wind

Global wind power investments to reach $101 billion by 2020

Research and consulting firm GlobalData has found that installed global wind power capacity is set to rise from around 364.9 GW in 2014 to 650.8 GW by 2020.
Global wind power investments to reach $101 billion by 2020

The company’s latest report finds that future demand growth will increase global investment in wind power projects from $70 billion in 2013 to $101 billion by the end of 2020. In 2013, according to the report, wind turbine manufacturers produced around 11 percent of wind turbine gearboxes, 48 percent of rotor blades and 43 percent of generators, in house. Meanwhile, 10 percent, 62 percent and 37 percent of gearboxes, rotor blades and generators, respectively, were manufactured in-house in 2006.

“Depending on wind power component supplies, turbine manufacturers make strategic decisions over whether or not to produce the equipment in-house” said Prasad Tanikella, GlobalData's Senior Analyst covering Power. “Some of the major manufacturers, such as Enercon and Vestas, prefer to develop components within their business structure, to avoid issues with quality control and design confidentiality.”

Mr Tanikella added that constant growth in the global wind power market is forcing turbine manufacturers to seek multiple component suppliers to ensure smooth production. Several long-term agreements are currently being drawn up between turbine manufacturers and their suppliers.

Overall, component costs are decreasing as a result of reduced raw material prices and GlobalData is therefore predicting a low growth rate for the wind turbine components market over the forecast period, despite wind power investment seeing a significant increase by the end of 2020.

For additional information:

GlobalData Report

Tags: Wind , Wind turbine
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