Global Wind Industry Expected to Rise in Coming Years

It has been recently found that the global wind energy capacity will nearly double in the next five years. The market is largely led by the further growth in China; however the United States is also emerging as a strong competition in the industry. The Global Wind Energy Council (GWEC) said.

The energy council explained the status of the global wind industry in its annual report saying that the cumulative wind energy capacity was 433 gigawatts (GW) at the end of 2015 which was discovered to be 17 percent higher than the year before.

According to townhall.com, GWEC predicted that the number will double to approximately 792 GW by the end of 2020 as countries make great efforts to develop more renewable energy to comply with emission cut targets, the continuous price devaluation and policies to support wind power in the United States become more stable. Reports also said that the wind energy installed in 2015 reached 63 GW which is 22 percent higher than last year with China installing nearly half of the new capacity at 30.8 GW.

News Daily reported that in December of last year, approximately 200 countries agreed on a landmark deal to decrease greenhouse emissions from 2020. The goal is to limit global average temperature elevation to below 2 degree Celsius. "The Paris Agreement requires a fully decarbonized power system by 2050 if not before, if we are keeping temperatures below 2 C above pre-industrial levels," Steve Sawyer, GWEC Secretary General, said in a statement.

Aside from China, the Asian market will be led by India. New markets in Indonesia, Vietnam, the Philippines, Pakistan, and Mongolia were found to be developing quickly. There have also been reports of new markets brewing in Africa and Latin America which are expected to be sources of growth in the next 10 years.

These are some of the things people at GWEC have been preparing for and have been closely monitoring to make sure that the goals they have set will be met at the time they have forecasted.