Navigant Research forecasts the global wind capacity market value to increase from more than $92b in 2019 to over $1t by 2028.
The global wind power industry is expected to install more than 626,800 MW 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 previously not strong in wind power
- The global offshore wind development is expected to experience a 16 percent 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.
Click here for more information about the study.
Originally published on smart-energy.com
