Wind Regains Momentum in 2014 and Industry Outlook Improves

Wind Regains Momentum in 2014 and Industry Outlook Improves

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Executive Summary

Wind Regains Momentum in 2014 and Industry Outlook Improves

The global market improved substantially in 2014 with annual installations reaching 52 Gigawatts (GW), representing growth of almost 45% over 2013. In 2015, cumulative wind installed capacity is expected to increase by 14% to reach 425 GW. Global new wind turbine order intake in Q1 2015 increased by 44% over Q1 2014 and 8% over Q4 2014. The US maintained its position as the largest market for wind turbine orders in 2014, followed by Brazil, the Netherlands, the UK and Germany. However, in Q1 2015, Brazil is likely to beat the US to the top spot. Most of the major wind turbine manufacturers saw an increase in their order backlogs in Q4 2014 compared to Q3 due to a higher order intake. Most OEMs witnessed an increase in service revenue in 2014 over 2013, as turbine maintenance continues to provide steady revenue. O&M revenue opportunity is motivating technological innovations and service improvement to meet the dynamic needs of the wind industry O&M business. In 2014, offshore wind installations in the UK, Belgium and Germany helped Europe to remain the leader in offshore wind development. In 2015, Germany is expected to dominate by accounting for more than 50% of annual installations, while China is expected to more than triple its annual installations. Average wind turbine prices recovered in Q4 2014, reaching USD 1.20m per Megawatt (MW) due to growing demand for lower-class wind turbines that command a higher price than those that are older and less efficient. Strong competition has helped to maintain stable wind turbine prices, and high-yield models with incremental technological advancements continue to fetch premium prices over base models.


The report covers quarterly order intake for wind turbines between Q1 2014 and Q1 2015

Order intake has been further classified by country and region for 2013 and 2014.

It also covers OEMs order backlog, installation outlook for offshore and total wind energy, order intake for offshore wind turbines in 2013 and 2014, major markets for offshore wind in 2014, operations and maintenance performance for major OEMs along with few major O&M contracts, wind power policy updates in 2014, feed-in-tariffs for wind power, global wind turbine price trend for 2009 to 2014 and its expected trend along with average price for Vestas and Mingyang wind turbines.

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To understand the global wind market performance in 2014 and expected market trends in near future.

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1 Table of Contents

1 Table of Contents 1

1.1 List of Tables 1

1.2 List of Figures 2

2 Wind Regains Momentum in 2014 and Industry Outlook Improves 2

2.1 Wind Turbine New Order Intake: Americas Reign Supreme 3

2.2 Market Outlook: Wind Capacity to Increase Marginally in 2015 5

2.3 O&M Market: Rising Revenues Signify a Growing Market 9

2.4 Wind Power: Policy Updates in 2014 and 2015 14

2.5 Wind Turbine Generator Pricing 19

3 Appendix 20

3.1 Abbreviations 20

3.2 Methodology 20

3.3 Contact Us 21

3.4 Disclaimer 22

1.2 List of Figures

Figure 1: Global New Order Intake-Publicly Announced (GW) 3

Figure 2: New Order Activity by Country (GW), 2013 vs. 2014 4

Figure 3: New Order Activity by Region (GW), 2014 4

Figure 4: Offshore Firm Order Intake (MW) 6

Figure 5: Global Wind Turbine Average Price (USD m/MW), 2009-2015 19

Figure 6: Vestas: Average Selling Price (USD m/MW) 19

Figure 7: Mingyang: China Domestic Average Selling Price (USD m/MW) 19

1.1 List of Tables

Table 1: Recovery in Order Activity Boosts Backlog 5

Table 2: Demand Outlook, 2015-2016 5

Table 3: Offshore Wind Outlook-Rapid Increase in Demand 6

Table 4: Major Developments in the Offshore Wind Market, 2014 8

Table 5: Operations and Maintenance Performance 9

Table 6: Major O&M Contracts, Q1 2014 10

Table 7: Major O&M Contracts, Q2 2014 11

Table 8: Major O&M Contracts, Q3 2014 12

Table 9: Major O&M Contracts, Q3 2014 13

Table 10: Major O&M Contracts, Q1 2015 14

Table 11: Policy Updates, Q1 2014 14

Table 12: Policy Updates, Q2 2014 15

Table 13: Policy Updates, Q3 2014 16

Table 14: Policy Updates, Q4 2014 17

Table 15: Policy Updates, Q1 2015 18

Table 16: Abbreviations 20

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Wind Power, Order Intake, Order Backlog, Operations and Maintenance, Margin, Offshore Wind, Wind Turbine Average Selling Price (ASP), Order Activity, Production Tax Credit, Capacity Addition, Operations and Maintenance Revenue, Policy Updates, Feed in Tariffs

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