Global wind industry enjoyed a second consecutive year with huge wind turbine installations in 2016. The global wind power market witnessed significant growth with cumulative wind power installed capacity increasing from around 235 gigawatts (GW) in 2011 to over 490 GW in 2016, at a compound annual growth rate (CAGR) of about 15.5%. There was a fall in annual additions in 2010, when major wind markets such as the US, Germany, and Spain saw a slump in their wind capacity additions. However, the market has recovered since, with around 66 GW and 53 GW additions recorded in 2015 and 2016, respectively.
During the historical period between 2011 and 2016, the wind turbine market witnessed an average annual installation of around 49 GW globally. In the forecast period 2017-2021, the average annual installation is expected to be more than 56 GW. Total global wind power installed capacity is expected to cross 770 GW by 2021 growing at a CAGR of more than 9% during the forecast period of 2017-2021.
Over the past few years many countries such as Argentina, Brazil, Chile, Mexico, Peru, Russia, India, and South Africa have adopted renewable energy auctions as a policy tool to allocate capacity at a competitive market price. The renewable energy auctions have seen bidding prices hit record low levels. In Brazil's technology-neutral auction systems, wind power has emerged as a lower cost technology beating any fossil fuel. Wind power emerged as the cheapest source of energy in Argentina's first power auction after the country implemented reforms designed to transform its fossil fuel-dependent grid.
China is currently home to more than one-third of the world's wind power capacity with over 165 GW at the end of 2016. The country added exceptionally large wind power capacity of around 123 GW during 2011-2016. The country registered record capacity additions of around 23 GW, 33 GW, and more than 19 GW in the years 2014, 2015, and 2016 respectively. It is expected to add more than 80 GW during the forecast period 2017-2021 with an annual installation of around 16 GW.
The report "Wind Turbines, Update 2017 - Global Market Size, Competitive Landscape, and Key Country Analysis to 2021", analyzes the wind turbines equipment market in terms of value and volume for both onshore and offshore technologies for the period 2011-2021. The report provides insight into the drivers and restraints affecting the wind turbines market, competitive landscape, value-chain, supply-chain, policies and regulatory environment, top company profiles, and key projects.
Moreover, this report provides the following -
- Analysis of the growth of wind turbines equipment market with a focus on market volume and value in global and regional level including Asia-Pacific, Europe, North America, South and Central America, and Middle East and Africa.
- The report provides wind turbines equipment market value and volume analysis for key countries including the US, China, India, Germany, UK, France, Brazil, Mexico, Turkey, Canada, and South Africa.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on wind turbines market are discussed.
- The report provides competitive landscape at country level for the year 2016. It also covers key policies and regulatory environment, key company profiles, and key projects.
Companies mentioned in this report: Vestas, GE Power, Xinjiang Goldwind, Siemens Gamesa Renewable Energy, Enercon, Nordex, Envision Energy Limited, China Ming Yang Wind Power Group Limited, XEMC, Doosan, and CSIC (Chongqing) HaizhuangWindpower Equipment, Shanghai Electric Wind Power Equipment Co., Ltd, Guodian United Power, Dongfang, Zhejiang Windey, China Creative, Wind World (India, LeitwindShriram, Suzlon Energy Limited, Regen Powertech Pvt Ltd, Vestas Wind Systems A/S, e.n.o. Energy, Enercon GmbH, Senvion S.A., EWT Holdings, Wind Technik Nord, MHI Vestas Offshore Wind A/S, AccionaEnergia, S.A., Wind Energy Group, Inc., Clipper Windpower, Sinovel
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