KUALA LUMPUR, Malaysia
, Jan. 23, 2013 /PRNewswire/ -- The wind energy industry, one of the key growth engines amongst renewable energy technologies slipped into a slowdown in 2012 plagued by
's and other developed countries' economic woes, its first since witnessing double digit growth rate y-o-y since 2009.
Amidst this, the wind energy industry is likely to regain its lost sheen back in 2013 with the extension of federal tax credit in the US and
's recent announcement to invest in offshore wind farms in Fukushima. Despite falling prices and technological advancements, the wind power market growth continues to be fuelled by extensive government support.
, Program Manager, Energy and Environment, Frost & Sullivan, "The shutdown of
's nuclear reactors in the aftermath of the earthquake and tsunami has changed the perspectives towards renewable energy technologies."
"The compelling need for energy self sufficiency and energy security has driven
to tap its offshore wind potential despite high costs and challenges in connecting to the power grid. Furthermore,
's investments in developing its onshore wind power projects have been dismal since 2008 due to complicated construction guidelines and grid connection issues," she added.
Unlike the European markets that led the offshore wind power development globally, the
region has been slow progressing. However, with
's plan to aggressively promote offshore wind projects in the country, the focus of developing offshore wind farms is expected to shift from the West to the East.
"A prime example is the Fukushima offshore wind power project with a mammoth planned capacity of 1 GW. The project has proved how wind power can be harnessed effectively even to replace nuclear power plants that are currently mired in safety concerns," said Sriram.