Wind Power Market, Update 2017 - Global Market Size, Average Price, Turbine Market Share, and Key Country Analysis to 2025
Wind power has seen tremendous growth over the past few years and is expected to maintain its competitiveness in the energy market. In 2006, electricity from wind power sources contributed to less than 1% of the total supply in the world. With increased capacity and better generation, this share reached 4.2% in 2016 and is expected to increase to 7.1% in 2025. Until now, feed-in tariffs (FiTs) have been the major method of government to drive the growth of wind energy.
Global wind power market size increased from approximately US$24 Billion in 2006 to US$100+ Billion in 2016 at a CAGR of 15.6%. During 2017-2025, the wind power market size is expected to grow overUS$110Billion. A major boost in the investment is expected due to increase in the capacity installations, led by countries such as China, the US, Germany, and India as well as emerging countries in the Asia-Pacific, Middle East and Africa (MEA), and South and Central America (SCA) regions.
Asia-Pacific is the largest market in terms of cumulative installed wind power capacity with 43.6% share in 2016. It is followed by Europe and North America with a share of 32.9% and 19.8%, respectively. South and Central America and Middle East and Africa had small shares of less than 3% each in the same year.
China with 40.6% is the leader in terms of capacity additions with 23.4GW of the annual capacity in 2016. The US had the second-largest annual installed capacity after China with a share of 14.2% in 2016. The country added 8.2 GW of annual capacity in the same year. The US is followed by Germany with the addition of 5.4 GW of annual capacity in 2016.
In 2016, global offshore wind increased to 3.1% of annual capacity additions from 0.6% in 2006. During 2017-2025, more offshore capacity is expected to be added in the UK, Germany, the US, and China. The share of offshore capacity additions is set to rise to 12.3% in 2020, and offshore installations are expected to contribute a share of 14.5% capacity additions during 2020-2025.
The report Wind Power Market, Update 2017 - Global Market Size, Average Price, Turbine Market Share, and Key Country Analysis to 2025, provides a clear overview of and detailed insight into the global wind market. It explains the key drivers and challenges affecting the market and provides data covering historic and forecast market size, average capital cost, installed capacity and generation globally, and in eleven key wind power markets - China, India, Brazil, Mexico, Canada, France, UK, US, South Africa, Germany, and Japan.
Moreover, this report also includes -
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