FTI Consulting, Inc. (NYSE:FCN), the global business advisory firm
dedicated to helping organisations protect and enhance their
enterprise value, today announced the release of FTI Intelligence’s
latest renewable energy publication, the Global Wind Market Update
– H2 2015 Briefing. This briefing is part of a series of
data-driven publications evaluating competitive markets, policy,
finance, technology and business models across the energy spectrum.
The briefing highlights updates in the wind market forecasts and
key developments since FTI Intelligence first published the Global
Wind Market Update – Demand & Supply 2014 in March 2015. The
briefing is authored by members of the FTI-CL Energy practice, a
cross-practice team of energy experts from FTI Consulting including
experts from its subsidiary, Compass Lexecon.
FTI Intelligence has raised its forecasts for the global wind
market, which is headed for a second consecutive record year in
2015. New installations globally in 2015 are expected to reach
59GW, compared to the 52GW installed in 2014. Total installations
for the 2015-2019 period are now expected to reach 264GW – an
increase of 5.6 percent from FTI Intelligence’s first quarter 2015
forecast. Total installations for the 2015-2024 period are expected
to reach 592GW corresponding to a 3.3 percent compound annual
growth rate between 2014 and 2024.
The new installation forecasts in 2015-2019 were upgraded by
12.4 percent for North America. The key drivers are the expected
strong growth in Canada in 2016 and the optimism created by the
political debate about the revised U.S. federal Clean Power Plan.
FTI Intelligence has increased its Asia Pacific forecast for total
installations by 2019 by 5.6 percent as it expects strong continued
growth in China due to a clear visibility of project pipelines in
2016.
FTI Intelligence estimates firm order intake for the top 10 wind
turbine OEMs in the first half of 2015 was approximately 20GW.
Danish-owned manufacturer Vestas leads the intake, driven by near
record orders of 3GW in the second quarter of 2015. Chinese
companies, Goldwind and United Power take second and third place,
respectively, by taking the advantage of strong market growth in
their home market. Germany’s Siemens, the second largest wind
turbine manufacturer in 2014, saw a relatively low order intake due
to a lull in offshore orders in both the first and second quarters
of 2015.
Confirmed offshore orders for the first half of 2015 totalled
1,203MW, led by Senvion (443MW) followed by MHI-Vestas (423MW) and
Siemens (337MW).
M&A Activity
The Global Wind Market Update – H2 2015 Briefing also
highlights the acceleration in M&A activity in the wind sector,
with a large number of deals announced or finalised. On the supply
side, the highlights were the recent acquisition of Acciona
Windpower by Nordex, regulatory approvals of the GE-Alstom
acquisition, and the merger of Chinese turbine manufacturers CSR
and CNR, respectively. These deals followed the acquisition of
Senvion by Centerbridge Partners earlier this year.
There were also a number of deals involving component
manufacturers, such as Ming Yang’s acquisition of China Smart’s
RENergy, one of its top electric components suppliers, ZF’s
acquisition plan to take over Bosch Rexroth’s industrial gears and
wind turbine gearbox business, and most recently GE’s acquisition
of modular blade producer Blade Dynamics.
On the demand side, onshore M&A continues to be driven by
strong appetite for assets of yieldcos, including deals such as the
acquisition of projects from Atlantic Power and Invenergy in the US
by SunEdison controlled TerraForm Power and the acquisition of
projects and equity in Brazilian developer Renova by TerraForm
Global. The market also saw GE buying a 49 percent stake in Enel
Green Power’s 760MW portfolio of operating and under-construction
renewables assets in North America.
The Global Wind Market Update – H2 2015 Briefing includes:
- A detailed five-year market demand forecast for both onshore
and offshore for nearly 50 countries for 2015-2019.
- A five-year market projection by region for 2020-2024.
- An order flow summary.
- Key M&A highlights in the first three quarters.
“In 2015, the global wind market will reach a new record of
activity, driven by the extraordinary strength of China’s market,”
explained Feng Zhao, Director in the FTI-CL Energy practice.
“However, we can still expect some volatility over the next five
years, before annual installations build to the next peak around
2021.”
“Although the wind market still suffers from policy uncertainty,
continual improvements in technology and innovations in finance are
changing ‘facts on the ground’ and making wind power directly
competitive with fossil fuels in growing areas of the world –
despite low oil and gas prices,” says Aris Karcanias, Managing
Director at FTI Consulting and Co-Lead of the Company’s Clean
Energy practice. “There is a new sense of maturity and confidence
in the wind industry, as well as an ongoing process of
consolidation around companies with strong financial and industrial
capabilities.”
To learn more about the FTI Intelligence Global Wind Market
Update – H2 2015 Briefing, please visit the FTI Intelligence
website at www.fti-intelligence.com or contact us at
fti-intelligence@fticonsulting.com.
About FTI Intelligence
FTI Intelligence provides a clean energy subscriptions service.
This service is a series of data-driven publications evaluating
competitive markets, policy, finance, technology and business
models across the energy spectrum. Derived from our comprehensive
databases, local knowledge, and the opinions of leading industry
experts and an extensive network of professionals, these
publications deliver a powerful combination of strategic insight
and reliable market forecasts for both established and emerging
markets.
About the Global Wind Market Update – H2 2015
Briefing
The Global Wind Market Update – H2 2015 Briefing highlights
updates in the wind market forecasts and key developments since the
first publication of the report by FTI Intelligence which was
released in March 2015. The Global Wind Market Update – Demand
& Supply 2014 examined the evolution of the global wind market
between 2015 and 2024, and assessed key market and technology
trends and policy changes. The views expressed in this work do not
necessarily represent the views of the publisher, its management or
employees, and the publisher is not responsible for, and disclaims
any and all liability for the content of statements written by the
authors of this work.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm
dedicated to helping organisations protect and enhance enterprise
value in an increasingly complex legal, regulatory and economic
environment. With more than 4,400 employees located in 27
countries, FTI Consulting professionals work closely with clients
to anticipate, illuminate and overcome complex business challenges
in areas such as investigations, litigation, mergers and
acquisitions, regulatory issues, reputation management, strategic
communications and restructuring. The Company generated $1.76
billion in revenues during fiscal year 2014. For more information,
visit www.fticonsulting.com and connect with us on Twitter
(@FTIConsulting), Facebook and LinkedIn.
Investor Contact:
Abaigeal Healy
+1.617.747.1727
abaigeal.healy@fticonsulting.com
Media Contact:
Michael Rosen
+44.20.3727.1751
michael.rosen@fticonsulting.com
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