Exciting news for renewable energy enthusiasts: global wind energy is on the verge of a major milestone, with the installation capacity set to exceed one terawatt (TW) by the end of this year.
Wood Mackenzie’s latest market outlook paints a bright future, predicting a remarkable sevenfold increase in offshore wind power over the next decade. Europe and China are leading the charge, expected to contribute to nearly 81% of global offshore capacity expansions. China, in particular, is making impressive strides, doubling its annual capacity year after year and accounting for half of the world’s new capacity. The report also suggests that the Middle East and Africa will add a substantial 72GW of total capacity within the next ten years.
Luke Lewandowski, Research Director at Wood Mackenzie, expressed his optimism, stating, “After more than four decades to reach one TW of installations, the wind industry is now poised to achieve the next TW within the next eight years—an astounding acceleration of growth.”
It’s an exciting time for the renewable energy sector, with countless businesses and public sector organizations taking bold steps towards achieving a net-zero future.To learn more and engage with like-minded individuals, don’t miss your chance to attend the Big Zero Show 2023. And for more energy news and updates on the journey to net zero by 2050, sign up for Energy Live News and the future Net Zero newsletter.