WIND INDUSTRY PREDICTS BOUNCEBACK AND RAPID GROWTH IN 2023

The wind power industry projected growth to rapidly accelerate this year, with incentives and policy changes in key nations helping to overcome factors that led to a slowdown in 2022.

The Global Wind Energy Council in Brussels also cited concern about climate change, as well as secure energy supplies following Russia’s invasion of Ukraine, for a fast-growth outlook in its annual Global Wind Report. The international trade association projected 680 gigawatts of new onshore and offshore wind will be installed by 2027 – enough to power about 657 million homes annually.

“The twin challenges of secure energy supplies and climate targets will propel wind power into a new phase of extraordinary growth,” the council said in its report.

The wind power market stalled in 2022 because of government policies that encouraged “race to the bottom” pricing, and because of inflation, higher logistics costs and inefficient permitting and licensing rules, the council said. The industry added about 78 gigawatts of wind capacity globally in 2022 — down 17% from 2021, but still the third-best year ever for new capacity.