Global wind power capacity additions are expected to maintain an annual 77 GW from 2020 to 2029, according to a newly released report from Wood Mackenzie.
This represents growth of 112% in global installed capacity from the end of 2019 to the end of 2029.
As noted in the Global Wind Power Market Outlook Update: Q1 2020 Report, 62 GW of wind capacity was added globally in 2019, which is a 23% increase from 2018 and the second-highest annual total after 2015 (63 GW). While 2019 was productive, the coronavirus is likely to impact the 150 GW of global wind capacity additions expected from 2020 to 2021.
“The impact from the coronavirus is expected to affect a 27.5 GW two-year build cycle in the U.S.,” says Luke Lewandowski, research director at Wood Mackenzie.
“As the production tax credit (PTC) fades, U.S. offshore annual capacity additions will depend increasingly on state leadership. We expect this to yield 23.3 GW over the 10-year outlook period,” he adds.
Compliance with the EU’s energy and climate targets for 2030 will drive the addition of 225 GW within Europe.
Across the 10-year outlook, Wood Mackenzie expects 250 GW of wind power capacity to be brought online in China. Growth in the offshore sector and wind repowering opportunities will bolster onshore development.
To read the full news release of Wood Mackenzie’s Global Wind Power Market Outlook Update: Q1 2020, click here.