Thursday, 30 August 2018
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According to estimates by GlobalData Energy [1], the size of the global wind power market grew from $21.4bn in 2006 to $94.5bn in 2017, at a CAGR of 14.4%. Moreover, the wind power market size is forecast to increase from €81.3 billion to €84.7 bn ($94.9 bn to $98.9bn) during 2018 – 2025. This corresponds to an increase of 4.2%.
A major boost in investment is cited to be due to increasing capacity installations, which is being led by countries such as China, the US, Germany, and India. The global cumulative installed capacity for wind power rose from 74.6GW in 2006 to 547.3GW in 2017, at a CAGR of 19.9%. There was a total addition of 52.3GW in 2017 alone. The cumulative installed capacity for wind power is projected to reach 1,019.5GW by the end of 2025.
China and the US will continue to dominate wind installations during the fo...