The global wind industry will add more than 626GW of new capacity — representing more than $1trn of investment — over the 2019-28 period, according to a new report from Navigant Research.
This represents more than a doubling of the 591.1GW of wind installed around the world at the end of 2018, adding up to a total of more than 1,217GW (1.2TW).
This tenfold growth in “wind capacity value” will be “led by countries in Asia-Pacific and non-traditional markets in Europe, Latin America, and the Middle East & Africa”, said Jesse Broehl, senior research analyst with Navigant Research.
“Wind power is being developed not only in a greater variety of countries but also increasingly in offshore as well as onshore.”
The global offshore market will experience a 16% compound annual growth rate over the period, with China, Taiwan and Europe being the leading markets, according to the Global Wind Energy Overview report.
The study says that 51.4GW of wind was installed globally in 2018, down from the 52.9GW recorded in 2017. The Global Wind Energy Council put the 2018 figure at 51.3GW.
“This growth is flat but behind these top-line figures resides profound shifts throughout global wind power markets and promising outlooks on the future of the industry throughout most global markets,” says the report.
But it adds: “Some countries with mature wind markets are facing flat or declining growth due to adjustments to more competitive policy environments and reductions or elimination of subsidies.
“Among the markets challenged by changes in policy, many are recovering and adjusting to a new normal of intense price competition. Some, such as the US and China in the short term, are experiencing rapid near-term increases of capacity additions as one policy door closes while another opens. The US market is expected to peak in 2020 with more than 11,300MW of new capacity added as tax credits phase out.”