The wind industry is expected to reach record growth within the next five years, according to the Global Wind Energy Council (GWEC), stressing that the coronavirus pandemic will be delayed but will not cancel planned projects.
“While some projects have redefined their completion in 2021 due to the pandemic, next year is expected to be a record year for the wind industry with 78 gigawatts of new wind power,” GWEC said in a report, according to Reuters.
In total, about 348 GW of new onshore and offshore wind farms are expected to be “online” by the end of 2024, which will increase total wind power to about 1,000 gigawatts.
“50% of the new onshore wind farms that will be added between 2020 and 2024 concern China and the United States, wanting to be able to ‘take advantage’ of the subsidy regime.”
Wind energy costs have fallen sharply and rapidly in recent years, a trend that is expected to continue in the near future. At the same time, governments are being pressured to cut coal emissions, which is helping shift investment from fossil fuels to RES, such as wind energy.