With one of the fastest growing wind markets in the world, Chinese manufacturers have been quick to step-up and meet their country’s rapidly expanding demand for renewable energy – expanding their revenue significantly in the process. This is the findings of a new report from business intelligence providers GBI Research.
In the report, the firm analyses the major players in the global wind turbine market, revealing that of last year’s top ten firms by market share, four were Chinese – one of which, Sinovel Wind, took second spot.
The wind turbine market’s 2011 primary shareholder for capacity additions was Danish firm, Vestas Wind Systems A/S, with a 12.7% portion, but Sinovel Wind was not far behind with nine percent of the market.
Chinese wind turbine manufacturers have benefited from a dynamic national economy and irrepressible hunger for energy, combined with participation in the world’s most promising renewable energy sector.
Global wind power market growth is expected to be nothing but impressive in the foreseeable future, climbing from an estimated 2012 cumulative installed capacity of 279GW to 658GW in 2020, at a Compound Annual Growth Rate (CAGR) of 11%.
Asia Pacific has recorded the largest wind power capacity additions of any region each year since 2009 and GBI Research forecasts this trend to continue until the end of the decade.