The global wind industry will deploy around 46GW of new wind energy capacity in this year, according to a five-year industry forecast by the Global Wind Energy Council (GWEC).
Total global wind power capacity will be just below 500GW and the annual market is forecast to be at 60GW in 2016.
Over the next five years, the GWEC anticipates average annual market growth rates of about 8%.
Over the forecast period 2012-2016, the total installations are projected to reach 255GW, with cumulative market growth averaging just below 16%.
GWEC secretary general Steve Sawyer said for the next five years, annual market growth will be driven primarily by India and Brazil, with significant contributions from new markets in Latin America, Africa and Asia.
"While the market continues to diversify across all continents, it is at the same time plagued by continued slow economic growth and budget crises in the OECD, as well as the continuing credit crunch," Sawyer said.
As per the report, Asia will continue to be the world’s largest market by installing 118GW over the forecast period, and is expected to reach about 200GW in total.
Over the next five years, the Chinese market will remain roughly at current levels, and the Indian annual market is expected to reach 5GW by 2015.
Japan is expected to concentrate on wind power generation as there is near-universal rejection of nuclear power after the Fukushima Daiichi nuclear disaster.
Germany, which had a strong year 2011, has decided to phase out all nuclear power by 2020, and Spain had a disappointing 2011, and 2012 is likely to be even more so.
Romania, Poland, Turkey and Sweden are expected to generate power in line with EU’s clear policy framework and targets out to 2020.
Canada and Mexico will install over 1,000MW in 2012 to complement what is expected to be a strong year in the US, which started the year with about 8GW under construction.
Over the period 2012-2016, North America is expected to install 50GW capacity with the total installed capacity to just over 100GW.
Brazil dominates the Latin American market with a strong manufacturing base which could supply a growing regional market in the Southern Cone, at least, and will constitute the vast majority of the regional growth over the forecast period..