Global Wind Power Capacity to Triple by 2017, According to New Report from Pike Research

After years of strong growth, the wind energy industry experienced a significant slowdown in 2010 as a result of the global economic recession. Wind power experienced strong cumulative growth in 2008 (29%) and 2009 (32%), due to a large volume of projects that had been initiated in late 2006 through 2008. However, 2010 results (22% growth) reflect the impact of the recession on what is still one of the world’s most significant renewable energy markets.

According to a new report from Pike Research, growth rates of new wind installations will continue to fall short of the industry’s boom years. However, turbine deployment activity remains strong and overall capacity will continue to rise at a healthy pace. The cleantech market intelligence firm forecasts that total wind generation capacity, including both onshore and offshore projects, will increase from 194.3 gigawatts (GW) in 2010 to 562.9 GW by 2017. By that year, Pike Research forecasts that wind power installations will represent a $153 billion global industry, up from $56 billion in 2010.

Source: Offshore Wind