The global deployment of wind energy is expected to top the 1-terawatt (TW) threshold by the end of this year, per research and consultancy firm Wood Mackenzie.
Apart from that, WoodMac forecasted wind energy to hit its second TW of deployment within the following eight years.
“After needing more than 40 years to reach one TW of installations, the wind industry will reach the next TW of installations within the next eight years, a significant acceleration of growth.”
WoodMac’s research director, Luke Lewandowski
Wind energy forecast over the next decade
China’s overall wind energy deployment annually is also expected to reach an average of 80 GW. Remarkably, that figure will generate 50% of additional capacity globally in the next ten years.
On the other hand, European nations will deploy an additional offshore and onshore wind capacity of over 343 GW during the next decade. Specifically, the report indicated that 39% of that total would be from offshore wind.
Interestingly, wind energy growth is also said to be fueled by onshore expansion in developing Eastern European markets on top of the renovation of existing wind farms in Germany and Spain.
Global offshore wind industry to grow sevenfold by 2032
WoodMac further forecasted the offshore wind industry to expand sevenfold by 2030, representing 26% of the overall deployment over the 10-year projections.
Over the next ten years, thirty nations will increase their offshore wind capacity. However, 81% of this expansion is predicted to come from the EU and China.
“Developers await tax credit eligibility guidance from the US Treasury, with the ongoing uncertainty impacting near-term installations. However, with policy clarity, approval and investment in transmission projects, and development of the offshore market’s nascent supply chain, annual additions will intensify and average 20 GW per year from 2026 through 2032.”
WoodMac’s research director, Luke Lewandowski
All that said, the apparent difficulty of grid-connection delays for renewable energy sources will need to be overcome in the US. Biden’s approval of the TransWest Express Transmission Line last week is a significant step in overcoming that.
For those unaware, it is a massive power line (732 miles long) that will transmit wind energy from Wyoming to Southwest population areas.
The line’s first phase is anticipated to be finished in 2027 and will add 3,000 MW of new transmission capacity.
“We can thank an array of clean energy developments, such as solar panels, wind turbines, electric vehicles, and heat pumps, and the policies and investments that are supercharging their growth.
It’s well known in energy and climate circles that these technologies are expanding quickly, but I think many people still don’t realize just how quickly.”
IEA executive director Fatih Birol via Financial Times
