Global Wind Energy on Track for Record Growth in 2024

The global wind energy sector is expected to reach new milestones in 2024, driven by favorable conditions and massive investments, particularly in China, the United States, and Germany.

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Wind energy, one of the pillars of the global energy transition, is poised for another year of growth in 2024. Several reports highlight a record increase in the share of wind energy in global electricity generation, driven by favorable weather conditions and accelerated infrastructure investments.

The major players in this expansion are China, the United States, and Germany, collectively accounting for about 64% of the world’s installed capacity. China, with a 43% share, stands out as the undisputed leader in the global wind sector. In 2023, China added 75 gigawatts (GW) of new capacity, representing 65% of the world’s installations that year, a performance unprecedented in the sector.

Ambitious Goals for 2030

The current momentum in the wind industry aligns with the commitments made at COP28, aiming to triple global renewable energy capacity by 2030. To meet this goal, annual installations must significantly increase, with a target of 320 GW per year. In 2023, a record 117 GW was installed, marking a 50% increase compared to the previous year.

Despite this spectacular growth, several challenges remain, particularly regarding supply chains, capital costs, and regulatory obstacles in key markets. In the United States, for example, onshore wind installations slowed during the first quarter of 2024, reflecting administrative bottlenecks and financial constraints.

The Rise of Offshore Wind

In response to these challenges, offshore wind is gaining more importance, especially in the U.S. and Europe. The South Fork Wind project, one of the largest in the U.S., is expected to help reverse the slowdown in onshore wind. In Europe, several offshore projects are underway, reinforcing the role of this technology in achieving climate goals.

Many governments continue to adjust their policies to support wind energy development. In China, the government is pushing to reduce reliance on coal and is heavily investing in renewable infrastructure. This support is expected to solidify the growth of onshore wind in the coming years.

Long-Term Outlook

Looking towards 2030, the global wind energy market is expected to continue growing at an average annual rate of 13.67%. Technological advancements in turbine manufacturing and the continued decline in production costs are making wind energy increasingly competitive compared to other energy sources. In the Asia-Pacific region, massive investments in China and India are expected to drive significant market growth.

In conclusion, global wind energy is on an upward trajectory, with strong growth prospects despite certain obstacles. With continued policy support and technological innovations, wind energy is well-positioned to play a central role in the global energy transition and the fight against climate change.

Nomura Real Estate has signed a power purchase agreement for its new Tokyo headquarters with wpd and GPSS Group, supplying the Higashi Izu Furusato wind project with a capacity of 7.48 MW.
Energiequelle completes the commissioning of two Enercon E-160 turbines in Raßlitz, replacing previous models and increasing the installed capacity of the Saxony site more than fivefold.
Ørsted has completed a $2.75bn project financing with 25 banks and five export credit agencies for the 632 MW Greater Changhua 2 offshore wind farm in Taiwan, strengthening its industrial partnership strategy. —
Masdar and Iberdrola announce a joint investment of €5.2 billion in the East Anglia THREE offshore wind farm in the United Kingdom and full commissioning of the German Baltic Eagle project (476 MW).
Energiekontor AG has secured contracts for four wind projects with a total capacity of 125 megawatts, following the Federal Network Agency's May 2025 tender in Germany.
Ecopetrol S.A. finalises the acquisition of Wind Autogeneración from Enel S.A.S., thereby taking over the Windpeshi wind project in Colombia, with a planned capacity of 205 MW, aimed at the Colombian oil group's energy self-consumption.
Oceanic Wind Energy Inc. and Coast Tsimshian Enterprises Ltd. secured an exclusive investigative use permit in the Hecate Strait, paving the way for Canada's first major offshore wind project, targeting capacity of up to 700 MW.
German manufacturer Nordex will supply 13 N163/6.X wind turbines to developer SAB WindTeam for a 91 MW wind farm in Brandenburg, with commissioning scheduled for early 2027 and an extended 20-year service agreement.
EDF is delaying the start-up of the Calvados offshore wind farm by more than two years, citing extended adjustments to a drilling tool vital for installing the sixty-four monopile foundations off Courseulles-sur-Mer.
German company NeXtWind signs historic €1.4 billion debt financing to accelerate expansion and modernisation of its onshore wind farms and reach a total capacity of 3 GW by 2028.
Energy company TGS has won a major high-resolution geophysical imaging contract for offshore wind site characterization in Norway, strengthening its position in this rapidly growing market.
Iberdrola Australia secures crucial approval from Australian authorities to begin metocean studies for its 3GW Aurora Green offshore project off the coast of Victoria, marking a decisive stage in its development.
ENGIE begins full operation of the Red Sea Wind Energy wind farm in Egypt, increasing its capacity to 650 MW, four months ahead of schedule, now powering over one million homes in the region.
Tokyo Gas, through TOWII Renewables, a joint venture with EWII, purchases two onshore wind projects developed by Finnish company Puhuri, totalling 74.4 MW, marking its expansion beyond the Danish market.
The European Investment Bank grants EWE AG historic €450mn financing for the installation of 2,600 km of underground power lines and the upgrade of over 1,100 substations in Lower Saxony.
Japan’s Ministry of Industry and Siemens Gamesa Renewable Energy launch a strategic partnership to develop local offshore wind supply chains and strengthen the country's industrial competitiveness in this energy sector.
Energiekontor AG confirms financial close for the Nartum wind farm, adding 23 megawatts to its owned portfolio and starting the construction phase in the Rotenburg district, Lower Saxony.
Airloom Energy begins construction of a pilot site in Wyoming to test an innovative turbine aimed at enhancing American energy security in the face of anticipated growth in electricity demand.
ACCIONA Energía transfers the San Juan de Marcona wind farm to Luz del Sur S.A.A., a major player in Peru's energy sector, for up to USD 253 million, pending necessary regulatory approvals.
German operator Encavis AG strengthens its portfolio by acquiring two wind farms in Lower Saxony and Saxony, totalling 59 MW, in a transaction with Energiequelle GmbH, thereby expanding its renewable energy assets.