U. S - China led the world in both onshore and offshore wind development last year, and is expected to continue to lead in 2023, according to the report.
'Twin challenges of secure energy supplies and climate targets will propel wind power into a new phase of extraordinary growth,' the Global Wind Energy Council says
According to the company, an optimistic global report on the outlook for wind energy issued Monday bodes well for recent announcements in the U.S., which is pushing offshore to try to harness more green-energy replacements for coal, oil, and gas. The Brussels-based trade association Global Wind Energy Council in a report projected 680 gigawatts of new global onshore and offshore wind should be installed by 2027. That represents enough wind to power about 657 million homes annually. The group said rising concern about climate change derived from burning fossil fuels, as well uncertainty around secure energy supplies following Russia's invasion of Ukraine, is pushing more nations to tap wind and regain some control over a market less dependent on Middle East oil or Russian natural gas.
The wind-power market (WNDY) stalled in 2022 because of government policies that encouraged "race to the bottom" pricing, and because of inflation, higher logistics costs, and inefficient permitting and licensing rules, the council said. The industry added about 78 gigawatts of wind capacity globally in 2022 -- down 17% from 2021, but still the third-best year ever for new capacity.
China led the world in both onshore and offshore wind development last year, and is expected to continue to lead in 2023, according to the report. The Asia-Pacific region surpassed Europe in 2022 as the world's largest offshore wind market. Europe continues to build the most floating offshore wind farms, however. Floating turbines come into play in areas where the ocean bottom is much deeper this year, the industry globally should reach a historic milestone -- 1 terawatt, or 1,000 gigawatts, of wind energy installed worldwide, the council said. The 2-terawatt milestone should come in 2030 if policymakers strengthen supply chains to meet demand and address permitting and other bottlenecks, the council added.
"2023 will mark the start of a decisive turnaround," council CEO Ben Backwell wrote in the report. "Governments of all the major industrialized nations have enacted policies that would result in a significant acceleration of deployment."
Source: Morningstar