The global wind turbine market will grow to $81.14bn in 2019 from $76.54bn in 2015, before dropping to $71.21bn in 2020, according to research and consulting firm GlobalData.
The company said growth up to 2019 will be fuelled by declining costs for wind generation, government financial incentives and growing environmental concerns.
But the expiration of production tax credits in the US in 2020 will have a “negative impact on global wind turbine installations and market value in the same year”, said GlobalData power analyst Swati Gupta.
“The wind power market is expected to see a huge rush of capacity additions during 2016–2019 to take the benefits of tax credit extensions before they expire,” he said.
China will continue to dominate the sector throughout the period, and will be responsible for 26% of the market in 2020, followed by Germany with 10%, GlobalData said.
Image: Morgue File
