Asia-Pacific wind turbine tower market will maintain global dominance, but fall significantly to $5.5 billion by 2020, says GlobalData
Although the Asia-Pacific (APAC) region is set to maintain its status as global leader of the wind turbine tower market through to 2020, its value will decrease from $9.62 billion in 2015 to $5.5 billion by the end of the forecast period, representing a negative compound annual growth rate of 10.5%, according to research and consulting firm GlobalData. The company’s latest report states that the decline can primarily be attributed to the decrease in wind capacity addition and falling tower costs. China, for example, added 33 Gigawatts (GW) of wind capacity in 2015, which represents 86.5% of APAC and 49.6% of global wind addition in the year. However, annual capacity addition in the country is expected to witness a decline during the 2016–2020 period, as its target to install 250 GW of wind capacity by 2020 can be achieved with only 22 GW a year. ….