According to the report, Wind Power - Global Market Size, Turbine Market Share, Installation Prices, Regulations and Investment Analysis to 2020, by research firm GlobalData, installed capacity increased at a compound annual growth rate of 25%. This translates into to a jump from 73.6GW in 2006 to 280.6GW in 2012.
There was a 7%, fall in annual additions in 2010 as major wind markets such as the US, Germany and Spain, faced economic problems following the global economic crisis.
China was the global leader in wind power in 2012 with the US coming second. The US lost out on the top spot due to the economic slowdown and uncertainties relating to the future of the industry because of a lack of long-term policies supporting the wind sector.
Offshore wind power installations accounted for 1.9% of the global wind power market in 2012.
GlobalData’s forecasting from 2012 to 2020 sees the share of offshore wind in the global wind power market reaching 8.4% by 2020.
The research firm predicts the global offshore wind power market will grow significantly, seeing capacity reach 51.2GW in 2020, up from just 5.5GW in 2012, with the UK leading the installations.
US-based wind turbine manufacturer GE Energy dominated the global onshore wind market with 15.2% market share in 2012.
Denmark's Vestas was the second-largest in 2012, with Germany’s Enercon the third-largest followed by Spain’s Gamesa.
China will continue to be the largest wind power market in 2020, as it attempts to reduce its carbon footprint while increasing electricity production in rural areas, stated GlobalData.
Swati Singh, GlobalData’s power sector analyst, said: "The outlook for the wind energy sector appears positive, although future growth is expected to slow down during the forecast period. This is mainly due to continuing uncertainties in the US and the maturing European wind power market."
Just seven countries — China, the US, Germany, the UK, Italy, Spain and India - accounted for 74% of global install wind capacity in 2012.
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