• 4 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 12 minutes Western Canada Select price continues to sink
  • 18 minutes Starvation, horror in Venezuela
  • 1 hour WTI @ 67.50, charts show $62.50 next
  • 3 hours China still to keep Iran oil flowing amid U.S. sanctions
  • 29 mins How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 2 hours Is NAFTA dead? Or near breakthrough?
  • 5 hours China goes against US natural gas
  • 7 hours Japan carmakers admits using falsified emissions data
  • 5 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 4 hours Corporations Are Buying More Renewables Than Ever
  • 4 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 21 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 hours Saudi Fund Wants to Take Tesla Private?
  • 2 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 2 hours Are Trump's steel tariffs working? Seems they are!
Bears Are Back In The Oil Market

Bears Are Back In The Oil Market

In the midst of an…

The Productivity Problem In The Permian

The Productivity Problem In The Permian

The pipeline capacity crisis in…

Global Onshore Wind Market Expected To Reach $898 Billion In 2020

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



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News