GWEC expects 300 GW+ of new wind globally by 2023

Source: GWEC report at gwec.net

April 3 (Renewables Now) - Wind power installations globally in the next five years will amount to more than 300 GW, including roughly 40 GW of offshore wind, according to the 14th edition of the Global Wind Report by the Global Wind Energy Council (GWEC).

New capacity in 2018 arrived at 51.3 GW, slightly below the level of the previous two years, but stable nonetheless. GWEC expects a jump in installations to 65.4 GW this year and to 66.8 GW in 2020. Annual wind capacity additions will then range between 58.7 GW and 65.1 GW in 2021-2023. In that period, offshore wind is expected to reach the 10-GW mark for annual installations for the first time. GWEC’s forecast is for 9.9 GW and 10.1 GW of offshore wind additions in 2022 and 2023, more than double the 4.5 GW of new capacity in 2018.

“If governments remain committed, offshore wind will become a truly global market in the next five years,” said Karin Ohlenforst, GWEC’s head of Market Intelligence.

In 2018, market-based mechanisms, such as auctions, tenders and Green Certificates were the main drivers behind new capacity. Aside from regulation and government targets, future growth is expected to be driven by changing business models of industry participants, corporate procurement outside of mature markets, and value-focused solutions, such as hybrid generation plants, GWEC said.

The top five wind markets last year were: China with 18.5 GW of new capacity, the US wind 7 GW, Germany with 5.3 GW, the UK with 2.64 GW and Brazil will slightly more than 2 GW. These countries will continue to play a significant role in the expansion of the global wind capacity, but according to the trade association, there are also a number of emerging wind markets to watch: Indonesia, Philippines, Thailand, Vietnam, Argentina, Colombia and Peru.

The world reached an installed power generation capacity of 568 GW for onshore wind and 23.1 GW for offshore wind in 2018, says GWEC's report.

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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