World to install 592 GW of wind capacity in 2015-2024 - FTI

Total wind turbine installations globally are expected to reach 264 GW in the period 2015-2019 and 592 GW in 2015-2024, according to revised projections from FTI Consulting Inc (NYSE:FCN).

The business advisory firm has raised its overall guidance for 2015-2019 by 5.6% as it upgraded its forecasts for North America by 12.4% and for the Asia-Pacific region by 5.6%. FTI Consulting anticipates strong growth in both Canada and China next year, it says in its latest renewable energy publication, the Global Wind Market Update - H2 2015 Briefing.

As per the 2015-2024 period, the firm estimates that hitting 592 GW will be achieved at a compound annual growth rate of 3.3%. In 2015 alone, the world is seen to install 59 GW of wind power capacity, meaning that this would be a second consecutive record year. FTI Consulting’s previous 2015 forecast was for 52 GW of new wind turbine installations.

"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," he added.

Meanwhile, Denmark’s Vestas Wind Systems A/S (CPH:VWS) ended the first half (H1) of 2015 as the world’s number-one wind turbine original equipment manufacturer (OEM) after receiving about 3 GW of orders during the second quarter alone. The Danish firm was followed by China’s Xinjiang Goldwind Science & Tech (HKG:2208) and United Power.

Overall, the H1 order intake of the top 10 wind turbine OEMs reached 20 GW, according to FTI. Confirmed offshore orders for H1 totalled 1.2 GW, led by Germany’s Senvion with 443 MW and followed by MHI-Vestas with 423 MW and Siemens with 337 MW.

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