The growth of wind power will be “significant” in India, Brazil and Africa in the next five years.
That’s according to ratings agency Moody’s which stated there will be a shift from mature markets in Europe and the US to emerging nations due to the COP21 agreement.
Installed capacity of wind turbines in China reached 145.3GW last year, surpassing the EU’s capacity of 141.6GW for the first time, it added.
All emerging markets combined accounted for 62% of new wind turbine orders during the same period.
The growth of investment in renewables in emerging markets is likely to increase sales of firms such as Siemens, General Electric, Vestas and Gamesa in the next five to 10 years, Moody’s stated.
It expects this trend to continue as “decreasing subsidy schemes and a scarcity of good onshore positions in developed markets” will result in slowing demand from Europe and North America.
It believes the European market is likely to experience a contraction of between 5% and 10% of sales in 2017/18.
The European Commission has presented a proposal for EU nations to ratify the Paris agreement.