Booming Wind Energy Market Grows 27% in 2007

By Crystal Davis

Earth Trends News - Tuesday, January 22, 2008

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Following three consecutive years of record-setting growth, the global wind energy market is projected to continue expanding in 2008. China and the United States, which together account for roughly half of the world's greenhouse gas emissions, will record some of the fastest growth from this carbon-free energy source. In total, the world's current installed capacity of 94 GW will save about 122 million tons of CO2 emissions every year, a significant yet still insufficient figure in light of increasing climate change concerns.

Growth in Global Wind Power Installed Capacity

Source: EarthTrends 2008, using data from IEA 2007

The Fastest-Growing Energy Source

Wind is the fastest-growing energy source in the world, enjoying an average annual growth rate of 28 percent over the past ten years, compared to less than three percent for fossil fuels. Although Europe represents well over half of the world market, the United States and China are now leading growth, expanding their generating capacity by 45 percent and 134 percent respectively in 2007. The global wind market is now valued at US$36 billion, and in recent years turbine manufacturers have struggled to keep pace with exploding demand.

The major drivers of this growth include concerns over climate change and energy security. With zero greenhouse gas emissions released during generation, wind energy is sustainable and clean. And with the cost of wind power decreasing nearly 90 percent since the 1980s, it is also an increasingly affordable and stable energy source, not subject to the price volatility of fossil fuels.

Top Ten Wind Energy Producing Countries, 2006

Source: EarthTrends 2008, using data from GWEC 2006

Untapped Potential

Despite monumental growth, wind energy still represents only a minute fraction of total energy consumption worldwide. Increasing this proportion to levels that will contribute to necessary reductions in global greenhouse gas emissions will require significant political support to overcome decades of policies encouraging conventional fossil fuel technologies. If a more level playing field is achieved, wind energy will likely play a major role in future climate change strategies in both national and international arenas.

World Electricity Generation by Fuel, 2005

Source: EarthTrends 2008, using data from IEA 2007

Above photo by btsiders via Flickr.

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