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Global wind power installed capacity will increase to 650.8GW by 2020: report

CTBR Staff Writer Published 21 January 2015

A new report from research and consulting firm GlobalData has predicted that the worldwide wind power installed capacity will increase to 650.8GW by 2020 from about 364.9GW in 2014.

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The report finds that future demand growth will increase worldwide investment in wind energy projects to $101bn by 2020 from $70bn in 2013.

Wind turbine manufacturers produced about 11% of gearboxes, 48% of rotor blades and 43% of generators in-house in 2013.

According to the report, 10% of gearboxes, 62% of rotor blades and 37% of generators were manufactured in-house in 2006.

GlobalData senior analyst covering power Prasad Tanikella said: "Depending on wind power component supplies, turbine manufacturers make strategic decisions over whether or not to produce the equipment in-house.

"Some of the major manufacturers, such as Enercon and Vestas, prefer to develop components within their business structure, to avoid issues with quality control and design confidentiality."

Tanikella noted that steady growth in the global wind power market is forcing turbine manufacturers to seek several component suppliers for smooth production.

Various long-term agreements are presently being signed between turbine manufacturers and their suppliers.

Tanikella said: "Overall, component costs are decreasing as a result of reduced raw material prices. We therefore predict a low growth rate for the wind turbine components market over the forecast period, despite wind power investment seeing a significant increase by the end of 2020."

Image: The report finds that future demand growth will increase worldwide investment in wind energy projects to $101bn by 2020 from $70bn in 2013. Photo: Courtesy of GlobalData.