After a slowdown in 2013, the wind industry set a new record for annual installations in 2014. Globally, 51,477 MW of new wind generating capacity was added in 2014 according to the global wind market statistics released today by the Global Wind Energy Council (GWEC). The record-setting figure represents a 44% increase in the annual market, and is a solid sign of the recovery of the industry after a rough patch in the past few years. Total cumulative installations stand at 369,553 MW at the end of 2014.
"Wind power is the most competitive way of adding new power generation capacity to the grid in a rapidly increasing number of markets around the world, even when competing against heavily subsidized incumbents," said Steve Sawyer, GWEC Secretary General. "Wind is a rapidly maturing technology, with proven reliability and competitiveness. Not only the low prices but also the cost-stability of wind power makes it a very attractive option for utilities, independent power producers and companies who are looking for a hedge against the wildly fluctuating prices of fossil fuels."