Despite flat wind industry installations between 2017 and 2018, Navigant Research reports the sector continues to grow while undergoing big changes. Countries that previously had little to no wind power market are now in development, while shifts toward more competitive policy environments and reduced subsidies are slowing the growth of some mature markets.
Titled the Global Wind Energy Overview, the report highlights a 16% predicted compound annual growth rate for offshore wind development globally. The offshore market leaders are currently Europe, Taiwan, and China. America isn’t far behind, however, with the first large-scale offshore wind plants along the northeast coast expected to be commissioned within a few years.
With regard to wind turbine original equipment manufacturers (OEMs), Denmark-based Vestas holds the lead in total annual capacity according to year-end data from 2018. Jesse Broehl, a senior research analyst with Navigant Research, spoke further about who was leading the industry. “Growth in wind capacity is led by countries in Asia Pacific and non-traditional markets in Europe, Latin America, and the Middle East & Africa. Wind power is being developed not only in a greater variety of countries but also increasingly in offshore well as onshore.”
In total, the global wind power industry is expected to exceed 626,800 MW of new capacity within the forecasted decade. This capacity is worth more than $92 billion in 2019 alone. Across the coming decade, this number surpasses $1 trillion according to Navigant’s report.
