Recently, the Global Wind Energy Council (GWEC) released the "Global Wind Report 2024" (hereinafter referred to as the "Report"), which shows that in 2023, the global newly installed wind power capacity reached 117 GW, setting a new historical record. The organization believes that the wind power industry has now entered a period of accelerated growth. However, there are still many challenges in terms of national policies and the macroeconomic environment. To achieve the vision of doubling the installed capacity of renewable energy by 2030, governments and the industry must not only vigorously promote the development of the wind power industry but also establish a healthy and secure global wind power supply chain to ensure the continuous growth of the industry.
Milestone in Installed Capacity
According to the "Report," 2023 was a year of continued growth for the global wind power industry, with 54 countries adding new wind power installations. The new installations were distributed across all continents, totaling 117 GW, a 50% increase compared to 2022. By the end of 2023, the cumulative global wind power installed capacity reached 1,021 GW, marking a significant 13% year-on-year growth and surpassing the 1-terawatt milestone for the first time.
In the segmented field, approximately 106 GW of the new installations in 2023 were from onshore wind power, marking the first time that annual growth in onshore wind power installations exceeded 100 GW, with a year-on-year increase of 54%. China was the fastest-growing country in terms of onshore wind power installations, adding over 69 GW of capacity last year. The United States, Brazil, Germany, and India ranked second to fifth globally in onshore wind power installation growth, with these five countries accounting for 82% of the global total new onshore wind power installations.
From regional perspective, the robust growth of the Chinese wind power market continues to drive the development of wind power in the Asia-Pacific region, leading to the highest installation growth rate globally. Similarly, Latin America experienced record growth in wind power installations in 2023, with onshore wind power installations increasing by 21% year-on-year. Additionally, the African and Middle Eastern regions also saw rapid development in onshore wind power, with wind power installations growing by 182% in 2023.
Increased Investment Needed in the Industry
While emerging economies are experiencing rapid growth in wind power, the growth rate of wind power installations in developed countries has slowed down. The "Report" shows that not all regions worldwide are experiencing accelerated growth in wind power installations. In 2023, the growth rate of wind power in Europe and North America decreased compared to 2022.
More notably, there is a significant disparity in the speed of wind power development globally. Ben Backwell, CEO of the Global Wind Energy Council, pointed out, "Currently, the growth in wind power installations is highly concentrated in a few countries such as China, the United States, Brazil, and Germany. Future efforts should focus on improving market frameworks to expand the scale of wind power installations." Backwell believes that although more countries have set wind power development goals in recent years, some countries' wind power industries are still sluggish or even stagnant. Policymakers and investors need to play a greater role in ensuring that all regions globally have access to clean electricity and sustainable economic growth opportunities.
Collaboration in the Industry Supply Chain as Key
The "Report" indicates that, overall, the global wind power industry has entered a period of rapid growth, supported by increasing policies and funding. With the push from major economies, the gradual release of potential in emerging markets, and the burgeoning offshore wind power sector, the cumulative global wind power installed capacity is expected to reach the next "terawatt milestone" by 2029, a year ahead of previous forecasts.
However, the "Report" also highlights several challenges faced by the global wind power industry, including the macroeconomic environment, increasing inflationary pressures in various countries, supply chain vulnerabilities, and the growing instability in global social and economic conditions. Ongoing geopolitical conflicts and continued investments in fossil fuels are additional factors adversely affecting the development of the wind power industry.
In light of these challenges, the "Report" proposes several recommendations. It calls for countries to promptly adjust wind power development policies, promote grid investment, and accelerate infrastructure construction. There should also be a greater focus on emerging technologies such as artificial intelligence and encouragement of technological innovation. Additionally, the report suggests that governments strengthen global cooperation within the wind power supply chain.
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Post time: Jun-23-2024
