Europe’s renewed energy security priorities will reinforce sustained wind market growth, Luke Lewandowski, Director, Power & Renewables – Americas at Wood Mackenzie said in his analysis, Trend reports.
“We currently forecast that an additional 358 GW of wind capacity will come online in Europe over the 10-year period – 68% onshore and 32% offshore. Efforts to minimise reliance on Russian energy imports offer significant upside to this outlook. However, the conflict in Ukraine limits growth in the short run. Vestas’ decision to pull out of Russia and the migration of more than 2.5 million Ukrainians will have a significant negative impact on a regional market that had previously been on the cusp of record growth,” says Lewandowski.
The report shows that new investment in wind turbine order capacity hit an estimated US$57 billion in 2021.
“Firm order intake increased 42% globally YoY, according to our latest Global wind turbine order analysis. A record 55 GW of intake in China, combined with nearly 9 GW of intake in the rest of Asia Pacific, overwhelmed an 8 percent decrease YoY in the rest of world, where supply chain disruption has impacted order activity.
Vestas grabbed the top spot on the wind turbine order leaderboard (14 GW) in 2021, besting other OEMs by 1 GW. Windey’s inroads in EMEARC helped it edge Envision for second place in the annual ranking. Interestingly, new models comprised a significant portion of large orders announced in 2021 – reflecting the growing confidence developers have in new technology.
The global wind power market outlook continues to reflect the gathering pace of the energy transition. After a 113 GW record was set in 2020, the industry did see a 16% year-on-year decrease in capacity additions in 2021 – but is on track to add nearly 1.5 TW worldwide by 2031,” the analyst notes.
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