China becoming major wind player
China is one of the fastest growing wind markets in the world with its rapidly expanding demand for renewable energy. GBI Research reports that China's revenue is growing significantly from this sector and that of last year's top 10 players in the global wind turbine market by market share four were Chinese.
According to GBI, the wind turbine market's 2011 primary shareholder for capacity additions was Danish Vestas with 12.7 percent; second was China's Sinovel Wind with 9 percent of the market; third-place Xinjiang GoldWind Science & Technology took an 8.7 percent share; eighth place Guodian United Power took 7.4 percent; and Ming Yang Wind Power came in tenth with 3.6 percent.
With the generation cost of wind declining significantly, the technology is becoming more affordable and increasing even in previously unexplored markets. Asia-Pacific has recorded the largest wind power capacity additions of any region each year since 2009 and GBI Research forecasts this trend to continue until the end of the decade.
Until 2010, Europe was the largest market for wind energy followed by Asia-Pacific and North America. However, China is expected to attain the worldwide top rank in this market due to an increase in investments, its long coastline and large land mass, according to Transparency Market Research.
China in line to surpass North American power production