Global wind energy to surpass 1TW threshold by end-2023

Offshore wind is expected to grow sevenfold by 2032, Wood Mackenzie said.

The global wind energy market is expected to surpass the 1-terawatt threshold for installed capacity by the end of the year, Wood Mackenzie reported. 

Wood Mackenzie noted it also expects an increased focus on the offshore wind market, which it projected to grow sevenfold by 2032. 

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“After needing more than 40 years to reach one TW of installations, the wind industry will reach the next TW of installations within the next eight years, a significant acceleration of growth,” Luke Lewandowski, Wood Mackenzie Research Director, said.

In addition, wind power developers are seen adding offshore wind capacity in 30 countries within the next decade.

During this period, European markets and China are expected to continue dominating as it is estimated to account for 81% of offshore wind capacity.