Global energy market will add an additional 330GW of new wind energy capacity from 2019 to 2023, bringing total capacity to over 900GW, according to GWEC Market Intelligence.
GWEC has increased the outlook on the global wind energy industry by additional 9GW from the outlook published in Q1 2019 in GWEC’s annual Global Wind Report.
The wind energy market will grow at an annual rate of 4 percent, reaching a total capacity of over 900GW by 2023. This growth rate means that an average of approximately an additional 14GW will be added each year globally over the next five years compared to 2018 growth levels.
Subsidy-free projects and an increasing number of bilateral PPAs will contribute to the cost competitiveness of wind energy and provide assurance for large-scale project development and the continued growth of wind energy globally.
“With China going subsidy free by 2021 for onshore wind and the Production Tax Credit phasing out in the US, there will be an installation rush over the next two years in these two leading onshore markets,” Karin Ohlenforst, director of Market Intelligence at GWEC said in a statement.
GWEC has increased the forecasts for emerging markets in Latin America, South East Asia, Africa and the Middle East due to positive market developments. Offshore wind is set to take off globally over the next few years with a compound annual growth rate of 8 percent between 2019 and 2023, double that of onshore wind.
60 GW of onshore wind and 8-10GW of offshore wind will be added worldwide until 2023. “Even when we do not consider the two key growth markets of US and China, we will still see installation growth levels similar to those of the 2009-2010 wind energy boom in the other markets and regions,” Ben Backwell, CEO at GWEC said.