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Global wind power capacity to increase by 330GW by 2023



The Global Wind Energy Council (GWEC) have released a market intelligence update that claims that the global wind energy capacity is expected to increase by 330GW between 2019 and 2023, bringing the total capacity to 900GW.

Wind power will reach 900GW capacity globally by 2023
(Image via Pexels)

This is an increase in the expected capacity by 9GW from the council’s previous Global Wind Report published in Q1 2019.

Two major trends have been identified as being responsible for the expected 4% annual growth rate of the global wind energy market: the increasing share of subsidy-free projects and an increasing number of bilateral PPAs.

These factors are said to contribute to the cost competitiveness of wind energy and provide assurance for large-scale project development leading to the continued growth of wind energy globally.

Leading markets driving the volume increase are the US and China, where onshore developments are set to drive an installation boom.

Karin Ohlenforst, GWEC’s Director of Market Intelligence commented:

“Although there was a decrease in the outlook for India and Germany due to their challenging market conditions including the execution of their auctioned capacity, the growth in other markets more than make up for this deficit. With China going subsidy free by 2021 for onshore wind and the Production Tax Credit phasing out in the US, there will be an installation rush over the next two years in these two leading onshore markets. The forecasts for emerging markets in Latin America, South East Asia, Africa and the Middle East have all been increased as well due to positive market developments. Additionally, we must acknowledge the importance of offshore wind for driving growth, as it is set to take off globally over the next few years with a compound annual growth rate of 8% between 2019 and 2023, double that of onshore wind”.

Ben Backwell, CEO of GWEC added:

“Wind energy is now one of the most cost-competitive energy sources available, so it is no surprise we will continue to see volume growth as global energy demand continues to increase. On average, 60 GW of onshore wind and 8-10GW of offshore wind will be added worldwide until 2023. Even when we do not consider the two key growth markets of US and China, we will still see installation growth levels similar to those of the 2009-2010 wind energy boom in the other markets and regions. Although this outlook is very positive, it is not enough to meet the renewable energy targets needed to keep global warming under 1.5 C°. GWEC will continue to work with emerging markets to establish the necessary frameworks, such as auctions and tenders, to propel wind energy growth even further”.

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Global wind power capacity to increase by 330GW by 2023 - Time to read 3 min
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