China’s wind power market to rebound in 2023: report
New grid-connected capacity declined by 21%YoY in 2022, Wood Mackenzie reported.
China’s wind power market is expected to rebound in 2023 after new grid-connected capacity dropped by 21% year-on-year in 2022, Wood Mackenzie reported.
Luke Lewandowski, Wood Mackenzie Research Director, attributed this decline to the strict lockdown policy that significantly limited capacity additions in the last quarter of 2022.
“The projects unable to connect in Q4 will help boost the outlook in China for 2023,” he said.
Wood Mackenzie noted the wind power developers in the region are poised to nearly double the amount of their annual capacity year-on-year.
Over the 10-year outlook, annual capacity additions in China will average 80GW and account for 50% of new capacity globally.
Excluding China, the rest of the world added 44GW in 2022, a 4%YoY decrease.
Lewandowski linked this to inflation as well as supply chain disruptions that delayed more than 3GW of projects into 2023 and beyond, providing a boost to the near-term outlook.