Although the global economic crisis has dealt a blow to the wind industry, a new report from Pike Research indicates that future prospects for wind energy remain bright. The cleantech market intelligence firm forecasts that total installed wind generation capacity will reach 320 GW in 2015, representing a 165% increase over 2008 levels.
‘The wind energy market will continue to grow, but not at the pace that was expected prior to 2009,’ says managing director Clint Wheelock. ‘The economic crisis has thrown the industry into a tailspin, and there are many different views about how the market will develop over the next few years. Our forecast is approximately 20% lower than the wind industry's own numbers released earlier this year, but we still see cause for optimism as fundamental demand drivers for wind turbines remain strong.’
In addition to new site development, one key revenue driver will be the replacement of aging turbine fleets, according to Pike Research's study, ‘Wind Turbine Opportunities and Outlook.’
The report analyzes key market factors in the global wind energy industry, including technology issues, regulatory frameworks and the competitive landscape. The report includes quantitative analysis such as market sizing, segmentation, market share of top turbine vendors and global growth forecasts by country through 2015.
For more information, visit pikeresearch.com.
SOURCE: Pike Research