Over 300GW of new wind capacity will be added in the next five years, according to a new report from the Global Wind Energy Council.
The 14th ‘Global Wind Report’ said offshore wind development will continue to accelerate with 40GW installed over the period, accounting for 15% of new projects each year.
Emerging markets for wind power will include Indonesia, Philippines, Thailand, Vietnam, Argentina, Colombia and Peru.
Some 51.3GW of new capacity was added in 2018, the report said.
Governmental support, in the form of auction and tender programmes and renewable targets, will continue to be a significant driver for new installations, it added.
Opportunities for wind energy to operate on a commercial basis are increasing as the industry continues to prove its cost-competitiveness and bilateral agreements, such as corporate power purchase agreements, grow, GWEC said.
The report said the main drivers of future market growth, aside from regulation and government targets, are changing business models of industry participants, corporate procurement outside of mature markets, and value-focused solutions, such as hybrid generation plants.
GWEC director of market intelligence Karin Ohlenforst said: “2018 was a good year for the global wind industry, with installations remaining above 50GW.
“The dominance of onshore wind power is not surprising given continued and growing investment, with market-based mechanisms like auctions, tenders and Green Certificates being the main drivers of new onshore installations, accounting for 35% of total installations.
“2018 was also a pivotal year for the offshore industry, particularly in Asia. If governments remain committed, offshore wind will become a truly global market in the next five years.”
GWEC chief executive Ben Backwell said: “We have changed the way we gather, analyse and share data. This year’s Global Wind Report is built on our new and improved market intelligence function that offers unmatched exclusive data and insights.
“We are growing our team and are more dedicated than ever to steering the industry and supporting our members into new and exciting opportunities for wind energy.”