China

China

Asia Pacific to drive 'global market to 2030'

"Significant capacity additions" in Asia Pacific are expected to drive a 29% growth in the value of the global wind power market between 2019 and 2030, reaching $124.6 billion by the end of the forecasting period, according to new analysis.

GlobalData expects annual additions of about 20GW per year in China between 2019 and 2030 (pic credit: Goldwind)
GlobalData expects annual additions of about 20GW per year in China between 2019 and 2030 (pic credit: Goldwind)

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This growth will be slightly slower than the 35% increase between 2010 ($71.6 billion) and 2018 ($96.4 billion), analysts at GlobalData found.

Asia Pacific’s cumulative capacity reached 262.2GW in 2018, ahead of about 200GW and 100GW in Europe and North America, respectively.

Rapid growth in China — adding about 20GW per year between 2019 and 2030 to exceed more than 400GW by the end of the forecast period — will provide the bulk of the "significant capacity additions" in Asia Pacific in the next decade.

This increase will drive the global wind power sector’s market growth, the analysts stated.

Offshore

Offshore installations will ramp up during this period, with its share of total installed wind power capacity rising from 4.2% in 2019 to 9.6% in 2030.

The increasing share of offshore wind in cumulative capacity will be driven by large-scale installations that are already underway off a few countries’ coasts, GlobalData said.

China will install between 1GW and 3GW of offshore capacity a year between 2019 and 2030, while the US is due to add between 1GW and 2GW each year. 

There will also be strong growth in waters off the UK and Germany.

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