Wind energy set for continued growth despite Covid-19: The wind energy industry is on track for continued growth in the next 5 years despite the effect of the Covid-19 pandemic.
That is as reported by a new report from the Global Wind Energy Council, that forecasts from 2020 to 2024 the global wind energy market will expand at a rate of 8.5%, installing 348GW of new capacity & prompting total global wind power capacity to almost 1,000GW by the close of 2024.
According to the report, this interprets to an growth of 54% for total wind power installations as compared to 2019.
The organisation also projects 71.3GW of wind energy volume will be installed in 2020 in spite of the coronavirus crisis.
GWEC also anticipates 2020 to be another record year for the offshore wind industry, with 6.5GW of brand new installations likely to take place.
It further estimates over 48GW of offshore wind capacity will be installed as well as 157GW forecasted to be set up from 2025 to 2030.
Ben Backwell, Chief Executive Officer of GWEC, stated: “While the Covid-19 crisis has impacted every industry across the world, wind power has continued to grow and thrive. This is no surprise given the cost competitiveness of wind energy and the need to rapidly reproduce carbon emissions.”
Feng Zhao, Strategy Director at GWEC, commented: “China and the US will continue to be the two main markets driving growth over the next few years.”
Wind energy set for continued growth despite Covid-19