Wind energy is a cheaper, more sustainable answer to fossil fuel based power in the UK. Burning coal and gas has already wrecked havoc on the environment. Using renewable, no-pollution sources of energy, like wind, is a great way to make things work for us. As our energy consumption rate continues to rise, alternative energy sources remain the plausible answer for power generation.
Wind energy is doing great in the UK as the concept of alternative energy is gaining much industry and consumer insight. In 2016, we created a great example for the world by producing more energy through wind farms than fossil fuels. In fact, the 2016 Christmas was shining bright due to the use of renewable energy. The good news is that 75% of this renewable energy was generated by wind farms.
Coal based power has reduced output in the last 8 decades, reaching its lowest in 2016. At the same time, the wind farms have started producing 25% of power, up from only 12% in the 2012. Does this mean that the future of wind energy is bright in the UK? We talk to Controlled bolting specialists Hire Torque about the future of wind turbines in UK and its global market potential.
Wind energy in the next 5 years
Alternative energy sector experienced explosive growth in 2014 and 2015 due to more interest in wind energy. At the end of 2016, the total global installed capacity of wind energy was 486,790 MW. In 2017, wind energy will experience another period of explosive growth. The installed capacity could rise to 546,100 MW. There will be a steady rise in this capacity in 2018 as it hits 607,000 MW. By 2021, there will be further rise in the capacity as it rises to 817,000 MW.
Not just the UK, the share of wind energy in alternative energy sector will rise globally as well. North America, Europe, and Asia will keep dominating the power markets. In fact, Asia could is expected to produce 357,100 GW of wind energy by 2021. Europe will come in second at 234,800 GW while North America will produce 159,100 GW.
Does that mean that Latin America, Africa, and Middle East will not perform up to the mark? Africa and Middle East will quadruple their output by 2021. While Middle East will grow to 3,900 GW, African output will increase to 16,100 GW.
Wind investments in the future
In 2016, 43 billion euros were spent, an increase of 8 billion euros year on year, on the development of new wind farms. Fundraising and refinancing efforts along with new project acquisitions have been started again for this purpose.
Offshore wind farms will be getting more investments than onshore sites. Offshore sites have reached an investment of 18.2 billion euros while onshore investments have witnessed a 5% decline. In UK alone, wind energy has increased by 12.7 billion euros. Germany has increased its spending to 5.3 billion euros.
The investment in these projects will remain slower for 2017 but there is still a 1.8-billion-euro investment in wind energy for the first quarter of 2017. There is no doubt that wind energy will be leading the rise of alternative energy from the beginning.
Sources
https://www.theguardian.com/business/2017/jan/06/uk-wind-power-coal-green-groups-carbon-taxes
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http://www.gwec.net/global-figures/market-forecast-2012-2016/
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