The First Quarter of 2014 Global Wind Power Market Outlook Update recently released by Make Consulting details a market forecast for more than 50 key and emerging markets for wind power from 2014 to 2023. The forecast data include a split of expected onshore and offshore developments and an analysis of the latest order and pricing trends.
Key points regarding the expanding wind power market:
- 2013 only saw an addition of 34.5 GW of grid-connected wind capacity worldwide, which is a global market decline of 26% compared to 2012. However, a 40% growth is anticipated for 2014.
- Global growth is expected to remain steady through 2017, with an average year-over-year growth of 2% from 2014 to 2017, before growing 5% on average annually from 2018 to 2023.
- South Africa, Saudi Arabia, Ukraine, and Russia all have emerging markets at the forefront of capacity additions and all play a key role in continued growth beyond 2020.
- The European offshore sector is on track to set a record for new connected capacity in 2014, while the global offshore outlook of almost 20% CAGR from 2013-2023e depends on China achieving its aggressive targets.
- Firm orders are up 45% year-over-year, and global pricing shows signs of an increase as well.