In 2014, the wind energy market in the United States grew sixfold, but it was still dwarfed by the world leader in wind: China.
China’s 2014 wind installations were up nearly 40 percent over 2013’s, according to new data from Bloomberg New Energy Finance (BNEF). China installed 20.7 gigawatts last year, nearly half of the world’s total and more than four times the 4.7 gigawatts installed in the United States.
The strong figures for wind reflect a solid year for clean energy investment worldwide. Global clean technology investment was $310 billion in 2014, according to BNEF—up 16 percent from the previous year, but still a little lower than its peak of $317.5 billion in 2011.
Offshore wind saw record investment in 2014, but it was really rooftop solar photovoltaic installations that drove the rebound of clean energy overall.
“Healthy investment in clean energy may surprise some commentators, who have been predicting trouble for renewables as a result of the oil price collapse since last summer,” Michael Liebreich, chairman of the advisory board for Bloomberg New Energy Finance, said in a statement. “Our answer is that 2014 was too early to see any noticeable effect on investment, and anyway, the impact of cheaper crude will be felt much more in road transport than in electricity generation.”
In the United States, the growth was driven by the extension of the production tax credit. China’s growth was due in part to a rush to get projects started before tariffs are lowered for onshore wind, according to BNEF. German wind projects, which totaled 3.2 gigawatts of new installations, set a new record for that country as developers there also pushed to take advantage of outgoing subsidies. Brazil and India rounded out the top five markets. In many markets, including parts of the United States, wind is increasingly competitive without subsidies such as tax credits.
“This year has seen a couple of special circumstances come together, so it probably isn’t a blueprint for future development,” David Hostert, European wind analyst for Bloomberg New Energy Finance, said in a statement. “What is remarkable though is that more than 1 GW was repowered with new turbines on existing projects. This means making better use of existing wind sites and opening up new opportunities for developers and asset owners in a mature market.”
In the coming years, it could be offshore wind that drives growth. BNEF predicts that the global offshore wind market will reach nearly 40 gigawatts by 2020.
Last year was a banner year for offshore projects, with nearly $20 billion in investment, mostly in Europe. Such projects are only getting bigger. In 2014, the UK approved the world’s largest offshore wind farm, which will have an installed capacity of 1,200 megawatts—more than double the size of the London Array, the largest offshore wind farm currently in operation.