35 GW was added to the wind generating capacity in 2013, according to a report from InvestorIdeas. Com.
However, this growth recorded a drop from the average growth rate over the last 10 years. Overall investment declined from $80.9 billion in 2012 to $80.3 billion in 2013.
These data are based on a market survey conducted and compiled by Mark Konold; Worldwatch Research Associate and Xiangyu Wu; Climate and Energy Intern in the Institute’s latest Vital Signs Online trend.
In 2013, offshore wind capacity recorded steady growth as projects became larger.As a result, prices went high in recent years. As of early 2014, the levelized cost of energy (LCOE) for offshore wind power was up to nearly $240 per MWh.
By comparison, the LCOE of onshore wind installations in various regions of the world is under $150 per MWh, having fallen about 15 percent between 2009 and early 2014.
Onshore, wind-generated power is getting cost-competitive against coal- and gas-fired plants. Over the past few years, capital costs of wind power have decreased due to large technological advances.
Tighter competition among manufacturers pulls down capital costs. The top 10 turbine manufacturers captured 70 percent of the global market in 2013, down from 77 percent the year before, says the report.
In an effort to maintain profitability, manufacturers are adapting new strategies. Some are focusing on project operation and maintenance while others are turning to outsourcing and flexible manufacturing that lower overall costs.
In country-wise comparison, European Union has higher number of installed wind power capacity. Its 37 percent share of global capacity edges out Asia’s 36 percent.
However, the European wind market slowed in 2013. Germany added 3 GW to bring its total to 34.25 GW and the United Kingdom installed 2 GW offshore installations.
In 2013, China installed 16.1 GW of new wind power capacity, 24 percent more than the previous year. By the end of 2013, total installed wind capacity there measured 91.4 GW.
In India, government policies in support of wind power have lapsed. Only 1.7 GW were installed in 2013. Now, Indian government has reintroduced its generation-based incentive for wind and solar power projects to return to robust growth.
The United States now has 61 GW of wind power capacity installed. But the expiration of the Production Tax Credit at the end of 2013 led to factory closures due to the scarcity of new turbine orders.
Sub-Saharan Africa, North Africa, and the Middle East saw only 90 MW of new wind power additions in 2013. Latin America added almost 1.2 GW of new capacity, bringing the region up to 4.8 GW by the end of 2013, adds the report.