New research shows wind power continues to be the global renewable energy source of choice, with the wind turbine towers market expected to increase from $12.1 billion (AU13.5 billion) in 2013 to $19.3 billion (AU21.5 billion) by 2020, an annual growth rate of 6.9 percent.
According to a new report from research and consulting firm GlobalData, worldwide wind power cumulative capacity is expected to more than double over the next six years from 322.5 Gigawatts (GW) in 2013 to 688 GW in 2020 as nations confront rising fossil fuel prices and increasing environmental concerns.
China installed the most wind turbine towers in 2013, dominating the global market share with 47.4 percent. The USA came in second with 7.5 percent, followed by India and Canada shares of 6.5 percent and 5.8 percent, respectively.
A January 9 report from GlobalData showed that in 2012, China and the US installed 23,261 and 20,182 wind turbine rotor blades respectively and together contributed to more than 65% of global installations.
China is forecast to remain the world’s leading consumer of wind turbine technology, and now produces approximately 25 percent of the wind turbine rotor blades.
“The growth of the wind turbine towers market is directly related to that of the wind energy industry, which is heavily influenced by favourable government policy, rising environmental concerns, increasing demand for power, and the uncertain supply and prices of energy from conventional sources,” said Harshavardhan Reddy Nagatham, GlobalData’s Analyst covering Alternative Energy.
But the report, Wind Turbine Towers, Update 2014 – Global Market Size, Average Price, Competitive Landscape and Key Country Analysis to 2020, warns more needs to be done to improve aged energy grid infrastructures to enable wind sector growth in the medium term.
Nagatham said: “The existing grid infrastructure is very poor and urgent modifications need to be made in order to accommodate the specific characteristics of wind power. Its upgrade also requires a substantial amount of investment in terms of financial resources and time.”
