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  1. Market Data
April 11, 2022

Global power industry contracts in Q1 2022: Wind technology down 34%

By Carmen

Wind technology contracts activity in Q1 2022 saw 211 contracts announced, marking a drop of 34% over the last four-quarter average of 321, according to GlobalData’s power industry contracts database.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
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Onshore was the top category in wind technology in terms of number of contracts for the quarter, accounting for 149 contracts and a 71% share, followed by Offshore with 61 contracts and a 29% share.

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Looking at global power contracts activity divided by the type of technology, wind held the second position in terms of number of contracts during Q1 2022 with a 32.6% share.

The proportion of contracts by category in the Wind technology tracked by GlobalData in the quarter was as follows:

  1. Power Purchase Agreement: 68 contracts and a 32.2% share
  2. Supply & Erection: 56 contracts and a 26.5% share
  3. Project Implementation: 46 contracts and a 21.8% share
  4. Consulting & Similar Services: 35 contracts and a 16.6% share
  5. Repair, Maintenance, Upgrade & Others: six contracts and a 2.8% share.

Europe leads wind contracts activity in Q1 2022

Comparing contracts activity in wind technology in different regions of the globe, Europe held the top position with 114 contracts and a share of 54% during Q1 2022, followed by Asia-Pacific with 54 contracts and a 25.6% share and North America with 28 contracts and a 13.3% share.

In fourth place was South and Central America with eight contracts and a 3.8% share and in fifth place was Middle East and Africa with seven contracts and a 3.3% share.

Wind technology contracts in Q1 2022: Top companies by capacity

The top issuers of contracts in Wind technology for the quarter in terms of power capacity involved were:

  1. Crown Estate Scotland: 24,826MW from 17 contracts
  2. Alcoa (United States): 1,479.3MW from two contracts
  3. ArcelorMittal (Luxembourg): 975MW capacity from one contract.

Wind technology contracts in Q1 2022: Top winners by capacity

The top winners of contracts for the quarter in terms of power capacity involved were:

  1. Scottish Power Generation Holdings (United Kingdom): 5,000MW from two contracts
  2. BP (United Kingdom): 2,907MW from one contract
  3. Falck Renewables Wind (United Kingdom): 2,700MW capacity from three contracts.

All publicly-announced contracts are included in this analysis drawn from GlobalData’s Power database, which covers power plants, T&D projects, equipment markets, analysis reports, capacity and generation, and tracks tenders and contracts on a real-time basis.

More in-depth reports and analysis on all reported contracts are available for subscribers to GlobalData’s Power database.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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