Wind Power Is In: Global Wind Capacity Will Increase More Than 60% By 2024

Wind farm Germany. Image: Rudmer Zwerver Shutterstock

New updated data on global wind capacity, gathered in the new WoodMac study, forecasts annual increases of 71 GW of capacity from 2019-2023 and 76 GW until 2028.

Global wind capacity will grow 60% in the next five years.

It is backed by Wood Mackenzie Power and Renewables, in their new ” Global Outlook Power Outlook Market Update “.

The company has updated its forecasts for wind power, revising upwards the trends announced in the last quarter. The report highlights the strong growth that is expected in the coming years under relentless pressure from China and the United States: the document speaks of a new annual wind capacity of, on average, 71 GW from 2019 to 2023 and 76 GW from 2024 to 2028 Commenting on the data, Luke Lewandowski, Director of Wood Mackenzie Power & Renewables, said: ” Overall, the outlook is positive and global wind power continues to thrive on economic and social benefits .”

There are two main trends in this growth. The first is in the United States, where buyers are mobilizing to capitalize on the renewable energy production tax credit (PTC) before the full value of the incentive expires in 2020 and then gradually decreases.

The new state-level targets in the United States and the strengthening of standard Renewables Portfolio mechanisms (which force electricity providers to produce a specific fraction of their electricity from renewable sources ) across the country should support the post-CTP lawsuit , “Lewandowski added.

The deadlines imposed on China’s onshore and offshore wind policy are the second great weapon. Projects on land are rushing to capitalize on feed-in tariffs (FIT) before the subsidy-free era begins.

Similarly, offshore plant developers are speeding up to not lose the current level of incentives, which will expire in 2021.

However, the story is not entirely positive in the Asia Pacific region, ” says the analyst, ” the maximum auction prices imposed by the government and the delays in the launch of incentive projects have significantly slowed down sales. short-term growth expectations in India. Additionally, reliability concerns in Thailand have led to a 37% decline from the 10-year outlook as the government has focused on other technologies . “

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