May 4, 2009
The wind energy industry has been battered by the global economic crisis, with market participants being dealt a severe blow by the credit crunch that began in 2008. However, the future prospects for wind energy remain bright, according to a new report from Pike Research. The cleantech market intelligence firm forecasts that total installed wind generation capacity will reach 320 gigawatts (GW) in 2015, representing a 165% increase over 2008 levels.
“The wind energy market will continue to grow, but not at the pace that was expected prior to 2009,” says managing director Clint Wheelock. “The economic crisis has thrown the industry into a tailspin, and there are many different views about how the market will develop over the next few years. Our forecast is approximately 20% lower than the wind industry’s own numbers released earlier this year, but we still see cause for optimism as fundamental demand drivers for wind turbines remain strong.”
In addition to new site development, one key revenue driver will be the replacement of aging turbine fleets. “Most turbines were designed for a 20-year useful life,” says Wheelock, “but in many cases it makes economic sense to replace 10-year-old turbines with newer, larger, more efficient models.” By 2015, Pike Research forecasts that 31% of all turbine installations will be replacements, with an even higher percentage in Europe given that region’s larger number of legacy turbines.
Pike Research’s study, “Wind Turbine Opportunities and Outlook”, analyzes key market factors in the global wind energy industry, including technology issues, regulatory frameworks, and the competitive landscape. The report includes rich quantitative analysis such as market sizing, segmentation, market share of top turbine vendors, and global growth forecasts by country through 2015. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’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 Renewable Energy, Clean Transportation, Clean Industry, Green Consumers, and Environmental Management sectors. For more information, visit www.pikeresearch.com or call +1.303.997.7609.