Global Onshore Wind Market Expected to Reach $898 Billion in 2020
In a new global market report from Transparency Market Research, the onshore wind energy is anticipated to reach $898 billion by 2020. In 2013, the market was valued at $89.3 billion. From 2014 to 2020, the market is expected to expand at a compound annual growth rate of 29.6 percent.
According to the report, there are several factors that account for wind’s success. For one, wind is a relatively mature source of renewable energy, as it’s had time to develop and establish itself. However, the most rapid development has come in recent years as green initiatives are ramping up worldwide. Job growth in wind-rich regions is also a major factor, as is wind-friendly governmental policies around the globe.
The report also notes, though, that there is still plenty of room for cost reduction, innovation, and material diversification.
Currently, the market is dominated by the Asia Pacific region, with China and India at the forefront. China was the clear leader, with record installations of 16030 MW in 2013.
Unfortunately, in the U.S. and Europe, onshore wind growth has stalled. While Germany and the U.K. were definite leaders in Europe, the region is far from the wind powerhouse it once was. And while the U.S. is still a global leader in wind, 2013 saw a sharp decline in installations.
The next big wind market seems to be Latin America, with Brazil, Costa Rica, and Argentina poised to see their sectors take off.
The report cites large wind turbines and less reliance on oil and gas as driving factors for the industry in the coming years.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.