2015 to be record year for wind energy

2015 has seen a second year of record growth in the global wind industry, according to a report published by FTI Consulting.

Following growth in Asia and the US, it is predicted that 59 gigawatts of capacity will have been installed by the end of 2015.

Between 2015 and 2019 installations are expected to reach 264 gigawatts, up 5.6 per cent compared to the firm's forecast at the beginning of this year.

FTI Consulting highlighted Canada, the US, and China as key growth markets that were on track to exceed expectations.

Canada is set to see strong growth in 2016, and an additional boost is expected as a result of Liberal Prime Minister Justin Trudeau’s election victory.

Similarly, in the US Obama's Clean Power Plan is expected to drive a surge of new installations.

Policy direction in China is also expected to deliver a continuation of the growth the country's wind industry has seen in recent years.

By the end of the year, China's wind capacity is expected to hit 12 gigawatts, according to China's National Energy Administration.

Aris Karcanias, managing director at FTI Consulting, said there is a "new sense of maturity and confidence" in the global wind industry.

"Although the wind market still suffers from policy uncertainty, continual improvements in technology and innovations in finance are changing 'facts on the ground' and making wind power directly competitive with fossil fuels in growing areas of the world - despite low oil and gas prices," he stated.

Total wind installations for the 2015-2024 period are now expected to reach 592 gigawatts globally, giving the sector a projected compound annual growth rate of 3.3 per cent for the next decade.