Global wind capacity market value predicted to increase tenfold over next decade

 

 

The most recent wind energy report from energy research and advisory firm Navigant Research (Boulder, Colo., U.S.) predicts that global offshore wind development to experience a 16% compound annual growth rate over a 10-year forecast period. 

The report analyzes the global wind power market to assess current and future development cycles and projections for new installed wind capacity. The report provides global market forecasts, segmented by region, through 2028.

According to the report, China, Taiwan and Europe are the leading markets, with the U.S. soon to join when the first large-scale offshore wind plants are commissioned along the northeast coast. The global wind power industry is expected to install more than 626,800 megawatts of new capacity over the next decade. This new capacity represents a market worth more than $92 billion in 2019 and more than $1 trillion over the forecast decade.

The report also examines the annual installed capacity of top global wind turbine OEMs and related market share and ranking. The most recent year-end 2018 data shows Vestas (Aarhus, Denmark) retaking the global total annual capacity lead and three other western OEMs falling in the global total annual rankings. The turbine OEM market dynamics show consolidation throughout the sector, with top OEMs commanding larger market shares.

Global wind industry installations were flat from 2017 to 2018, but Navigant reports that those figures represent profound shifts throughout global wind power markets. Some mature markets are facing flat or declining growth due to adjustments to more competitive policy environments and reductions or eliminations of subsidies. However, these changes are being offset by increasing wind power development in countries that were not previously wind power markets. 

“Growth in wind capacity is led by countries in Asia Pacific and non-traditional markets in Europe, Latin America and the Middle East, and Africa,” says 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.”