Wind power is second only to hydropower as the renewable energy of choice for lowering global carbon emissions and meeting clean energy demands in many countries. Investment in the wind sector is tipped to reach a staggering cumulative $820 billion globally by 2017, according to a recent report from cleantech research firm, Pike Research.
Pike’s "Global Wind Energy Outlook" predicts that by 2017, the worldwide wind energy industry will be worth $153 billion a year – up from $77 billion in 2011 – with an installed wind power capacity of 562.9 gigawatts (GW) compared to 235.8 GW this year.
No longer considered an adjunct technology, wind power is providing up to one-fifth of energy supplies in some countries, and while the global economic slowdown affected the sector in 2010, the report states turbine deployment activity remains strong and overall capacity will continue to rise at a healthy pace over the next six years.
“Despite the challenging market conditions for the wind energy industry, this is a dynamic time for innovation in the market, as vendors are pushing turbines to sizes never before thought practical or economical,” says senior Pike Research analyst, Peter Asmus.
New entrants into the wind power market are having an impact on the industry’s established structure. Although the three major regional markets – Asia, Europe and North America – will continue to feed demand for wind projects, the global top 10 wind turbine manufacturers supplied 79 percent of wind installations in 2010, compared to 88 percent in 2008.
This increased competition, led by new start-ups from China, combined with a global demand for clean energy, is leading to a dynamic synergy in the wind power business model, with many manufacturers acquiring wind farm development companies as a strategy for ensuring markets for their wind turbines.
