A new report from Navigant Research analyzes the global wind power market to assess current and future development cycles and projections for new installed wind capacity. The report provides global market forecasts, segmented by region, through 2028.
Global wind industry installations were flat from 2017 to 2018, but behind the flat figures are profound shifts throughout global wind power markets. Some mature markets are facing flat or declining growth due to adjustments to more competitive policy environments and reductions or eliminations of subsidies. However, these changes are being offset by increasing wind power development in countries that were not previously wind power markets. This new capacity represents a market worth more than $92 billion in 2019 and more than $1 trillion over the forecast decade.
“Growth in wind capacity is led by countries in Asia Pacific and non-traditional markets in Europe, Latin America, and the Middle East & Africa,” says Jesse Broehl, senior research analyst with Navigant Research. “Wind power is being developed not only in a greater variety of countries but also increasingly in offshore as well as onshore.”
According to the report, global offshore wind development is expected to experience a 16% compound annual growth rate over a 10-year forecast period. China, Taiwan, and Europe are the leading markets, with the US soon to join when the first large-scale offshore wind plants are commissioned in coming years along the northeast coast of the country. The report also examines the annual installed capacity of top global wind turbine original equipment manufacturers (OEMs) and related market share and ranking. The most recent year-end 2018 data shows Denmark-based Vestas retaking the global total annual capacity lead and three other Western OEMs falling in the global total annual rankings. The turbine OEM market dynamics show consolidation throughout the sector, with top OEMs commanding larger market shares.
The report, Global Wind Energy Overview, analyzes the global wind power market to assess current and future development cycles and projections for new installed wind capacity. The study provides an analysis of the market issues related to wind development, including drivers and barriers such as power contract auction rates, volume, and related policy and market environments. Global market forecasts, segmented by region, extend through 2028. The report also summarizes the key industry players related to wind power development. An Executive Summary of the report is available for free download on the Navigant Research website.
Related Stories
Market Data | Jun 3, 2016
JLL report: Retail renovation drives construction growth in 2016
Retail construction projects were up nearly 25% year-over-year, and the industrial and office construction sectors fared well, too. Economic uncertainty looms over everything, however.
Market Data | Jun 2, 2016
ABC: Nonresidential construction spending down in April
Lower building material prices, a sluggish U.S. economy, and hesitation among private developers all factor into the 2.1% drop.
Market Data | May 20, 2016
Report: Urban area population growth slows
Older Millennials are looking to buy homes and move away to more affordable suburbs and exurbs.
Market Data | May 17, 2016
Modest growth for AIA’s Architecture Billings Index in April
The American Institute of Architects reported the April ABI score was 50.6, down from the mark of 51.9 in the previous month. This score still reflects an increase in design services.
Market Data | Apr 29, 2016
ABC: Quarterly GDP growth slowest in two years
Bureau of Economic Analysis data indicates that the U.S. output is barely growing and that nonresidential investment is down.
Market Data | Apr 20, 2016
AIA: Architecture Billings Index ends first quarter on upswing
The multi-family residential sector fared the best. The Midwest was the only U.S. region that didn't see an increase in billings.
Building Technology | Apr 11, 2016
A nascent commercial wireless sensor market is poised to ascend in the next decade
Europe and Asia will propel that growth, according to a new report from Navigant.
Industry Research | Apr 7, 2016
CBRE provides latest insight into healthcare real estate investors’ strategies
Survey respondents are targeting smaller acquisitions, at a time when market cap rates are narrowing for different product types.
Market Data | Apr 4, 2016
ABC: Nonresidential spending slip in February no cause for alarm
Spending in the nonresidential sector totaled $690.3 billion on a seasonally adjusted, annualized basis in February. The figure is a step back but still significantly higher than one year ago.
Market Data | Mar 30, 2016
10 trends for commercial real estate: JLL report
The report looks at global threats and opportunities, and how CRE firms are managing their expectations for growth.
