The global wind power market could quadruple by 2030 as renewable energy continues to gain momentum, turbine maker Siemens has predicted.
According to the technology giant, the popularity of wind power in Europe is slowly migrating to other parts of the world, with Asian demand set to skyrocket in the near future.
Demand on the rise
This demand will see globally installed wind power capacity increase from 273 gigawatts in 2012 to 1,107 gigawatts in 2030 – a fourfold increase – with 47% of the total being accounted for by the Asia Pacific market, compared with just 34% now.
A key driver of usage and demand will be China, which has invested billions of euros into wind power due to it being more cost-competitive than solar energy, and its ability to compete with coal and gas resources.
Speaking at a renewable energy conference in Berlin, Guy Hands, chief executive of the German company’s Wind Power division, said the market will shift away from Europe “significantly” over the next two decades, as subsidies across the continent are scaled back.
In spite of this, the overall market will continue to expand, driven by China, which has seen its installed wind capacity double for the last five years.
Further expansion could come from the Nordic countries, where red tape and high costs have stalled construction, but strong winds and optimum conditions mean it remains an ever-desirable location for turbines.
The UK will also remain a major player in the wind power market; a commitment highlighted by the recent opening of the world’s second-largest offshore wind farm off the coast of Suffolk.
Investment such as this is not only designed to create jobs and boost the economy, but also help to guarantee the country’s energy security for many years to come and curb rising energy bills – something that every consumer will be keeping a close eye on.