Source: Pexels
Installed capacity in global wind power is expected to grow 1.9%, or 25.6 gigawatts (GW), quarter-on-quarter between 2022 and 2031, Wood Mackenzie reported.
This comes as new the Americas and Europe intensify strategies and implement new climate policies, leading to a net upgrade of 21GWs; whilst the Asia-Pacific region, excluding China, saw a 1.9GW reduction.
“The Inflation Reduction Act establishes long-term investment stability in the US, with more than 5 GW of the 6.8 GW upgrade QoQ expected from 2028-2031,” Luke Lewandowski, Wood Mackenzie research director, said.
“Procurement activity in Quebec and a robust pipeline in Alberta will trigger a 2.5 GW upgrade in Canada, strengthening its position as a top 20 global market.”
Lewandowski explained the reduction in the Asia-Pacific region was due to concerns in Vietnam’s state utility and slow development in Japan and South Korea.
“This is primarily due to the state utility in Vietnam not recognising new wind power over grid stability concerns, but also due to slow market development in Japan and project adjustments in South Korea,” Lewandowski said.
“Offshore project disruption in China caused by typhoons, supply chain challenges, and Covid-19 outbreaks has put even greater pressure on completing projects before 2026 as the 14th Five Year Plan ends in 2025.”
