Global events have had a negative impact on the wind power market according to the Global Wind Energy Council, and they predict ‘the industry’s rate of growth will slow substantially in the coming few years.’
Factors militating against the sector include limits on China’s grid, falling carbon prices in Europe and a lack of direction in US government policy hamper demand in major markets.
The Brussels-based lobby group predicts that turbine capacity of 586,729 MW will be installed by 2020, from 237,699 MW in 2011.
In an e-mailed report co-authored by environmental campaigner Greenpeace, they see annual investment of $57bn) in 2020, down from $63bn in 2011. The figure is equivalent to annual capacity growth of less than 11 per cent, down from 28 per cent for the 15 years through 2011.
“Absent a new means for putting a global price on carbon, new demand growth in the OECD borne on a strong economic recovery, or some other unforeseen development, the industry’s rate of growth will slow substantially in the coming few years,” Secretary-General Steve Sawyer, Chairman Klaus Rave and Greenpeace Director of Renewable Energy Sven Teske wrote.
“Brazil, India, Canada and Mexico are very dynamic markets, but cannot yet make up for the lack of growth in the traditional markets in Europe, the U.S. and China,” they said.
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