In the United States, 6.8 gw of wind capacity was installed in 2011, generating $13 billion in revenues, with another 10 gw expected in 2012, for $19 billion, a 47% increase.
Global Wind revenues totaled $67.1 billion in 2011, and are expected to reach nearly $73.7 billion in 2012. As in recent years, onshore wind power capacity additions in 2012 are expected to be dominated by China, while Europe will lead in offshore deployment. China’s most recent Five-Year Plan and overall wind power deployment targets call for 100 GW of cumulative grid-connected wind power capacity by 2015, and 200 GW by 2020, with 30 GW located offshore. Revenues from offshore wind installations globally are forecast to experience a 37% compound annual growth rate between 2012 and 2018. During this time the United Kingdom is expected to lead the world in deploying offshore wind technology, followed by Germany.
In the United States, 6.8 GW of wind capacity was installed in 2011, generating $13.0 billion in revenues. In 2012, U.S. wind developers, rushing to complete construction on projects before the scheduled expiration of the federal production tax credit at the end of the year, were expected to add about 10 GW of capacity. This will result in an estimated $19.1 billion in revenues, a 47% increase compared to 2011. Now that the PTC has been extended for one more year and will cover all projects that begin construction in 2013, prospects have improved for continued growth in the U.S. wind industry.
The Cape Wind offshore wind project, the first in the nation to complete the federal permitting process in 2011, continues to move forward more than a decade after it was first proposed. The project, located off Cape Cod in Massachusetts, is expected to come online in 2015 at more than 400 MW capacity. In 2010, the state of New Jersey enacted legislation to promote the development of offshore wind power by adding special provisions for the technology within its well-established renewable portfolio standard. Despite these developments and the excellent resource potential for offshore wind in the Great Lakes and coastal areas, offshore wind is expected to develop more slowly in the United States than elsewhere due to higher costs (compared to onshore wind), regulatory constraints, and limited sources of financing.
gross domestic product
The Wind subsegment contributed $14.6 billion in increased U.S. GDP in 2011.
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