Wind Power Market to See Incredible Growth During 2020
According
to Global Wind Energy Council, worldwide wind energy installations
were 34-35 GW in 2013. This will be the first time in the decade
where global demand for wind power shrinked, mainly because of china
and the U.S. In Europe, the U.K. and Germany are likely to propel the
market, with growth from countries such as Finland Denmark and Sweden
along with eastern European countries such as Turkey and Poland.
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After
the two dominating markets such as the U.K. and Germany for offshore
wind, China is in the race to quickly wrap up its huge offshore wind
farms projects of hundreds of MW in the near future. Although fixed
tariff for offshore wind farms is yet to be decided. Offshore market
in China is expected to accelerate owing to the rapid growth, once it
is done with all the overlapping jurisdictions and regulatory issues.
The
offshore wind market in the U.S. is still testing the frequency of
offshore water. In the U.S., Cape Wind project in Massachusetts and
the Deepwater Block Island project received all the certifications to
start both the projects as early as possible. Majorly, the promising
offshore wind market is in Japan that has huge potential to tap wind
energy. First floating offshore wind farm and floating offshore
substation are in the Fukushima region. These projects achieved
approval in less than two years from the concerned authorities. It is
expected that this year will see more progress owing to the usage of
high capacity semisubmersible and floating spars. Commissioning for
such projects is planned for next year. Domestic offshore wind
operations and Maintenance capabilities along with the strong supply
chain network are the key drivers of the Japan’s wind energy
market.
Strong
regulatory support and active participation from financers are
important to increase the share of renewable energy investments in
developing economies such as India and China. Also, ensuring that the
solar and wind industries are taking important lessons from each
other experience can help both the markets to grow at a healthy rate
in the coming future. By forming a joint venture with financial
institutions to develop strong and effective financing policies and
mechanisms, government and stakeholders can provide a needed
alteration in the wind energy market that can easily provide power in
future and can help mitigate worst impacts of climate.
Financing
in wind energy sector is mainly balance sheet financing as credit
period from private investors has been extended to the wind power
projects on the basis of the balance sheet strength from the
developer rather than the creditworthiness of the project. However,
with the rise of the new financial policies, financial institutions
have started considering non-recourse financing.
Stringent
government rules and regulations and increasing usage of the clean
energy are some of the key drivers of the wind power market. However,
huge amount required to carry out the maintenance process of turbine
and other equipments can hamper the growth of the market. Large
numbers of opportunities are there for the wind energy market owing
to the increase in the pollution level and respiratory problems from
conventional fuels.
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Some
of the key companies in the business of wind power are AWS Truepower,
LLC, DNV GL, Blue Sky Energy, Inc., Enercon India Pvt limited, Wind
World India limited, GE Wind Energy Limited, Orient Green Power
Limited, Indowind Energy Limited, Aban Loyd Chiles Offshore Ltd,
Newam Power Company Ltd. and Suzlon Energy among others.
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