Research and Markets recently released the “Global Wind Power Report 2008,” which reveals that global wind industry is estimated to grow by more than 70 percent and reach 160 gigawatts by 2012.
According to the report, wind is the world’s fastest-growing energy source with an average annual growth rate of 29 percent over the last ten years, while power generation costs of wind energy have dropped by 50 percent.
The report found that global wind power generating capacity crossed 94 gigawatts in 2007; a twelve-fold increase from a decade ago, when world wind generating capacity stood at just over 7.6 gigawatts.
Boston Globe recently reported that wind turbine projects in Massachusetts and elsewhere are being delayed due to turbine shortages.
Since May, Caterpillar’s FG Wilson manufacturing plant in Northern Ireland has been running on 100 percent wind power.