Global Wind Power Market to Show Steady Growth despite Slump in 2013
Cumulative global wind power capacity increased from 74.5 Gigawatts (GW) in 2006 to 319.6 GW in 2013. Annual wind power installations slumped in 2013 due to a drop in installations in a few countries, but it is however expected to recover in 2014 and regain momentum during the 2014-2020 forecast period. Global cumulative wind power capacity was 322.5 GW at the end of 2013 and is expected to grow to 678.5 GW by 2020.
Annual capacity additions saw a slight fall in 2010 and in 2013, which is expected to be repeated in 2015 and 2016 but not to affect overall industry growth. By 2020, the annual capacity addition is expected to grow to over 60 GW.
China, Germany and the UK: Top Three Wind Power Markets in 2013
China overtook the US to become the largest wind power market in terms of annual capacity additions in 2009 and cumulative capacity in 2010 and has since become the global leader in both the manufacture and deployment of wind turbines. In 2013 it was the world’s largest wind power market with an annual installed capacity of 16.5 GW, amounting to 45% of total global annual capacity additions, followed by Germany and the UK with much smaller shares of less than 10% each.
India, Canada and the US also installed significant amounts of wind power, classed as more than 1 GW each. The US and Spain’s shares fell sharply compared to the previous year as annual capacity additions fell in both countries.
Slump in 2013 Due to a Fall in Installations in the US and Spain
The global market saw a major fall in annual capacity additions in 2013 due to a drop off in this area in the US and in Spain. In the US, the Production Tax Credit (PTC) expired on December 31, 2012, which saw many wind farm developers expediting construction and bring commissioning dates forward from 2013 to late 2012 in order to take advantage of the PTC. This led to a sharp fall in the number of wind farms commissioned in 2013 and a reduction in the number of wind towers installed that year.
In Spain, the government suspended Feed-in Tariffs (FiTs) for wind power for 2013, which led to a very sharp fall in capacity additions to less than a fifth of the amount in the previous year. The number of towers installed in 2013 also dropped to similar levels.
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