Wind industry evolving to meet new demands

July 8, 2013 | By Barbara Vergetis Lundin

In 2012, world wind power capacity grew to approximately 285.7 GW with the addition of 44.9 GW in new installations for an increase of 18.6 percent in the total wind power installation base, according to Navigant Research.

Credit: Wikimedia Commons/Hadhuey

In the five years after the 2008 financial crisis, average annual growth has been 17.8 percent, even with traditionally large markets for wind power in economic recession in both North America and Europe, Navigant said. Although market growth will fluctuate over the next several years, according to the research, 241.6 GW will be added between 2012 and 2017, at an average growth rate of 5.1 percent annually.

"The wind power industry continues to demonstrate its ability to rapidly evolve in order to meet new demands in markets that face a variety of challenges," said Feng Zhao, managing consultant with Navigant Research. "Wind turbine vendors are designing specialized machines for maximum energy production in low wind speed areas and for operation in high altitudes, in cold climates, and offshore. Nevertheless, a slowdown in wind turbine sales is anticipated, with a decrease of more than 10 percent in 2013 compared to 2012."

That decrease will be reflected in the U.S. market during 2013, as a result of 2012's extension of the federal production tax credit (PTC). Beyond 2013, the U.S. market could face uncertainty as the result of the PTC expiration. Established European wind power markets, such as Spain and Italy, are expected to decline in coming years, while China, the world's largest wind market, will remain in a state of transition from a period of breakneck growth to one of more stable development, according to the research.

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