Global market for wind power now worth $50bn

A new report is anticipating strong growth in the global market for wind turbines, highlighting the ongoing rapid transition to a low-carbon economy.

The study, conducted by the Research & Markets company, estimates that the current global market size for wind turbines is now over $50bn, and on current rates will increase to $71.2bn by 2022, an annual growth of 6.7%.

North America alone is reported to have one-fifth of the current global market, with $10.5bn, which could grow to $15.3bn by 2022. However, the Asia-Pacific market remains dominant with a $19.6bn share, growing by 6% to $26bn within the next five years.

The research looked at current technology trends in the industry and analysed data from 150 leading wind energy companies. Other factors assessed by the report include: government support for the industry, energy costs and new innovations.

China has long been a leader in the wind industry with the latest data from the Global Wind Energy Council showing it has a 34 percent share of installed capacity worldwide, and over 100,000 turbines constructed. The US is second with 16.9 percent.

Increasing investments in renewable technologies, such as wind power, is seen as a vital way of reducing greenhouse gas emissions and preventing dangerous climate change.

Last year, a report from REN21 highlighted the significant growth in new renewable energy capacity with 161 gigawatts being added. New wind power installations accounting for over 30 percent of the rise.

Erik Solheim, head of UN Environment, commented at the time: “A global transition to renewable energy technologies like solar and wind are key ingredients of delivering on the Paris Agreement, keeping the global temperature rise below 2°C and avoiding catastrophic climate change”

He added: “We all want a healthy environment and healthy people, and clean energy is a central part of the solution”.