September 6 (Renewables Now) - The wind power industry will install an additional 330 GW of capacity worldwide in 2019-2023, according to the latest market outlook report by the Global Wind Energy Council (GWEC).
GWEC has updated its 2023 outlook, adding 9 GW to what it estimated in the annual Global Wind Report published in the first quarter of 2019. The difference comes from an upwards revision of the council's forecast for onshore wind installations in the Americas, Asia Pacific and Africa and the Middle East, while the estimates for Europe have been cut by 5.9 GW.
The revised outlook now states that the global wind power market will grow at an annual rate of 4% in 2019-2023 to arrive at over 900 GW of total capacity by the end of the forecast period.
Breaking down the figures, GWEC CEO Ben Backwell said that, on average 60 GW of onshore and 8-10 GW of offshore wind will be added annually by 2023. Beyond 2023, the GWEC analysis points to the increasing share of subsidy-free projects and the growing number of bilateral power purchase agreements (PPAs) as the two main drivers of future growth.
The world will see 72 GW of new onshore and offshore wind power installations in 2019 and a further jump to 76.4 GW in 2020. Annual additions will then slow down to between 61.3 GW and 62 GW of new annual capacity in 2021-2023.