Thursday March 27, 2014 0 commentsBOULDER - Worldwide wind power installations declined by 20 percent in 2013, according to a new report by Navigant Research.
The report noted that negative conditions in several key countries - particularly the U.S. and Spain - contributed to the decline in the global wind market after steady expansion from 2004 through 2012.
"The market decline in 2013 was not unexpected," said Feng Zhao, Navigant's research director. "The aftermath of the 2008 financial crisis still continues to weigh heavily, particularly on some of the European markets that underpin the industry."
The report also noted that installation of new wind capacity in the U.S. fell by 93 percent in 2013, which contributed heavily to the overall decline.
"The U.S. market decline, triggered by lack of policy consistency and the delay in renewing the tax credits which have traditionally stimulated investment, was also a major contributing factor for the wind market depression last year," Zhao said.
The report said China regained the title of the world's largest wind market in terms of capacity additions, with 16.1 GW of wind power installed in 2013 of the total 36.1 GW installed.
A free executive summary of the report is available here.