Nearly 300GW of wind energy capacity is expected to be added over the next five years, according to the 14th edition of the Global Wind Report by Global Wind Energy Council. In total, 51.3GW of new wind energy capacity was installed in 2018.
GWEC Market Intelligence director 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.”
Government support through auctions, tender programmes as well as setting up of renewable targets are seen as significant drivers for new installations in a short term period.
Besides regulation and government targets, the report identified three global trends that could serve as the key drivers of future market growth. These include changing business models of industry participants, corporate procurement outside mature markets and increased focus on value creation.
GWEC CEO 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.”
In February this year, GWEC’s report indicated that the Asia-Pacific (APAC) region expanded its onshore wind capacity during 2018 by 4.2% from 2017.