MarketResearch.com has added a recent report by GlobalData to its offering, which covers the latest developments in the global wind turbine market.
GlobalData’s report, Wind Regains Momentum in 2014 and Industry Outlook Improves , reveals that the global wind turbine market is expected to see increased growth in the coming years.
In 2014, the global market experienced substantial improvement, reaching nearly 45% growth over 2013 in terms of annual installations, or 52 Gigawatts (GW). GlobalData forecasts the cumulative wind installed capacity to reach 425 GW in 2015, an increase of 14%, as the global new wind turbine order intake rose by 44% in Q1 2015 over Q1 2014, or an 8% increase over Q4 2014.
According to the report, GlobalData expects Brazil to dethrone the U.S. and claim the top spot as the largest global market during 2015. Germany is forecast to dominate the UK market for wind installations, accounting for more than 50% of annual installations. China is also expected to increase installations, tripling its annual instalments. Strong market competition will continue to drive the market in the coming years.
Image: Siemens (Illustration)