Global wind power capacity to grow at 16.5% compound rate by 2017

(ADPnews) - Jun 27, 2011 - Global wind power installed capacity is seen to increase at a compound annual growth rate (CAGR) of 16.5% to 569,673 MW by 2017, a report by Frost & Sullivan forecasts.

The report entitled Global Wind Power Markets and released in April, says that rising need for energy security would drive the growth of the wind power market.

Total installed wind power capacity was 193,621 MW globally in 2010 and almost half of it was concentrated in Europe.

The report expects the wind power market to grow in all regions. Asia Pacific is seen to become the main location for wind power installations, increasing its share in global installed wind power capacity to 41.3% by the end of the reported period from 31.4% in 2010.

In terms of revenues, the wind energy market is projected to grow at a CAGR of 13.7% to 2017 to USD 137 billion from USD 56.89 billion (EUR 40.3bn) in 2010.

Wind power, which is the fastest growing source of electricity generation in terms of annual installed capacity, according to the report, is also seen to become the most competitive green energy source with conventional energy, promoted by government support and financial incentives.

(USD 1 = EUR 0.708)

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