Energy Efficiency, Sourcing Renewables, Wind - February 6, 2018
Annual investments of $100B for wind through 2025
The global wind power services market is expected to be worth $25 billion by 2025, an increase from $9 billion in 2016, according to a new report from Frost & Sullivan. They estimate $100 billion of global investments for wind power per year through 2025 as wind power becomes increasingly competitive with conventional fuels.
An analysis from "The Global Wind Power Market, Forecast to 2025," shows more than half of the world’s wind power capacity has been added in the past five years. This growth is attributed in the report to "various governments' initiatives to improve energy security and, in particular, reduce coal consumption due to growing concerns about climate change and air pollution." By the end of 2016, more than 80 countries had installed wind farms and about 26 countries, representing every region, had more than 1 gigawatt in operation.
The report estimates that 45.9% of total global revenue will come from North America and Europe, with 39.3% contributed by China. New investments in Brazil, France, Spain, and the UK, in addition to the top four countries—China, the US, Germany, and India—will drive expansion.
"Integration with electricity grid, withdrawal of government subsidies, and political instability and curtailment of wind projects remain critical challenges for companies in the global wind market," said Swagath Navin Manohar, industry analyst for Frost & Sullivan. "However, key opportunities exist in (Internet-of-Things)-enabled services in the global wind industry."
Among advances expected through IoT connectivity are wind farm developers efficiently monitoring the performance of wind turbines located in remote locations without manual intervention. Predictive data analytics have also become a core offering in wind energy markets, with a primary focus on reducing failures and improving operational efficiency in wind turbines, according to the report.
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