- China, the US, and Germany will lead global wind energy growth in 2024, with China accounting for 43% of the world’s capacity.
- Offshore wind projects in the US and Europe will counter onshore challenges, supporting the push to triple renewable energy capacity by 2030.
The global wind energy sector expects to reach new milestones in 2024, fueled by solid investments from China, the United States, and Germany.
Wind energy, a driving force in the global energy transition, prepares for another year of growth. Reports highlight a record rise in its share of global electricity generation, thanks to favourable weather and increased infrastructure spending.
China, the US, and Germany lead this expansion, contributing 64% of the world’s wind capacity. China dominates with 43% of the total. In 2023, China added 75 gigawatts (GW) of new capacity, accounting for 65% of global installations—the largest in wind sector history.
This surge aligns with the commitments made at COP28, where global leaders set a goal to triple renewable energy capacity by 2030. To meet this, annual wind installations must reach 320 GW. In 2023, the industry set a record by installing 117 GW, a 50% jump from the previous year.
However, the industry faces challenges. Supply chain disruptions, rising costs, and regulatory barriers slow progress in key markets. In the US, onshore wind installations declined during the first quarter of 2024 due to administrative delays and financial hurdles.
To counter this, offshore wind projects are gaining importance, particularly in the US and Europe. The South Fork Wind project in the US aims to revive growth and offset the slowdown in onshore installations. Europe is also expanding its offshore wind capacity, which is critical in meeting climate goals.
Governments continue adjusting their policies to support wind energy. China invests heavily in renewable infrastructure to reduce its reliance on coal, boosting onshore wind capacity in the coming years.
The global wind energy market is expected to grow at an annual rate of 13.67% by 2030. Innovations in turbine technology and declining production costs make wind energy more competitive. The Asia-Pacific region, led by China and India, anticipates significant market growth due to major investments.
In conclusion, despite existing challenges, global wind energy looks set for solid growth. With ongoing policy support and technological advancements, the sector will play a crucial role in the global energy transition and the fight against climate change.