According to a new report, Wind Power – Global Market Size, Turbine Market Share, Installation Prices, Regulations and Investment Analysis to 2020, by research firm GlobalData, installed capacity increased at a compound annual growth rate of 25%. This translates into to a jump from 73.6GW in 2006 to 280.6GW in 2012.
There was a 7%, fall in annual additions in 2010 as major wind markets such as the US, Germany and Spain, faced economic problems following the global economic crisis.
China was the global leader in wind power in 2012 with the US coming second. The US lost out on the top spot due to the economic slowdown and uncertainties relating to the future of the industry because of a lack of long-term policies supporting the wind sector.
Offshore wind power installations accounted for 1.9% of the global wind power market in 2012.
GlobalData’s forecasting from 2012 to 2020 sees the share of offshore wind in the global wind power market reaching 8.4% by 2020.
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