Wind installation in China grew substantially by the end of 2008, surpassing the Indian market - the largest wind power market in Asia.According to a new research report "Wind Power: Opportunities in Emerging Markets" by RNCOS, wind power installation is rapidly increasing in the People's Republic of China (PRC) and posted a stupendous growth rate of more than 127% by end of 2007. With this enormous growth, the Chinese wind power industry is expected to soon leave India behind, the largest wind power industry in Asia.
The National Development & Reform Commission (NDRC) of PRC initiated the wind industry commercialization in 2003 through the concession programs, speeding up wind power installation in the country. Later, a Renewable Energy Law was introduced in 2006 which, together with other measures such as pricing policy, obligation on grid companies to purchase renewable electricity, and cost distribution, boosted the development of renewable energy in China.
The introduction of the Renewable Energy Law provided legal guarantees and clear policy direction for the development of wind industry in China. Also, the government is providing a growth platform for domestic players by mandating the use of at least 70% components sourced from the domestic market in wind power projects that gives sufficient opportunities for further growth to domestic turbine market. As more and more domestic players will go for wind turbine installation, its cost will drop significantly in future due to high price competition, says the RNCOS report. The increasing preference for large turbines is also expected to drive the wind power installation in China at a rapid pace in coming years.
For more information visit: http://www.rncos.com/Report/IM158.htm Date: 05-01-09
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