Annual Wind Power Capacity Installations in Key Emerging Markets Will Double by 2023, Forecasts Navigant Research
Installations in 10 selected markets in Africa and the former Soviet Union will reach 3,350 megawatts in 2023, report concludes
BOULDER, Colo.--While growth rates in wind power markets in the developed world have plateaued or, in some cases, fallen, developing economies are expected to see robust growth in the coming years. Strong political support, rising electricity demand due to rapid economic growth, and an imperative demand for energy diversification, are all contributing to an optimistic outlook for wind power development in emerging markets. Click to tweet: According to a recent report from Navigant Research, annual wind power installations in 10 selected markets in Africa and the former Soviet Union will grow from 1,636 megawatts (MW) in 2014 to 3,350 MW in 2023.
"While growth in established markets has slowed in recent years, demand for wind power in Africa and the former Soviet Union, as well as developing countries in Asia Pacific, is growing," says Feng Zhao, research director with Navigant Research. "The opportunities arising in these regions will help reduce the exposure of original equipment manufacturers to ups and downs in the mainstream wind power markets, while making wind power one of the main energy sources in the global context."
South Africa and Russia, the largest economies in each region, have been bright spots for wind power investment, according to the report. This is despite their governments' requirement for a substantial proportion of technology spending in local markets in return for preferential market share. Although the countries from the former Soviet Union tend to be rich in fossil fuel resources, many of them have released renewable energy targets to reduce their reliance on hydrocarbons (oil, gas, and coal) and their exposure to fluctuating global energy markets.
The report, "Emerging Wind Markets Assessment", provides a comprehensive view of the wind power market dynamics at play in 10 emerging markets in Africa and the former Soviet Union. The report offers country profiles that include a broad description of each country's macroeconomy, energy structure, and utility system, as well as detailed information about wind resources, latest market status, regulatory framework, local supply chain, and wind-related infrastructures. Market forecasts for wind power installations, capacity, and market share in the 10 selected markets in Africa and the former Soviet Union, segmented by country, company, and fuel source, extend through 2023. Outlooks based on current project pipelines and drivers and challenges identified in each market are also included in each profile. 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.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.