Global Wind Power Market Declined 20 Percent From 2012 to 2013, Finds Navigant Research/BTM Consult Report
Driven by government incentives and by falling prices of electricity generated by wind turbines, the global wind industry expanded steadily, and dramatically, from 2004 through 2012. In 2013, however, negative conditions in several key countries, particularly the United States and Spain, were unconducive to the continued growth of the market. Click to tweet: According to a new report from Navigant Research/BTM Consult, worldwide wind power installations reached 36.13 gigawatts (GW) in 2013 - a 20-percent decline from 2012.
'The market decline in 2013 was not unexpected,' says Feng Zhao, research director with Navigant Research. 'The aftermath of the 2008 financial crisis still continues to weigh heavily - particularly on some of the European markets that underpin the industry. The U.S. market decline, triggered by lack of policy consistency and the delay in renewing the tax credits which have traditionally stimulated investment, was also a major contributing factor for the wind market depression last year.'
Installation of new wind capacity in the U.S. fell by 93 percent, a sizable market decline that dragged down global growth, according to the report. China regained the title of the world's largest market in terms of capacity additions, with 16.1 GW of new wind power installed in 2013. The report forecasts that 250.1 GW of wind power capacity will be added worldwide in the next 5 years, of which 10.4 percent will be offshore.
Navigant Research's BTM Wind Report covers developments in the wind energy sector during 2013. This is the 19th edition of the annual World Market Update. As in previous editions, this report analyzes important changes over the last 3 years and provides a 5-year market forecast, as well as an assessment of likely market progress for the next 5 years. The special theme of this year's report is a review of the Global Onshore Wind Operations and Maintenance Market. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
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* The information contained in this press release concerning the report, 'World Market Update 2013: International Wind Energy Development,' is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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