Global wind market attains 43 GW growth by 2014

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The Global wind market has improved with 2014 installation which will reach 43GW, growing by 20 percent over 2013, reports Navigant Research.

Global new firm order inflow for Q2 2014 increased by around 80 percent over Q1 2014 levels while the same increased by around 3 percent over Q2 2013 levels.

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US maintained its position as the largest market for wind turbine orders in Q2 2014, followed by Netherlands, Brazil, India and Canada, similar to the first quarter of 2014.

US signed around 1,471 MW of wind turbine contracts, which accounted for 28 percent of the global total.

In 2013, Europe remained the leader in offshore wind development due to increased installations in the UK, Denmark, Belgium and Germany.

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In 2014, Germany and the UK are expected to continue playing a significant role in European offshore wind market.

In the Asia-Pacific region, China will lead the offshore wind installations, with wind turbine prices around $1.10m/MW in Q2 2014.

Major wind turbine manufacturers have the privilege of higher order backlogs in Q2 2014 due to revival in order activity.

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Turbine maintenance is providing steady revenue for turbine OEMs. O&M EBIT margins for OEMs have recovered due to recovery in volumes, cost cutting measures and improvement in turbine yield.

O&M revenue opportunity is inspiring technological innovations and service improvement to meet the dynamic needs of the wind industry O&M business.

Sabeena Wahid
[email protected]