Favourable economic and operating environment coupled with focus on offshore wind power development to result in phenomenal growth of wind power installations in China.
According to the research report “China Wind Power Market Outlook 2014” by TechSci Research, The wind power installation in China has been experiencing exponential growth in recent years due to favourable economic and operating environment. The cumulative installed capacity of wind power in China surpassed 25 GW by the end of 2009 as compared to a capacity of around 1.3 GW in 2005. China added more than 13 GW of new wind power installed capacity in 2009, thereby accounting for almost one-third of new capacity additions globally. By dominating the new wind power capacity additions globally in 2009, China has now emerged as the third largest wind power market, just behind U.S and Germany.
The report further says that China is expected to lead the global wind power market in coming years, driven by the government appetite for renewable energy. Chinese government commitment to derive 20% of energy from renewable sources by 2020 will result in the desired thrust towards the future growth of wind power market in the coming years. Driven by rising level of investment and government support, the cumulative installed capacity of wind power is expected to surpass the Chinese Government target’s way ahead of its schedule.
In the opinion of TechSci Research, the shifting focus on offshore wind farm development will result in the next level of growth for Chinese wind power market in the coming years. The offshore wind power development is still in a nascent stage, despite the fact that its potential is thrice as that of onshore wind power resources. “China Wind Power Market Outlook 2014” gives an unbiased overview on the Chinese wind power market and associated segments. It will help the reader get familiar with current and expected future trends with respect to Chinese Wind power market.
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Source: techsciresearch, August 31, 2010;