Wind Industry Sets Record in 2023 Despite Global Challenges
The wind industry achieved a monumental feat in 2023, surpassing all previous records with a staggering 117 GW of new wind power capacity installed globally. This remarkable accomplishment represents a 50% increase year-over-year (YoY) and signifies significant progress towards combating climate change.
Resilience in a Challenging Year
This achievement is even more impressive considering the year’s difficulties. The global economy faced macroeconomic headwinds, ongoing conflicts, disruptions stemming from the Russia-Ukraine war, and the lingering effects of the COVID-19 pandemic. Despite these challenges, the wind industry demonstrated remarkable resilience and adaptability.
Mitsubishi MWT1000 at Palm Springs, USA
New Wind Capacity Installed in 2023 by Regions
Top 5 Wind Countries Market Share in 2023
Market Breakdown: Onshore Wind Leads the Charge
Onshore wind dominated the market in 2023, contributing 106 GW of new capacity, a significant 54% YoY growth. This marks the first time ever that over 100 GW of onshore wind capacity was installed globally within a single year.
- China and US Remain Top Markets: China and the US retained their positions as the world’s leading onshore wind markets, adding over 69 GW and 6.4 GW of capacity, respectively.
- Brazil, Germany, and India Round Out Top Five: Brazil, Germany, and India followed closely behind, collectively making up 82% of global new installations in 2023.
Offshore Wind: China Takes the Lead
The offshore wind sector also witnessed significant growth in 2023, with 10.8 GW of new capacity commissioned. This represents a 24% increase from the previous year.
- China Leads the Way: China solidified its position as the global leader in offshore wind development, adding 6.3 GW of capacity in 2023. This constitutes 58% of global additions and brings its total offshore wind installations to 38 GW, surpassing Europe’s total.
- Europe Sees Strong Growth: Europe had a record year in 2023 with 3.8 GW of new offshore wind capacity commissioned across six markets, led by strong growth in the Netherlands.
- US Projects Under Construction: The US has two major offshore wind projects under construction but did not see any completed installations in 2023.
Looking Ahead: Optimism for the Future
The wind industry is optimistic about its future prospects due to several positive developments:
- Global Goal for Renewable Energy: The inclusion of a goal to triple renewable energy by 2030 in the COP28 agreement is a significant boost for the industry.
- Favorable Policy Environment: Supportive policies like the Inflation Reduction Act in the US and ambitious renewable energy targets in Europe are expected to accelerate wind energy development.
- China’s Clean Energy Push: China’s commitment to clean energy, driven by its “30-60” pledge, presents a significant growth opportunity for the wind industry.
- Emerging Markets Gain Momentum: Growth in emerging markets like Southeast Asia, Central Asia, and the Middle East is expected to pick up pace in the coming years.
Wind Energy on Track, But Challenges Remain
GWEC Market Intelligence forecasts a compound annual growth rate (CAGR) of 6.6% for onshore wind and 28% for offshore wind in the next five years. However, even with this projected growth, the industry acknowledges the need to accelerate development to achieve the Paris Agreement targets and stay on track for net zero by 2050. Addressing permitting, supply chain, financing, and grid infrastructure challenges will be crucial to achieving this goal.
To download the full report visit the website of Global WInd Energy Council
