Global wind energy market to exceed $96 billion in 2016

Global wind energy market to exceed $96 billion in 2016

The wind turbine market has experienced significant
growth over the last five years and will reach approximately $96 billion by
2016 with a CAGR of 12 percent over the next five years for annual
installations, according to Lucintel.

The growth rate in cumulative capacity is expected to
decrease every year as global cumulative wind capacity increases. The
cumulative effect brings total capacity to 568,310 MW by the end of 2016.

Asia is expected to remain the leader in wind energy
installations. The Chinese and the USA markets are expected to top the list in
new turbine installations European countries are also steadily adding capacity,
to Lucintel.

Lucintel  forecasts composites consumption in
the wind market is expected to witness a healthy growth over the next five
years and reach $5.5 billion in 2016.

Concerns over climate change, crude oil prices, and
increasing energy demand are generating global interest in renewable resources
to meet the world’s energy needs. Wind is a clean, abundant, rapidly growing
energy source.

Although wind is more expensive than conventional energy
sources, wind turbines have evolved rapidly and decades of research and
development have resulted in lower wind energy prices making wind energy
competitive with fossil-based fuel energy prices.

By Team