A new market study by Oyster Bay, N.Y.-based NextGen Research, ‘Global Wind Power Market: The Outlook for Renewable Energy Generation by Wind Turbines, Wind Farms,’ forecasts that global wind-based electrical generation capacity, which totaled just under 121 GW in 2008, will reach 318.5 GW by 2013.
Spurring this growth will be a boom in China's renewable energy industry; government support in the form of subsidies, feed-in tariffs and renewable portfolio standards; and international goals for renewable energy usage established under accords like the Kyoto Protocol and the European Union's Renewables Directive.
The study's author, Keith Reinhardt, says that despite the troubled economic climate, the global business environment has never been so favorable for the widespread proliferation of wind power equipment.
‘The wind power industry worldwide has surged over the past decade, as demand has been driven by aggressive government mandates and subsidies designed to promote energy independence and reduce toxic emissions,’ says Reinhardt. ‘Moreover, the growing prevalence of policy implemented to ensure a long-term market for wind power and to promote investor certainty continues to facilitate growth in emerging markets with massive potential.’
Reinhardt says that the global recession dealt a glancing blow to the wind power industry in 2009 by forcing many developers to cancel or delay projects. However, he says, the industry will rebound sharply during 2010 as credit markets thaw and the flow of capital resumes.
For more information, visit nextgenresearch.com.
SOURCE: NextGen Research