Market research consultancy Brinckmann expects nearly 2TW of global cumulative capacity additions in wind to occur between 2023 and 2033.
In 2023 an estimated 130GW of new onshore and offshore wind capacity will be installed, much of it onshore wind in APAC.
Growth will average 6% between 2023 and 2033, so that by 2033, installations in that year will total around 230GW, two thirds of it onshore wind and a third offshore wind.
Drivers behind the growth of the global wind sector, such as solid policy support, like the US Inflation Reduction Act, China’s and the EU’s decarbonisation strategies, new countries entering offshore wind, plus the demand for green hydrogen, will outweigh limiting factors and barriers, Brinkmann found.
Challenges include project bankability, complicated permitting processes, as well as turbine manufacturers struggling to achieve profitability.
Brinkmann says these must be addressed for sustainable growth, such as holding auctions where prices reached reflect rising costs and interest rates, in order to make projects appealing to developers and investors.