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Wind Power Forecast to Grow 60% Globally by 2024
U.S. Market Benefitting from Tax Credits

Wind Power Forecast to Grow 60% Globally by 2024

A new analysis expects an annual average of 71GW of wind power capacity to be added across the earth in the next five years, increasing to 76GW annually in the five years following that.

According to a just-released report, "Global Wind Power Market Outlook: Q2 2019," analysts are increasing the projection they gave just last quarter on how much expansion is happening the world's wind power markets.

The release by Wood Mackenzie, a company that attests to being one of the top three stockbrokers in the U.K. and is "renowned for the quality of its equity research," notes that not all countries share in the upgraded prediction, but the U.S. should be one of the leaders along with Northern European nations and China, and to a lesser degree, Brazil and Mexico.

On the other hand, Africa, due to slow project development, political instability, less readily-available technology and more competition from solar was handed a downgrade in the report. India and Thailand were two other countries that met the same fate.

"Overall, the outlook is positive and global wind power continues to prosper due to both economic and social benefits," states Luke Lewandowski, Wood Mackenzie Power & Renewables director. "A 5GW upgrade in the global offshore sector will yield 129GW of new capacity and a compounded annual growth rate of 26%."

He added that the growth in the U.S. is benefitting from tax credits, saying that eligible companies "are rallying to capitalize on the renewable electricity production tax credit before the full value incentive expires in 2020 and then phases down."

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December 5, 2019, 7:02 am PDT

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