• 2 minutes Oil prices going down
  • 11 minutes China & India in talks to form anti-OPEC
  • 16 minutes When will oil demand start declining due to EVs?
  • 1 hour Oil prices going down
  • 2 mins We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 16 mins Another WTH? Example of Cheap Renewables
  • 2 days Bullish and bearish outlook for oil
  • 2 days Rolls Royce shedding 4,600 jobs
  • 22 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 1 day When will oil demand start declining due to EVs?
  • 1 day Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks
  • 1 day The Wonderful U.S. Oil Trade Deficit with Canada
  • 1 day What If Canada Had Wind and Not Oilsands?
  • 2 days After Trump-KJU, Trump-Putin Summit
  • 2 days U.S. Cars Will No Longer Need 55mpg Fuel Efficiency By 2025.
  • 4 hours China & India in talks to form anti-OPEC
  • 2 days Epic Fail as Solar Crashes and Wind Refuses to Blow
  • 2 days OPEC soap opera daily update
  • 1 day The Permian Mystery
Iran Warns North Korea About The United States

Iran Warns North Korea About The United States

As the excitement from the…

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