Global Wind Power Investments to Reach $101 Billion by 2020, says GlobalData
Global wind power investments to increase from $70 billion in 2013 to $101 billion by 2020 ----Despite this, the wind turbine components market will witness slow growth over the forecast period due to decreasing component costs, says analyst
LONDON, UK (GlobalData), 20 January 2015 - Global wind power installed capacity is set to rise from approximately 364.9 Gigawatts (GW) in 2014 to 650.8 GW by 2020, increasing the demand for wind turbine components across the value chain, says research and consulting firm GlobalData.
More Headlines
- ARI USA Delivers Precision and Reliability in Industrial Flow Control with Versatile STEVI® Pro Control Valve Series
- UbiQD Secures $20M in Series B Funding to Scale Quantum Dot Technology Across Industries
- ENSTALL PRESENTS COMPLETE BRAND PORTFOLIO AT INTERSOLAR EUROPE 2025
- Regenerative Blowers: The Optimal Solution for Biogas Digesters
- Linux Foundation Energy Announces its First US Investor Owned Utility Member, Research into AI for Energy Systems, and Dates for LF Energy Summit
The company's latest report* states that due to future demand growth, global investment in wind power projects will increase from $70 billion in 2013 to $101 billion by the end of 2020.
Wind turbine manufacturers produced approximately 11% of wind turbine gearboxes, 48% of rotor blades and 43% of generators in-house in 2013, according to GlobalData's report. Meanwhile, 10%, 62% and 37% of gearboxes, rotor blades and generators, respectively, were manufactured in-house in 2006.
Prasad Tanikella, GlobalData's Senior Analyst covering Power, says: "Depending on wind power component supplies, turbine manufacturers make strategic decisions over whether or not to produce the equipment in-house.
"Some of the major manufacturers, such as Enercon and Vestas, prefer to develop components within their business structure, to avoid issues with quality control and design confidentiality."
However, the analyst adds that constant growth in the global wind power market is forcing turbine manufacturers to seek multiple component suppliers to ensure smooth production. Indeed, several long-term agreements are currently being drawn up between turbine manufacturers and their suppliers.
Tanikella continues: "Overall, component costs are decreasing as a result of reduced raw material prices. We therefore predict a low growth rate for the wind turbine components market over the forecast period, despite wind power investment seeing a significant increase by the end of 2020."
*Global Wind Turbine Value Chain – Production, Market Share, Competitive Landscape and Market Size to 2020
Featured Product
Vecoplan - Planning and implementation of complete processing plants in refuse derived fuel production
In order to reduce the costs involved in the energy-intensive production of cement, many manufacturers are turning to refuse-derived fuels (RDF), considerably reducing the proportion of expensive primary fuels they would normally use. Solid fuels are being increasingly used - these might be used tyres, waste wood or mixtures of plastics, paper, composite materials and textiles. Vecoplan provides operators of cement plants with proven and robust components for conveying the material and separating iron and impurities, efficient receiving stations, storage systems and, of course, efficient shredders for an output in various qualities.
