Annual Wind Power Capacity Installations in Key Emerging Markets Will Double by 2023
Installations in 10 selected markets in Africa and the former Soviet Union will reach 3,350 megawatts in 2023, report concludes
While growth rates in wind power markets in the developed world have plateaued or, in some cases, fallen, developing economies are expected to see robust growth in the coming years. Strong political support, rising electricity demand due to rapid economic growth, and an imperative demand for energy diversification, are all contributing to an optimistic outlook for wind power development in emerging markets. Click to tweet: According to a recent report from Navigant Research, annual wind power installations in 10 selected markets in Africa and the former Soviet Union will grow from 1,636 megawatts (MW) in 2014 to 3,350 MW in 2023.
“While growth in established markets has slowed in recent years, demand for wind power in Africa and the former Soviet Union, as well as developing countries in Asia Pacific, is growing,” says Feng Zhao, research director with Navigant Research. “The opportunities arising in these regions will help reduce the exposure of original equipment manufacturers to ups and downs in the mainstream wind power markets, while making wind power one of the main energy sources in the global context.”
South Africa and Russia, the largest economies in each region, have been bright spots for wind power investment, according to the report. This is despite their governments’ requirement for a substantial proportion of technology spending in local markets in return for preferential market share. Although the countries from the former Soviet Union tend to be rich in fossil fuel resources, many of them have released renewable energy targets to reduce their reliance on hydrocarbons (oil, gas, and coal) and their exposure to fluctuating global energy markets.
The report, “Emerging Wind Markets Assessment”, provides a comprehensive view of the wind power market dynamics at play in 10 emerging markets in Africa and the former Soviet Union. The report offers country profiles that include a broad description of each country’s macroeconomy, energy structure, and utility system, as well as detailed information about wind resources, latest market status, regulatory framework, local supply chain, and wind-related infrastructures. Market forecasts for wind power installations, capacity, and market share in the 10 selected markets in Africa and the former Soviet Union, segmented by country, company, and fuel source, extend through 2023. Outlooks based on current project pipelines and drivers and challenges identified in each market are also included in each profile. An Executive Summary of the report is available for free download on the Navigant Research website.