Navigant Research forecasts the global wind capacity market value to increase from more than $92 billion in 2019 to over $1 trillion by 2028.
The global wind power industry is expected to install more than 626,800MW of new capacity over the next decade.
Other key study findings include:
- Installations were flat from 2017 to 2018.
- Some mature markets are facing flat or declining growth due to adjustments to more competitive policy environments and reductions or eliminations of subsidies.
- Previously anticipated declines in the market growth are being offset by increasing wind power development in countries that were not previously wind power markets.
- The global offshore wind development is expected to experience a 16% compound annual growth rate by 2028.
- China, Taiwan and Europe are the leading markets, with the US soon to join.
Broehl, a senior research analyst with Navigant Research, said: “Growth in wind capacity is led by countries in the Asia Pacific and non-traditional markets in Europe, Latin America, and the Middle East & Africa.
“Wind power is being developed not only in a greater variety of countries but also increasingly in offshore as well as onshore.”
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