the way for wind turbine OEMs for intake during the first half of 2015, with near record orders of 3 GW in the second quarter of 2015. Chinese companies Goldwind and United Power took second and third place respectively.