Global wind power market growth is expected to be nothing but impressive in the foreseeable future.
NEW YORK (GBI Research), 14 November 2012
In the report*, the firm analyses the major players in the global wind turbine market, revealing that of last year's top 10 firms by market share, four were Chinese - one of which, Sinovel Wind, took second spot.
The wind turbine market's 2011 primary shareholder for capacity additions was Danish firm, Vestas Wind Systems A/S, with a 12.7% portion, but Sinovel Wind was not far behind with 9% of the market.
Other Chinese firms in the list include third-place Xinjiang GoldWind Science & Technology Co. Ltd., with an 8.7% share; Guodian United Power, which took eighth with 7.4%; and top 10 debutant, Ming Yang Wind Power, which came tenth with a 3.6% portion of last year's global capacity additions.
Chinese wind turbine manufacturers have benefitted from a dynamic national economy and irrepressible hunger for energy, combined with participation in the world's most promising renewable energy sector.
Global wind power market growth is expected to be nothing but impressive in the foreseeable future, climbing from an estimated 2012 cumulative installed capacity of 279 gigawatts (GW) to 658 GW in 2020, at a Compound Annual Growth Rate (CAGR) of 11%.
Asia-Pacific has recorded the largest wind power capacity additions of any region each year since 2009 and GBI Research forecasts this trend to continue until the end of the decade.
* Top 10 Wind Turbine Manufacturing Companies – Vestas Continues to Dominate as Emerging Chinese Players Provide Stiff Competition to Global Leaders
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