January 29 (Renewables Now) - The global wind power industry is projected to deploy over 626,800 MW of new capacity over the next decade, according to a new report by Navigant Research.
The dedicated research arm of consulting services provider Guidehouse estimates that the expected new capacity represents a market with a total value exceeding USD 92 billion (EUR 83.7bn) in 2019 and more than USD 1 trillion over the forecast decade.
The report, called Global Wind Energy Overview, analyses the wind power market globally in order to assess current and future development cycles. It gives global market forecasts through 2028.
Wind industry installations around the world remained flat from 2017 to 2018. Some mature markets faced difficulties related to policy environments and the reduction or cancellation of subsidies, thus offsetting the contributions of new markets.
“Growth in wind capacity is led by countries in Asia Pacific and non-traditional markets in Europe, Latin America, and the Middle East & Africa,” says Jesse Broehl, senior research analyst with Navigant Research.
When it comes to offshore wind, Navigant Research forecasts that this segment will see a 16% compound annual growth rate over 10 years. It named China, Taiwan and Europe as the leading markets and added that the US will soon join them.
In terms of wind turbine installations, Denmark’s Vestas Wind Systems A/S (CPH:VWS) has reemerged as the leader in global total annual capacity, the report says, adding that the top original equipment manufacturers (OEMs) are commanding larger market shares now due to the consolidation throughout the sector.
(USD 1.0 = EUR 0.909)