China's wind energy market has grown rapidly during the last five years and is expected to reach 158 GW by 2016, with a compound annual growth rate of 20% over the next five years, according to a new report from Lucintel.
Various factors are expected to drive the wind energy market in China, including government support, generation-based incentives for renewable energy sources, rising electricity demand and clean development mechanism support from the United Nations, according to the report.
The rapid growth of wind energy in China holds immense opportunities for various market areas in the country, including composites and wind maintenance, and repair and overhaul (MRO) services, according to Lucintel.Â
Composites consumption in the Chinese wind market was approximately 488 million pounds in 2010. Lucintel estimates that composites consumption will reach 542 million pounds by 2016.
China's market for wind MRO services was an estimated $683 million in 2010. Based on Lucintel's analysis, it is expected that the rising popularity of wind energy and larger turbine sizes will drive the future cost of MRO services.