Chinese wind energy sector is booming with continuously growing demands for energy from China & the US. It’s expected to grow by 19% in the current decade.
With the continuous rise in Chinese & US demand, wind energy sector should grow by 19% annually through the decade’s end, said the Global Wind Energy Council on May 11. Industry Week published this in news.
The wind energy sector is witnessing major boom, since countries attempt to lessen their dependence on expensive fossil fuels, and cut down emissions of greenhouse gases to combat global warming. In 2006, new wind-generators worth of $ 23 billion came into operation throughout the globe. This resulted in raising the overall capacity by 25% to above 74 GW.
“While the U.S. market is expected to become the biggest worldwide by 2010. The Asian market has exceeded all previous estimations thanks to unexpectedly strong growth in China,” said the Council in news that Industry Week had published.
The total installed capacity of China more than doubled as the country installed 1,347 MW of wind energy last year (2006), representing a 70% rise in comparison to the figures of previous year. This brings the country up to 2,604 megawatt of capacity, and puts it on the sixth place in largest markets worldwide. The new Renewable Energy Law of the country boosted the Chinese market further. The law came in to force on January 1, 2006.
The abundant inland & offshore wind energy resources of China provide the potential for the in-grid, large capacity wind farms. Equipment market for wind power in China is also dominated by European companies. Amongst the US firms, only GE Wind Power is active in the country. Also, because of rapid increase in its energy demand and the intention of expanding non fossil fuels’ use, the Chinese govt. is aiming at the development of clean-energy technologies.
As per the research report “Global Wind Energy Market (2006)” published by RNCOS, “Government of China has enhanced the wind farms’ capacity to 100 MW (Megawatt) level, and has also created new tariffs for wind power. The tariffs are based on market mechanism & tendering process. As a result of this, many Chinese firms have found this program lucrative. From longer outlook, the Chinese govt. has proposed thirty gigawatt of wind by the year 2020. Therefore, wind generated power (electricity) will represent 1.5% of the overall power generation by that time (2020).”
Related Market Research Reports:
Russian Oil and Gas Industry Analysis
Indian Coal Industry Outlook till 2012
China Energy Sector Analysis
