DUBLIN, Ireland, Dec. 17 (UPI) -- Global markets in industrial equipment and expertise central to wind power generation are set to expand within the coming 15 years, with demand seen to be growing in both industrial and industrializing countries.
Several factors have fired the imagination of strategic energy planners worldwide, analysts said. The biggest consideration is the perceived saving in recurring costs incurred through imports of gas and oil.
Unpredictable fluctuations in the prices of oil and gas are notorious spoilers of many a planned budget. The shifting emphasis toward wind power generation is also a response to governmental objectives of energy independence.
A new report by Dublin-based Research and Markets, a leading producer of market data, said the world's 10 fastest wind power markets would grow by 2015 at a compound annual growth rate of 19.75 percent.
The report's outlook draws on the experience of the past 10 years. Over the last decade, wind energy has emerged as the fastest-growing source for electricity generation with an average annual growth of 30 percent, said Research and Markets.
Seen widely as an emerging fuel source, wind energy has grown rapidly into a mature and booming global industry, primarily due to global concerns over climate change, energy security and declining costs of wind power generation, the report said.
Despite the near-term slowdown, the long-term prospects of wind power remain bright with the major economies getting serious about cutting carbon emissions, the report said.
However, industry analysts said, for developing countries the relatively low cost of setting up wind power generation is the chief reason for the shift.
Total wind installed capacity across the world is expected to grow at a compound growth of 19.75 percent between 2008 and 2015 to 425 gigawatts by 2015, Research and Markets said.
Analysts for the report looked at leading wind power growth areas worldwide, focusing particularly on markets that are expected to grow the fastest by 2015.
Another report on market trends also touched upon other sources of clean energy. "Uncertainty and unrest in the energy sector, rapidly depleting natural resources, political pressures and environmental issues are shedding light on the rapidly evolving role of clean technologies such as wind power, solar energy, fuel-celled power automobiles and other bio materials."
As an evolving industry, and the fastest-growing segment of the energy sector, wind power is poised to make significant contributions in future energy generation requirements, said the report.
It said the wind industry had witnessed major developments with new projects, upgrades and shifts in governmental energy plans. All those developments "point to a buoyant market growth," said the report.
"The global wind industry stands at the forefront of an era, where renewable, clean energy sources are increasingly being viewed as an invaluable investment opportunity for energy companies," it said.