GWEC: Wind power market set for record growth despite COVID-19
According to the latest market outlook published by GWEC Market Intelligence, 71.3GW of wind power capacity is expected to be installed in 2020 despite the impacts of COVID-19, which is only a 6% reduction from pre-COVID forecasts.
According to the Global Wind Energy Council (GWEC), this is a significant increase from original predictions that expected wind power installations to be reduced by up to 20% due to the COVID-19 pandemic, demonstrating the resilience of the wind power industry across the globe.
From 2020 to 2024, the cumulative global wind energy market will grow at a compound annual rate of 8.5% and installing 348GW of new capacity, bringing total global wind power capacity to nearly 1,000GW by the end of 2024, which is an increase of 54% for total wind power installations compared to 2019.
While some project completion dates have been pushed into 2021 due to the pandemic, next year is expected to be a record year for the wind industry with 78GW of new wind capacity forecasted to be installed in 2021. Over 50% of the onshore wind power capacity added between 2020 to 2024 will be installed in China and the US, led by installation rushes to meet subsidy deadlines.
The offshore wind sector has been largely shielded from the impacts of the COVID-19 crisis, GWEC Market Intelligence has increased its forecast for offshore wind by 5% to 6.5GW of new installations in 2020, another record year for the industry, led by the installation rush in China. Up until 2024, over 48GW of new offshore wind capacity is expected to be installed, with another 157GW forecasted to be installed from 2025 to 2030.
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