Forecasts underestimate growth in global wind power sector
Wind power will provide the backbone to the electricity sector’s transformation over the coming decade, according to a new report from Rethink Energy. Wind power will account for two-thirds of global power production by 2030 and will pave the way for all zero-carbon technologies, according to the report.
The report, Wind accelerates past nuclear, hydro in post-COVID power markets, states that all previous forecasts have underestimated the appeal of wind by some margin.
The growth of the global wind power sector is being triggered by the recent surge in national renewable pledges, the election of a green US President and plummeting technology costs. In addition, an increasingly attractive investment environment will enable wind power generation to overtake hydropower and nuclear through the coming decade, in the process thinning out fossil fuel contribution.
In terms of capacity, the wind power sector in expected to record an increase from 756GW at the end of 2020 to 2,126GW by 2030, a three-fold increase. The report points to China as the largest proponent of this growth, accounting for 36% of additions over the next decade, reaching 780GW of cumulative capacity by 2030. The US represents the second-largest market, accounting for 15%, ahead of India in third place, with 5% of the decade’s installations.
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