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.

Partagez:

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.

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.
France officially commissions its first floating wind farm, consisting of three turbines with a combined capacity of 25 megawatts, introducing strategic technology in the Mediterranean, vital for national energy goals.
Inaugurated on 20 June, the five-turbine plant of wpd onshore France feeds 18 MW into the grid and unlocks new tax revenue for four Côtes-d’Armor municipalities.
Statkraft refocuses investments on flexible Nordic hydropower and reduces commitments in offshore wind and hydrogen to lower operating costs, amid an uncertain economic environment and pressured profitability.
Suzlon Group receives third consecutive order from AMPIN Energy Transition to supply 170.1 MW of wind turbines for a project in India's Andhra Pradesh state, strengthening their strategic industrial partnership.
The Muir Mhòr floating wind project secures Aberdeenshire's onshore consent, paving the way for the potential production of one gigawatt of electricity, enough to power up to 1.2 million British homes by the early 2030s.
Iberdrola España and Renfe conclude a virtual power purchase agreement for 370 GWh per year for ten years, strengthening the use of renewable energy in Spanish railway transport.
TotalEnergies has been awarded a concession in the North Sea enabling the development of a 1GW offshore wind project, reinforcing its strategic presence in Germany.
With an annual increase of 14%, global offshore wind capacity now reaches 85.2 gigawatts, driven mainly by China, the United Kingdom, and Germany, while another 27.3 gigawatts are currently under construction.
Seabed exploration begins in Jammerland Bay to validate the placement of sixteen turbines and the cable corridor, the first tangible step before construction of the project led by TotalEnergies and European Energy.
RWE and Østermark Entreprenørforretning celebrate advanced construction of the operational building for Denmark's largest offshore wind farm, promising up to 60 permanent local jobs by 2026.
RWE and Amazon Web Services enter a strategic collaboration to supply renewable energy for data centres and accelerate digital capabilities within the global energy sector.
SSE Renewables inaugurated its first wind farm in Southern Europe in Chaintrix-Bierges and Vélye, with eight Siemens Gamesa turbines and an investment exceeding €30mn ($32.3mn).
The Astenn Avel consortium, led by Elicio and Q ENERGY, brings in VALOREM to bid for the 500 MW floating wind project planned off the coast of Southern Brittany.
The Canada Infrastructure Bank supports the construction of the Mesgi'g Ugju's'n 2 wind farm, co-owned by Mi'gmaq communities and Innergex, through a combined equity and debt financing package.
The first turbine of the Éoliennes Flottantes du Golfe du Lion project was assembled at Port-La Nouvelle, marking a major industrial milestone for Ocean Winds and its partners.
RWE inaugurated an onshore wind farm in Plounérin and Plounévez-Moëdec, featuring four turbines with a capacity of 14.7 MW, in partnership with the local SEM Lannion-Trégor.
The Moulins wind farm, made up of five turbines, was inaugurated on June 6 across three municipalities in the Douaisis region. It will generate €70,000 in annual tax revenue for local authorities.
Chinese firm SANY Renewable Energy enters Serbia through a 168 MW wind deal aimed at powering the local grid from 2028.