In a new global market report from Transparency Market Research, the onshore wind energy is anticipated to reach $898 billion by 2020. In 2013, the market was valued at $89.3 billion. From 2014 to 2020, the market is expected to expand at a compound annual growth rate of 29.6 percent.
According to the report, there are several factors that account for wind's success. For one, wind is a relatively mature source of renewable energy, as it's had time to develop and establish itself. However, the most rapid development has come in recent years as green initiatives are ramping up worldwide. Job growth in wind-rich regions is also a major factor, as is wind-friendly governmental policies around the globe.
The report also notes, though, that there is still plenty of room for cost reduction, innovation, and material diversification.
Currently, the market is dominated by the Asia Pacific region, with China and India at the forefront. China was the clear leader, with record installations of 16030 MW in 2013.
Unfortunately, in the U.S. and Europe, onshore wind growth has stalled. While Germany and the U.K. were definite leaders in Europe, the region is far from the wind powerhouse it once was. And while the U.S. is still a global leader in wind, 2013 saw a sharp decline in installations.
The next big wind market seems to be Latin America, with Brazil, Costa Rica, and Argentina poised to see their sectors take off.
The report cites large wind turbines and less reliance on oil and gas as driving factors for the industry in the coming years.
By. Kevin Smead of Energy Digital
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