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Report: Global Wind Power Capacity to Grow by 50% Over the Next Five Years
2018-05-04
On April 25, the Global Wind Energy Council (GWEC) released a report stating that, driven by declining costs and a market recovery expected to begin by the end of this decade, global wind power installed capacity is projected to increase by more than 50% over the next five years.
In its annual report on the global wind power industry, GWEC stated that as of the end of last year, total global installed wind capacity reached 539 GW, an 11% increase over the previous year.
The agency stated that, as countries worldwide develop renewable energy to meet emissions-reduction targets and wind-energy costs continue to decline, global installed wind capacity is expected to increase by 56% by the end of 2022, reaching 840 GW.
Last year, global new wind power capacity additions totaled approximately 52.5 GW, slightly down from 54.6 GW in 2016. The GWEC forecasts that the wind energy market will remain flat this year but will resume growth starting in 2019.
GWEC stated in its report: “The market is expected to resume growth throughout 2019 and 2020. As the new decade begins, new capacity additions will once again exceed 60 GW and continue to expand, albeit at a slower pace.” “We project that cumulative installed capacity will reach 840 GW by 2022.”
China will remain the world’s largest wind market, with nearly 19.7 GW of new installed capacity in 2017, despite a 15.9% year-on-year decline.
The growth rate of China’s wind power market is gradually slowing and is expected to level off by 2020.
India’s wind power installed capacity reached a record high last year, with more than 4 GW added; however, the GWEC expects the pace of growth to slow during this year’s transition period.
The EU also reached a record high in installed capacity last year, with 15.6 GW of new additions, while the U.S. added 7 GW.
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